Teco 2030 ASA (OSL:TECO) Beneish M-Score : -1.75 (As of May. 22, 2024)

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What is Teco 2030 ASA Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.75 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Teco 2030 ASA's Beneish M-Score or its related term are showing as below:

OSL:TECO' s Beneish M-Score Range Over the Past 10 Years
Min: -1.75 Med: 0.49 Max: 2.73
Current: -1.75

During the past 4 years, the highest Beneish M-Score of Teco 2030 ASA was 2.73. The lowest was -1.75. And the median was 0.49.

Teco 2030 ASA Beneish M-Score Historical Data

The historical data trend for Teco 2030 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.

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Teco 2030 ASA Beneish M-Score Chart

Teco 2030 ASA Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

2.73

-1.75

Teco 2030 ASA Quarterly Data
	Dec19	Jun20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial									-	-1.75	-	-	-

Competitive Comparison of Teco 2030 ASA's Beneish M-Score

For the Specialty Industrial Machinery subindustry, Teco 2030 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.

Teco 2030 ASA's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Teco 2030 ASA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Teco 2030 ASA's Beneish M-Score falls into.

Teco 2030 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 Teco 2030 ASA for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.1988

0.528 * 0.8739

0.404 * 1.6441

0.892 * 0.9352

0.115 * 0.5843

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.2919

4.679 * -0.038274

0.327 * 1.1923

-1.75

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was kr25.45 Mil.
Revenue was kr11.34 Mil.
Gross Profit was kr3.34 Mil.
Total Current Assets was kr89.62 Mil.
Total Assets was kr356.41 Mil.
Property, Plant and Equipment(Net PPE) was kr97.37 Mil.
Depreciation, Depletion and Amortization(DDA) was kr12.89 Mil.
Selling, General, & Admin. Expense(SGA) was kr15.21 Mil.
Total Current Liabilities was kr47.68 Mil.
Long-Term Debt & Capital Lease Obligation was kr206.26 Mil.
Net Income was kr-93.09 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-79.45 Mil.

Total Receivables was kr12.38 Mil.
Revenue was kr12.12 Mil.
Gross Profit was kr3.12 Mil.
Total Current Assets was kr85.89 Mil.
Total Assets was kr260.82 Mil.
Property, Plant and Equipment(Net PPE) was kr99.52 Mil.
Depreciation, Depletion and Amortization(DDA) was kr7.30 Mil.
Selling, General, & Admin. Expense(SGA) was kr7.09 Mil.
Total Current Liabilities was kr38.53 Mil.
Long-Term Debt & Capital Lease Obligation was kr117.33 Mil.

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)
	=	(25.45 / 11.338)	/	(12.376 / 12.123)
	=	2.244664	/	1.020869
	=	2.1988

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)
	=	(3.121 / 12.123)	/	(3.34 / 11.338)
	=	0.257445	/	0.294585
	=	0.8739

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 - (89.615 + 97.372) / 356.408)	/	(1 - (85.891 + 99.519) / 260.823)
	=	0.475357	/	0.289135
	=	1.6441

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
	=	11.338	/	12.123
	=	0.9352

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))
	=	(7.297 / (7.297 + 99.519))	/	(12.892 / (12.892 + 97.372))
	=	0.068314	/	0.116919
	=	0.5843

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)
	=	(15.206 / 11.338)	/	(7.094 / 12.123)
	=	1.341154	/	0.585169
	=	2.2919

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)
	=	((206.263 + 47.684) / 356.408)	/	((117.331 + 38.531) / 260.823)
	=	0.712518	/	0.597578
	=	1.1923

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
	=	(-93.09 - 0	-	-79.449)	/	356.408
	=	-0.038274

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.

Teco 2030 ASA has a M-score of -1.75 signals that the company is likely to be a manipulator.

Teco 2030 ASA Beneish M-Score Related Terms

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Teco 2030 ASA (OSL:TECO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Teco 2030 ASA (OSL:TECO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

TECFF:USA TE9:Germany

Address

Lysaker Torg 12, Lysaker, NOR, 1366

Website

https://www.teco2030.no

Teco 2030 ASA is an engineering and equipment development company in the renewable energy sector. The company is developing technologies for marine emission reduction like Proton-exchange membrane fuel cells system integration and particulate and black carbon capture for exhaust gas cleaning. Its solutions include TECO PEM Fuel cells, TECO Future Funnel, TECO Future Funnel, and TECO Fuel Cell Factory. Its geographical segments are the United States and Malaysia, of which the USA accounts for the majority of the revenue.

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