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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 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Nokia Oyj was 316312.72. The lowest was -3.81. And the median was -2.35.
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 *||+||0.528 *||+||0.404 *||+||0.892 *||+||0.115 *|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 *||+||4.679 *||-||0.327 *|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $4,209 Mil.|
Revenue was 4283.50515464 + 3997.2826087 + 3684.6473029 + 4768.17558299 = $16,734 Mil.
Gross Profit was 1904.63917526 + 1758.15217391 + 1681.88105118 + 2027.43484225 = $7,372 Mil.
Total Current Assets was $17,659 Mil.
Total Assets was $26,927 Mil.
Property, Plant and Equipment(Net PPE) was $863 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General & Admin. Expense(SGA) was $2,166 Mil.
Total Current Liabilities was $9,499 Mil.
Long-Term Debt was $3,245 Mil.
Net Income was 962.628865979 + 3410.32608696 + -330.567081604 + -34.2935528121 = $4,008 Mil.
Non Operating Income was -2.57731958763 + -6.79347826087 + -102.35131397 + 9.60219478738 = $-102 Mil.
Cash Flow from Operations was 514.175257732 + 1073.36956522 + -190.871369295 + 72.7023319616 = $1,469 Mil.
|Accounts Receivable was $4,963 Mil.
Revenue was 3922.56341789 + 4162.26912929 + 4067.35751295 + -8838.58267717 = $3,314 Mil.
Gross Profit was 1679.57276368 + 1813.98416887 + 1598.44559585 + -324.146981627 = $4,768 Mil.
Total Current Assets was $23,514 Mil.
Total Assets was $34,832 Mil.
Property, Plant and Equipment(Net PPE) was $1,553 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,740 Mil.
Selling, General & Admin. Expense(SGA) was $155 Mil.
Total Current Liabilities was $17,853 Mil.
Long-Term Debt was $6,274 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)|
|=||(4208.7628866 / 16733.6106492)||/||(4962.61682243 / 3313.60738297)|
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)|
|=||(1758.15217391 / 3313.60738297)||/||(1904.63917526 / 16733.6106492)|
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 - (17658.5051546 + 863.402061856) / 26926.5463918)||/||(1 - (23514.0186916 + 1552.73698264) / 34831.7757009)|
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))|
|=||(1740.15748031 / (1740.15748031 + 1552.73698264))||/||(0 / (0 + 863.402061856))|
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)|
|=||(2165.99565833 / 16733.6106492)||/||(154.858374244 / 3313.60738297)|
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)|
|=||((3244.84536082 + 9498.71134021) / 26926.5463918)||/||((6273.69826435 + 17853.1375167) / 34831.7757009)|
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|
|=||(4008.09431852 - -102.119917031||-||1469.37578562)||/||26926.5463918|
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 signals that the company is likely to 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