Amer Sports Oyj Beneish M-Score Historical Data
The historical data trend for Amer Sports Oyj'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.
Amer Sports Oyj Beneish M-Score Chart
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Amer Sports Oyj Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-2.51 |
-2.63 |
-2.47 |
-2.78 |
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Amer Sports Oyj Quarterly Data
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Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
| Beneish M-Score |
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-2.78 |
-2.70 |
-2.54 |
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Competitive Comparison of Amer Sports Oyj's Beneish M-Score
For the Leisure subindustry, Amer Sports Oyj'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.
Amer Sports Oyj's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Amer Sports Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Amer Sports Oyj's Beneish M-Score falls into.
Amer Sports Oyj 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 Amer Sports Oyj 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 * 0.9555 | + | 0.528 * 0.9828 | + | 0.404 * 1.1715 | + | 0.892 * 1.0601 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0173 | + | 4.679 * -0.025967 | - | 0.327 * 1.0173 |
| = | -2.54 |
* 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 (Dec18) TTM: | Last Year (Dec17) TTM: |
Total Receivables was $706 Mil.
Revenue was 994.539 + 883.547 + 564.252 + 769.174 = $3,212 Mil.
Gross Profit was 443.117 + 408.168 + 249.065 + 359.926 = $1,460 Mil.
Total Current Assets was $1,898 Mil.
Total Assets was $3,303 Mil.
Property, Plant and Equipment(Net PPE) was $273 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,116 Mil.
Total Current Liabilities was $1,134 Mil.
Long-Term Debt & Capital Lease Obligation was $943 Mil.
Net Income was -24.801 + 85.881 + -33.762 + 30.333 = $58 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 255.176 + -124.504 + -29.79 + 42.54 = $143 Mil.
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Total Receivables was $697 Mil.
Revenue was 930.178 + 831.824 + 557.079 + 710.374 = $3,029 Mil.
Gross Profit was 411.834 + 378.665 + 245.73 + 317.54 = $1,354 Mil.
Total Current Assets was $1,908 Mil.
Total Assets was $3,079 Mil.
Property, Plant and Equipment(Net PPE) was $270 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,035 Mil.
Total Current Liabilities was $1,114 Mil.
Long-Term Debt & Capital Lease Obligation was $789 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) |
| = | (706.143 / 3211.512) | / | (697.16 / 3029.455) |
| = | 0.219879 | / | 0.230127 |
| | = | 0.9555 |
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) |
| = | (1353.769 / 3029.455) | / | (1460.276 / 3211.512) |
| = | 0.446869 | / | 0.4547 |
| | = | 0.9828 |
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 - (1897.838 + 272.924) / 3303.072) | / | (1 - (1908.166 + 270.178) / 3079.408) |
| = | 0.342805 | / | 0.292609 |
| | = | 1.1715 |
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 |
| = | 3211.512 | / | 3029.455 |
| | = | 1.0601 |
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 + 270.178)) | / | (0 / (0 + 272.924)) |
| = | 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) |
| = | (1116.278 / 3211.512) | / | (1035.084 / 3029.455) |
| = | 0.347586 | / | 0.341673 |
| | = | 1.0173 |
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) |
| = | ((942.662 + 1133.675) / 3303.072) | / | ((788.994 + 1113.846) / 3079.408) |
| = | 0.628608 | / | 0.617924 |
| | = | 1.0173 |
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 |
| = | (57.651 - 0 | - | 143.422) | / | 3303.072 |
| | = | -0.025967 |
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.
Amer Sports Oyj has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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