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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.
During the past 13 years, the highest Beneish M-Score of Nokia Oyj was 316312.67. The lowest was -3.71. 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 * 0.9837||+||0.528 * 0.9809||+||0.404 * 1.2702||+||0.892 * 0.9792||+||0.115 * 0.5464|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.976||+||4.679 * 0.0773||-||0.327 * 0.8801|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $4,043 Mil.|
Revenue was 3601.57126824 + 3458.87445887 + 4688.03945746 + 4283.50515464 = $16,032 Mil.
Gross Profit was 1722.78338945 + 1468.61471861 + 2034.52527744 + 1904.63917526 = $7,131 Mil.
Total Current Assets was $14,428 Mil.
Total Assets was $23,224 Mil.
Property, Plant and Equipment(Net PPE) was $882 Mil.
Depreciation, Depletion and Amortization(DDA) was $548 Mil.
Selling, General & Admin. Expense(SGA) was $2,053 Mil.
Total Current Liabilities was $7,514 Mil.
Long-Term Debt was $3,013 Mil.
Net Income was 389.450056117 + 191.558441558 + 547.472256473 + 962.628865979 = $2,091 Mil.
Non Operating Income was -5.61167227834 + 20.5627705628 + -2.46609124538 + -2.57731958763 = $10 Mil.
Cash Flow from Operations was -289.562289562 + -215.367965368 + 276.202219482 + 514.175257732 = $285 Mil.
|Accounts Receivable was $4,197 Mil.
Revenue was 3997.2826087 + 3684.6473029 + 4768.17558299 + 3922.56341789 = $16,373 Mil.
Gross Profit was 1758.15217391 + 1677.73167358 + 2027.43484225 + 1679.57276368 = $7,143 Mil.
Total Current Assets was $19,822 Mil.
Total Assets was $28,145 Mil.
Property, Plant and Equipment(Net PPE) was $772 Mil.
Depreciation, Depletion and Amortization(DDA) was $204 Mil.
Selling, General & Admin. Expense(SGA) was $2,149 Mil.
Total Current Liabilities was $11,189 Mil.
Long-Term Debt was $3,307 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)|
|=||(4042.64870932 / 16031.9903392)||/||(4197.01086957 / 16372.6689125)|
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)|
|=||(1468.61471861 / 16372.6689125)||/||(1722.78338945 / 16031.9903392)|
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 - (14427.6094276 + 882.154882155) / 23224.4668911)||/||(1 - (19822.0108696 + 771.739130435) / 28145.3804348)|
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))|
|=||(204.375638944 / (204.375638944 + 771.739130435))||/||(548.112898503 / (548.112898503 + 882.154882155))|
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)|
|=||(2053.38792537 / 16031.9903392)||/||(2148.52283582 / 16372.6689125)|
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)|
|=||((3013.46801347 + 7514.0291807) / 23224.4668911)||/||((3307.06521739 + 11188.8586957) / 28145.3804348)|
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|
|=||(2091.10962013 - 9.90768745143||-||285.447222284)||/||23224.4668911|
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 -2.06 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