Ependion AB Beneish M-Score Historical Data
The historical data trend for Ependion 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.
Ependion AB Beneish M-Score Chart
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Ependion AB Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.26 |
-2.34 |
-1.69 |
-2.70 |
-3.01 |
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Ependion AB Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.70 |
-2.76 |
-2.96 |
-3.20 |
-3.01 |
Competitive Comparison of Ependion AB's Beneish M-Score
For the Communication Equipment subindustry, Ependion 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.
Ependion AB's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Ependion AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ependion AB's Beneish M-Score falls into.
Ependion 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 Ependion 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 * 1.0387 | + | 0.528 * 0.9739 | + | 0.404 * 1.0645 | + | 0.892 * 0.914 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0924 | + | 4.679 * -0.109366 | - | 0.327 * 0.9086 |
| = | -3.01 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was kr423 Mil.
Revenue was 578.217 + 493.033 + 588.355 + 598.521 = kr2,258 Mil.
Gross Profit was 295.179 + 255.258 + 297.754 + 299.517 = kr1,148 Mil.
Total Current Assets was kr1,025 Mil.
Total Assets was kr2,757 Mil.
Property, Plant and Equipment(Net PPE) was kr250 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr682 Mil.
Total Current Liabilities was kr594 Mil.
Long-Term Debt & Capital Lease Obligation was kr528 Mil.
Net Income was 35.334 + 31.412 + 39.772 + 51.493 = kr158 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 157.391 + 122.878 + 129.257 + 49.979 = kr460 Mil.
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Total Receivables was kr446 Mil.
Revenue was 589.731 + 619.334 + 638.407 + 623.174 = kr2,471 Mil.
Gross Profit was 289.15 + 313.578 + 315.746 + 304.457 = kr1,223 Mil.
Total Current Assets was kr1,089 Mil.
Total Assets was kr2,572 Mil.
Property, Plant and Equipment(Net PPE) was kr185 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr684 Mil.
Total Current Liabilities was kr630 Mil.
Long-Term Debt & Capital Lease Obligation was kr522 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) |
| = | (423.184 / 2258.126) | / | (445.779 / 2470.646) |
| = | 0.187405 | / | 0.18043 |
| | = | 1.0387 |
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) |
| = | (1222.931 / 2470.646) | / | (1147.708 / 2258.126) |
| = | 0.494984 | / | 0.508257 |
| | = | 0.9739 |
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 - (1025.301 + 249.651) / 2756.731) | / | (1 - (1088.596 + 184.917) / 2572.41) |
| = | 0.537513 | / | 0.504934 |
| | = | 1.0645 |
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 |
| = | 2258.126 | / | 2470.646 |
| | = | 0.914 |
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 + 184.917)) | / | (0 / (0 + 249.651)) |
| = | 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) |
| = | (682.481 / 2258.126) | / | (683.523 / 2470.646) |
| = | 0.302233 | / | 0.276658 |
| | = | 1.0924 |
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) |
| = | ((527.973 + 594.298) / 2756.731) | / | ((522.397 + 630.136) / 2572.41) |
| = | 0.407102 | / | 0.448036 |
| | = | 0.9086 |
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 |
| = | (158.011 - 0 | - | 459.505) | / | 2756.731 |
| | = | -0.109366 |
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.
Ependion AB has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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