Saab AB Beneish M-Score Historical Data
The historical data trend for Saab 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.
Saab AB Beneish M-Score Chart
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Saab 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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-2.23 |
-2.75 |
-2.80 |
-2.62 |
-2.49 |
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Saab 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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-2.79 |
-2.59 |
-2.30 |
-2.49 |
-2.10 |
Competitive Comparison of Saab AB's Beneish M-Score
For the Aerospace & Defense subindustry, Saab 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.
Saab AB's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Saab AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Saab AB's Beneish M-Score falls into.
Saab 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 Saab 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 * 1.0996 | + | 0.528 * 0.9689 | + | 0.404 * 1.006 | + | 0.892 * 1.2267 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.987 | + | 4.679 * 0.020724 | - | 0.327 * 1.0121 |
| = | -2.10 |
* 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 kr25,663 Mil.
Revenue was 14185 + 16122 + 11527 + 12475 = kr54,309 Mil.
Gross Profit was 3085 + 3517 + 2481 + 2760 = kr11,843 Mil.
Total Current Assets was kr55,974 Mil.
Total Assets was kr84,782 Mil.
Property, Plant and Equipment(Net PPE) was kr12,956 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr4,906 Mil.
Total Current Liabilities was kr36,784 Mil.
Long-Term Debt & Capital Lease Obligation was kr9,056 Mil.
Net Income was 770 + 1223 + 652 + 774 = kr3,419 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -1053 + 4830 + -1326 + -789 = kr1,662 Mil.
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Total Receivables was kr19,026 Mil.
Revenue was 11485 + 13866 + 8751 + 10171 = kr44,273 Mil.
Gross Profit was 2502 + 2849 + 1881 + 2122 = kr9,354 Mil.
Total Current Assets was kr51,479 Mil.
Total Assets was kr76,509 Mil.
Property, Plant and Equipment(Net PPE) was kr10,810 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr4,052 Mil.
Total Current Liabilities was kr32,011 Mil.
Long-Term Debt & Capital Lease Obligation was kr8,862 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) |
| = | (25663 / 54309) | / | (19026 / 44273) |
| = | 0.472537 | / | 0.429743 |
| | = | 1.0996 |
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) |
| = | (9354 / 44273) | / | (11843 / 54309) |
| = | 0.21128 | / | 0.218067 |
| | = | 0.9689 |
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 - (55974 + 12956) / 84782) | / | (1 - (51479 + 10810) / 76509) |
| = | 0.186974 | / | 0.18586 |
| | = | 1.006 |
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 |
| = | 54309 | / | 44273 |
| | = | 1.2267 |
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 + 10810)) | / | (0 / (0 + 12956)) |
| = | 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) |
| = | (4906 / 54309) | / | (4052 / 44273) |
| = | 0.090335 | / | 0.091523 |
| | = | 0.987 |
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) |
| = | ((9056 + 36784) / 84782) | / | ((8862 + 32011) / 76509) |
| = | 0.540681 | / | 0.534225 |
| | = | 1.0121 |
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 |
| = | (3419 - 0 | - | 1662) | / | 84782 |
| | = | 0.020724 |
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.
Saab AB has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.
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