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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 -3.65. And the median was -2.40.
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 (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $4,180 Mil.|
Revenue was 3981.05548038 + 3679.55801105 + -6130.79019074 + 7724.420191 = $9,254 Mil.
Gross Profit was 1751.01488498 + 1679.55801105 + -267.029972752 + 2448.84038199 = $5,612 Mil.
Total Current Assets was $19,742 Mil.
Total Assets was $28,031 Mil.
Property, Plant and Equipment(Net PPE) was $769 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General & Admin. Expense(SGA) was $1,163 Mil.
Total Current Liabilities was $11,143 Mil.
Long-Term Debt was $3,294 Mil.
Net Income was 3396.48173207 + -330.110497238 + -34.0599455041 + -124.1473397 = $2,908 Mil.
Non Operating Income was -6.76589986468 + -102.209944751 + 6.81198910082 + 4.09276944065 = $-98 Mil.
Cash Flow from Operations was 1069.01217862 + -190.607734807 + 72.2070844687 + 12.278308322 = $963 Mil.
|Accounts Receivable was $4,959 Mil.
Revenue was 4129.58115183 + 4093.87222947 + -8956.11702128 + 9389.10505837 = $8,656 Mil.
Gross Profit was 1799.7382199 + 1608.86571056 + -328.457446809 + 2582.36057069 = $5,663 Mil.
Total Current Assets was $23,404 Mil.
Total Assets was $34,747 Mil.
Property, Plant and Equipment(Net PPE) was $1,749 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,763 Mil.
Selling, General & Admin. Expense(SGA) was $827 Mil.
Total Current Liabilities was $17,211 Mil.
Long-Term Debt was $4,418 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)|
|=||(4179.9729364 / 9254.24349169)||/||(4959.42408377 / 8656.44141839)|
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)|
|=||(1679.55801105 / 8656.44141839)||/||(1751.01488498 / 9254.24349169)|
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 - (19741.5426252 + 768.606224628) / 28031.1231394)||/||(1 - (23404.4502618 + 1748.69109948) / 34747.382199)|
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))|
|=||(1763.29787234 / (1763.29787234 + 1748.69109948))||/||(0 / (0 + 768.606224628))|
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)|
|=||(1163.03838357 / 9254.24349169)||/||(827.063195452 / 8656.44141839)|
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)|
|=||((3293.64005413 + 11143.4370771) / 28031.1231394)||/||((4417.53926702 + 17210.7329843) / 34747.382199)|
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|
|=||(2908.16394963 - -98.0710860746||-||962.889836604)||/||28031.1231394|
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