Hafnia Beneish M-Score Historical Data
The historical data trend for Hafnia'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.
Hafnia Beneish M-Score Chart
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Hafnia Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.12 |
0.19 |
-0.85 |
-2.20 |
-2.86 |
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Hafnia Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.24 |
-2.68 |
-2.74 |
-2.86 |
-3.03 |
Competitive Comparison of Hafnia's Beneish M-Score
For the Marine Shipping subindustry, Hafnia'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.
Hafnia's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Hafnia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hafnia's Beneish M-Score falls into.
Hafnia 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 Hafnia 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 * 0.9463 | + | 0.528 * 1.1272 | + | 0.404 * 0.9657 | + | 0.892 * 0.934 | + | 0.115 * 0.9579 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3362 | + | 4.679 * -0.094969 | - | 0.327 * 0.9696 |
| = | -3.03 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was kr5,616 Mil.
Revenue was 5850.693 + 5978.914 + 7645.415 + 8823.117 = kr28,298 Mil.
Gross Profit was 986.666 + 1122.904 + 2360.905 + 2991.282 = kr7,462 Mil.
Total Current Assets was kr9,624 Mil.
Total Assets was kr39,471 Mil.
Property, Plant and Equipment(Net PPE) was kr27,707 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2,271 Mil.
Selling, General, & Admin. Expense(SGA) was kr221 Mil.
Total Current Liabilities was kr7,736 Mil.
Long-Term Debt & Capital Lease Obligation was kr7,405 Mil.
Net Income was 674.755 + 893.503 + 2290.604 + 2751.48 = kr6,610 Mil.
Non Operating Income was 24.026 + 152.597 + 204.878 + 89.732 = kr471 Mil.
Cash Flow from Operations was 1466.726 + 2211.967 + 3017.392 + 3191.573 = kr9,888 Mil.
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Total Receivables was kr6,353 Mil.
Revenue was 8329.363 + 7420.859 + 6979.281 + 7567.65 = kr30,297 Mil.
Gross Profit was 2605.419 + 2099.563 + 1883.225 + 2416.925 = kr9,005 Mil.
Total Current Assets was kr9,965 Mil.
Total Assets was kr41,356 Mil.
Property, Plant and Equipment(Net PPE) was kr29,069 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2,274 Mil.
Selling, General, & Admin. Expense(SGA) was kr177 Mil.
Total Current Liabilities was kr6,335 Mil.
Long-Term Debt & Capital Lease Obligation was kr10,027 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) |
| = | (5615.612 / 28298.139) | / | (6353.22 / 30297.153) |
| = | 0.198445 | / | 0.209697 |
| | = | 0.9463 |
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) |
| = | (9005.132 / 30297.153) | / | (7461.757 / 28298.139) |
| = | 0.297227 | / | 0.263684 |
| | = | 1.1272 |
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 - (9623.781 + 27707.089) / 39471.251) | / | (1 - (9964.656 + 29068.601) / 41355.545) |
| = | 0.054226 | / | 0.056154 |
| | = | 0.9657 |
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 |
| = | 28298.139 | / | 30297.153 |
| | = | 0.934 |
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)) |
| = | (2274.318 / (2274.318 + 29068.601)) | / | (2271.003 / (2271.003 + 27707.089)) |
| = | 0.072562 | / | 0.075755 |
| | = | 0.9579 |
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) |
| = | (221.124 / 28298.139) | / | (177.18 / 30297.153) |
| = | 0.007814 | / | 0.005848 |
| | = | 1.3362 |
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) |
| = | ((7405.46 + 7736.196) / 39471.251) | / | ((10026.843 + 6335.031) / 41355.545) |
| = | 0.383612 | / | 0.395639 |
| | = | 0.9696 |
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 |
| = | (6610.342 - 471.233 | - | 9887.658) | / | 39471.251 |
| | = | -0.094969 |
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.
Hafnia has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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