Tribona ASA Beneish M-Score Historical Data
The historical data trend for Tribona ASA's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Tribona ASA Beneish M-Score Chart
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Tribona ASA Annual Data
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Tribona ASA Quarterly Data
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Competitive Comparison of Tribona ASA's Beneish M-Score
For the Real Estate - Development subindustry, Tribona ASA's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Tribona ASA's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Tribona ASA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tribona ASA's Beneish M-Score falls into.
Tribona ASA Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Tribona ASA 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 | + | 0.528 * 0.9905 | + | 0.404 * 0.9954 | + | 0.892 * 1.1424 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7867 | + | 4.679 * 0.013622 | - | 0.327 * 0.9468 |
| = | -2.24 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec12) TTM: | Last Year (Dec11) TTM: |
Total Receivables was kr0.0 Mil.
Revenue was 104.657 + 116.338 + 120.062 + 120.259 = kr461.3 Mil.
Gross Profit was 93.596 + 104.354 + 107.434 + 109.72 = kr415.1 Mil.
Total Current Assets was kr325.9 Mil.
Total Assets was kr5,717.0 Mil.
Property, Plant and Equipment(Net PPE) was kr2.6 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr28.7 Mil.
Total Current Liabilities was kr3,450.3 Mil.
Long-Term Debt & Capital Lease Obligation was kr364.2 Mil.
Net Income was 51.903 + 35.409 + 34.43 + 51.117 = kr172.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 0 + 0 + 51.547 + 43.435 = kr95.0 Mil.
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Total Receivables was kr0.0 Mil.
Revenue was 100.546 + 98.583 + 102.144 + 102.549 = kr403.8 Mil.
Gross Profit was 90.233 + 88.137 + 91.2 + 90.355 = kr359.9 Mil.
Total Current Assets was kr299.9 Mil.
Total Assets was kr5,663.2 Mil.
Property, Plant and Equipment(Net PPE) was kr0.9 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr31.9 Mil.
Total Current Liabilities was kr635.9 Mil.
Long-Term Debt & Capital Lease Obligation was kr3,355.0 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (0 / 461.316) | / | (0 / 403.822) |
| = | 0 | / | 0 |
| | = | 1 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (359.925 / 403.822) | / | (415.104 / 461.316) |
| = | 0.891296 | / | 0.899826 |
| | = | 0.9905 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (325.883 + 2.553) / 5716.999) | / | (1 - (299.918 + 0.859) / 5663.211) |
| = | 0.942551 | / | 0.946889 |
| | = | 0.9954 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 461.316 | / | 403.822 |
| | = | 1.1424 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (0 / (0 + 0.859)) | / | (0 / (0 + 2.553)) |
| = | 0 | / | 0 |
| | = | 1 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (28.695 / 461.316) | / | (31.93 / 403.822) |
| = | 0.062202 | / | 0.079069 |
| | = | 0.7867 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((364.173 + 3450.28) / 5716.999) | / | ((3354.958 + 635.93) / 5663.211) |
| = | 0.667212 | / | 0.704704 |
| | = | 0.9468 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (172.859 - 0 | - | 94.982) | / | 5716.999 |
| | = | 0.013622 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Tribona ASA has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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