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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.
Good Sign:
Beneish M-Score -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for I-Tech AB's Beneish M-Score or its related term are showing as below:
During the past 8 years, the highest Beneish M-Score of I-Tech AB was 0.82. The lowest was -3.39. And the median was -2.50.
The historical data trend for I-Tech 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.
I-Tech AB Annual Data | |||||||||||||||||
Trend | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.40 | -3.26 | -1.10 | -2.52 | -2.72 |
I-Tech AB Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.49 | -2.18 | -2.40 | -2.72 | -2.80 |
For the Biotechnology subindustry, I-Tech 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.
For the Biotechnology industry and Healthcare sector, I-Tech AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where I-Tech AB's Beneish M-Score falls into.
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 I-Tech 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 * 0.9518 | + | 0.528 * 1.0197 | + | 0.404 * 0.605 | + | 0.892 * 1.2849 | + | 0.115 * 1.1562 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0 | + | 4.679 * -0.103335 | - | 0.327 * 1.2543 | |||||||
= | -2.80 |
* 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 kr23.3 Mil. Revenue was 38.27 + 25.273 + 32.175 + 32.656 = kr128.4 Mil. Gross Profit was 20.173 + 13.098 + 16.804 + 17.35 = kr67.4 Mil. Total Current Assets was kr124.6 Mil. Total Assets was kr162.7 Mil. Property, Plant and Equipment(Net PPE) was kr2.6 Mil. Depreciation, Depletion and Amortization(DDA) was kr8.1 Mil. Selling, General, & Admin. Expense(SGA) was kr0.0 Mil. Total Current Liabilities was kr18.3 Mil. Long-Term Debt & Capital Lease Obligation was kr0.0 Mil. Net Income was 8.186 + -0.232 + 6.782 + 6.993 = kr21.7 Mil. Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil. Cash Flow from Operations was 14.562 + -0.774 + 17.181 + 7.575 = kr38.5 Mil. |
Total Receivables was kr19.0 Mil. Revenue was 30.757 + 30.222 + 21.277 + 17.654 = kr99.9 Mil. Gross Profit was 16.285 + 15.881 + 11.246 + 10.096 = kr53.5 Mil. Total Current Assets was kr85.0 Mil. Total Assets was kr134.8 Mil. Property, Plant and Equipment(Net PPE) was kr1.1 Mil. Depreciation, Depletion and Amortization(DDA) was kr7.8 Mil. Selling, General, & Admin. Expense(SGA) was kr12.3 Mil. Total Current Liabilities was kr12.1 Mil. Long-Term Debt & Capital Lease Obligation was kr0.0 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) |
= | (23.274 / 128.374) | / | (19.03 / 99.91) | |
= | 0.181298 | / | 0.190471 | |
= | 0.9518 |
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) | |
= | (53.508 / 99.91) | / | (67.425 / 128.374) | |
= | 0.535562 | / | 0.525223 | |
= | 1.0197 |
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 - (124.551 + 2.64) / 162.723) | / | (1 - (84.991 + 1.141) / 134.779) | |
= | 0.218359 | / | 0.360939 | |
= | 0.605 |
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 | |
= | 128.374 | / | 99.91 | |
= | 1.2849 |
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)) |
= | (7.776 / (7.776 + 1.141)) | / | (8.102 / (8.102 + 2.64)) | |
= | 0.872042 | / | 0.754236 | |
= | 1.1562 |
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) |
= | (0 / 128.374) | / | (12.304 / 99.91) | |
= | 0 | / | 0.123151 | |
= | 0 |
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) |
= | ((0 + 18.299) / 162.723) | / | ((0 + 12.084) / 134.779) | |
= | 0.112455 | / | 0.089658 | |
= | 1.2543 |
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 | |
= | (21.729 - 0 | - | 38.544) | / | 162.723 | |
= | -0.103335 |
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.
I-Tech AB has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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