NOK has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
Beneish M-Score -0.08 higher than -2.22, which implies that it might have manipulated its financial results.
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 -0.09 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Nokia Oyj was 316312.65. The lowest was -4.51. And the median was -2.59.
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 * 3.4694||+||0.528 * 0.5111||+||0.404 * 2.1462||+||0.892 * 0.3398||+||0.115 * 1.4293|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9833||+||4.679 * 0.0761||-||0.327 * 0.7206|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $4,387 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 $901 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 + -81.7438692098 + 4.09276944065 = $-187 Mil.
Cash Flow from Operations was 1069.01217862 + -190.607734807 + 72.2070844687 + 12.278308322 = $963 Mil.
|Accounts Receivable was $3,721 Mil.
Revenue was 3609.94764398 + 3542.37288136 + 10692.8191489 + 9389.10505837 = $27,234 Mil.
Gross Profit was 1251.30890052 + 1172.09908735 + 3436.17021277 + 2582.36057069 = $8,442 Mil.
Total Current Assets was $9,433 Mil.
Total Assets was $11,465 Mil.
Property, Plant and Equipment(Net PPE) was $598 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,015 Mil.
Selling, General & Admin. Expense(SGA) was $3,481 Mil.
Total Current Liabilities was $6,950 Mil.
Long-Term Debt was $1,243 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)|
|=||(4387.00947226 / 9254.24349169)||/||(3721.20418848 / 27234.2447326)|
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 / 27234.2447326)||/||(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 - (9433.2460733 + 598.167539267) / 11464.6596859)|
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))|
|=||(2015.27060898 / (2015.27060898 + 598.167539267))||/||(900.544959128 / (900.544959128 + 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)||/||(3480.8493347 / 27234.2447326)|
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)||/||((1243.45549738 + 6950.2617801) / 11464.6596859)|
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 - -186.626944385||-||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 -0.09 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