Scania AB Beneish M-Score Historical Data
The historical data trend for Scania 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.
Scania AB Beneish M-Score Chart
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Scania AB Annual Data
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Scania AB Quarterly Data
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Competitive Comparison of Scania AB's Beneish M-Score
For the Trucking subindustry, Scania 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.
Scania AB's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Scania AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Scania AB's Beneish M-Score falls into.
Scania 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 Scania 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 * 1.0164 | + | 0.528 * 0.9377 | + | 0.404 * 0.9963 | + | 0.892 * 0.8562 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.091 | + | 4.679 * -0.045023 | - | 0.327 * 1.0722 |
| = | -2.88 |
* 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 (Dec15) TTM: | Last Year (Dec14) TTM: |
Total Receivables was $822 Mil.
Revenue was 3125.692 + 2904.41 + 3130.074 + 2773.149 = $11,933 Mil.
Gross Profit was 835.668 + 756.404 + 822.475 + 732.375 = $3,147 Mil.
Total Current Assets was $6,719 Mil.
Total Assets was $16,632 Mil.
Property, Plant and Equipment(Net PPE) was $5,385 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,331 Mil.
Total Current Liabilities was $6,533 Mil.
Long-Term Debt & Capital Lease Obligation was $3,085 Mil.
Net Income was 215.451 + 186.471 + 202.775 + 198.717 = $803 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 659.775 + 266.2 + 315.052 + 311.183 = $1,552 Mil.
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Total Receivables was $944 Mil.
Revenue was 3622.803 + 3233.85 + 3596.374 + 3484.262 = $13,937 Mil.
Gross Profit was 861.33 + 801.941 + 882.753 + 900.427 = $3,446 Mil.
Total Current Assets was $7,324 Mil.
Total Assets was $17,439 Mil.
Property, Plant and Equipment(Net PPE) was $5,350 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,425 Mil.
Total Current Liabilities was $5,931 Mil.
Long-Term Debt & Capital Lease Obligation was $3,474 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) |
| = | (821.894 / 11933.325) | / | (944.435 / 13937.289) |
| = | 0.068874 | / | 0.067763 |
| | = | 1.0164 |
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) |
| = | (3446.451 / 13937.289) | / | (3146.922 / 11933.325) |
| = | 0.247283 | / | 0.263709 |
| | = | 0.9377 |
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 - (6718.901 + 5384.751) / 16631.543) | / | (1 - (7323.73 + 5349.526) / 17438.556) |
| = | 0.272247 | / | 0.273262 |
| | = | 0.9963 |
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 |
| = | 11933.325 | / | 13937.289 |
| | = | 0.8562 |
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 + 5349.526)) | / | (0 / (0 + 5384.751)) |
| = | 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) |
| = | (1331.043 / 11933.325) | / | (1424.952 / 13937.289) |
| = | 0.11154 | / | 0.10224 |
| | = | 1.091 |
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) |
| = | ((3085.309 + 6532.883) / 16631.543) | / | ((3474.026 + 5931.392) / 17438.556) |
| = | 0.57831 | / | 0.539346 |
| | = | 1.0722 |
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 |
| = | (803.414 - 0 | - | 1552.21) | / | 16631.543 |
| | = | -0.045023 |
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.
Scania AB has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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