Boliden AB Beneish M-Score Historical Data
The historical data trend for Boliden AB'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.
Boliden AB Beneish M-Score Chart
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Boliden AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-2.21 |
-2.85 |
-2.55 |
-2.47 |
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Boliden AB Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.90 |
-2.66 |
-2.67 |
-2.47 |
-2.50 |
Competitive Comparison of Boliden AB's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Boliden AB'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.
Boliden AB's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Boliden AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Boliden AB's Beneish M-Score falls into.
Boliden AB 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 Boliden AB 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 * 1.0462 | + | 0.528 * 1.7169 | + | 0.404 * 0.8652 | + | 0.892 * 0.9112 | + | 0.115 * 1.1632 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1914 | + | 4.679 * -0.063116 | - | 0.327 * 1.0022 |
| = | -2.50 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was kr5,043 Mil.
Revenue was 18481 + 20754 + 19396 + 18442 = kr77,073 Mil.
Gross Profit was 2178 + 2585 + 2443 + 1619 = kr8,825 Mil.
Total Current Assets was kr33,034 Mil.
Total Assets was kr104,189 Mil.
Property, Plant and Equipment(Net PPE) was kr67,232 Mil.
Depreciation, Depletion and Amortization(DDA) was kr6,312 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,865 Mil.
Total Current Liabilities was kr18,779 Mil.
Long-Term Debt & Capital Lease Obligation was kr11,489 Mil.
Net Income was 1139 + 1656 + 1356 + 520 = kr4,671 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1935 + 6471 + 2391 + 450 = kr11,247 Mil.
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Total Receivables was kr5,290 Mil.
Revenue was 19962 + 23577 + 19480 + 21568 = kr84,587 Mil.
Gross Profit was 4091 + 4103 + 3911 + 4524 = kr16,629 Mil.
Total Current Assets was kr44,321 Mil.
Total Assets was kr102,257 Mil.
Property, Plant and Equipment(Net PPE) was kr53,486 Mil.
Depreciation, Depletion and Amortization(DDA) was kr5,932 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,718 Mil.
Total Current Liabilities was kr17,226 Mil.
Long-Term Debt & Capital Lease Obligation was kr12,417 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) |
| = | (5043 / 77073) | / | (5290 / 84587) |
| = | 0.065431 | / | 0.062539 |
| | = | 1.0462 |
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) |
| = | (16629 / 84587) | / | (8825 / 77073) |
| = | 0.19659 | / | 0.114502 |
| | = | 1.7169 |
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 - (33034 + 67232) / 104189) | / | (1 - (44321 + 53486) / 102257) |
| = | 0.037653 | / | 0.043518 |
| | = | 0.8652 |
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 |
| = | 77073 | / | 84587 |
| | = | 0.9112 |
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)) |
| = | (5932 / (5932 + 53486)) | / | (6312 / (6312 + 67232)) |
| = | 0.099835 | / | 0.085826 |
| | = | 1.1632 |
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) |
| = | (1865 / 77073) | / | (1718 / 84587) |
| = | 0.024198 | / | 0.02031 |
| | = | 1.1914 |
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) |
| = | ((11489 + 18779) / 104189) | / | ((12417 + 17226) / 102257) |
| = | 0.290511 | / | 0.289887 |
| | = | 1.0022 |
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 |
| = | (4671 - 0 | - | 11247) | / | 104189 |
| | = | -0.063116 |
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.
Boliden AB has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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