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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Nokia Oyj has a M-score of -2.43 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Nokia Oyj was 316312.72. The lowest was -4.03. And the median was -2.77.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Nokia Oyj for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 1.7945||+||0.528 * 0.5135||+||0.404 * 1.6462||+||0.892 * 0.3144||+||0.115 * 0.7025|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8725||+||4.679 * -0.0289||-||0.327 * 0.7752|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $4,191 Mil.|
Revenue was -6130.79019074 + 7724.420191 + 3609.94764398 + 3542.37288136 = $8,746 Mil.
Gross Profit was -267.029972752 + 2448.84038199 + 1251.30890052 + 1172.09908735 = $4,605 Mil.
Total Current Assets was $18,796 Mil.
Total Assets was $34,320 Mil.
Property, Plant and Equipment(Net PPE) was $771 Mil.
Depreciation, Depletion and Amortization(DDA) was $252 Mil.
Selling, General & Admin. Expense(SGA) was $1,095 Mil.
Total Current Liabilities was $12,875 Mil.
Long-Term Debt was $4,477 Mil.
Net Income was -34.0599455041 + -124.1473397 + -151.832460733 + -189.048239896 = $-499 Mil.
Non Operating Income was 6.81198910082 + 4.09276944065 + -18.3246073298 + -61.2777053455 = $-69 Mil.
Cash Flow from Operations was 72.2070844687 + 12.278308322 + 120.418848168 + 357.235984355 = $562 Mil.
|Accounts Receivable was $7,428 Mil.
Revenue was 10692.8191489 + 9389.10505837 + 3971.74447174 + 3765.78947368 = $27,819 Mil.
Gross Profit was 3436.17021277 + 2582.36057069 + 958.230958231 + 544.736842105 = $7,521 Mil.
Total Current Assets was $27,557 Mil.
Total Assets was $39,872 Mil.
Property, Plant and Equipment(Net PPE) was $1,903 Mil.
Depreciation, Depletion and Amortization(DDA) was $398 Mil.
Selling, General & Admin. Expense(SGA) was $3,993 Mil.
Total Current Liabilities was $19,239 Mil.
Long-Term Debt was $6,765 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(4190.73569482 / 8745.9505256)||/||(7428.19148936 / 27819.4581527)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(2448.84038199 / 27819.4581527)||/||(-267.029972752 / 8745.9505256)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (18795.640327 + 771.117166213) / 34320.1634877)||/||(1 - (27557.1808511 + 1902.92553191) / 39872.3404255)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(398.131384973 / (398.131384973 + 1902.92553191))||/||(251.972736643 / (251.972736643 + 771.117166213))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(1095.27413329 / 8745.9505256)||/||(3993.18022694 / 27819.4581527)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((4476.83923706 + 12874.6594005) / 34320.1634877)||/||((6764.62765957 + 19239.3617021) / 39872.3404255)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-499.087985833 - -68.6975541339||-||562.140225313)||/||34320.1634877|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Nokia Oyj has a M-score of -2.43 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Nokia Oyj Annual Data
Nokia Oyj Quarterly Data