Netcompany Group AS Beneish M-Score Historical Data
The historical data trend for Netcompany Group AS'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.
Netcompany Group AS Beneish M-Score Chart
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Netcompany Group AS Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.41 |
-2.63 |
-1.56 |
-2.33 |
-2.53 |
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Netcompany Group AS Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.43 |
-2.53 |
-2.44 |
-2.60 |
-2.63 |
Competitive Comparison of Netcompany Group AS's Beneish M-Score
For the Information Technology Services subindustry, Netcompany Group AS'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.
Netcompany Group AS's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Netcompany Group AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Netcompany Group AS's Beneish M-Score falls into.
Netcompany Group AS 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 Netcompany Group AS 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 * 1.0273 | + | 0.528 * 1.0085 | + | 0.404 * 0.9738 | + | 0.892 * 1.0714 | + | 0.115 * 1.0041 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9216 | + | 4.679 * -0.049836 | - | 0.327 * 1.0299 |
| = | -2.63 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was kr2,967 Mil.
Revenue was 1613.9 + 1650.2 + 1598.1 + 1582.6 = kr6,445 Mil.
Gross Profit was 499.5 + 480.1 + 438.1 + 457.7 = kr1,875 Mil.
Total Current Assets was kr3,129 Mil.
Total Assets was kr8,008 Mil.
Property, Plant and Equipment(Net PPE) was kr881 Mil.
Depreciation, Depletion and Amortization(DDA) was kr307 Mil.
Selling, General, & Admin. Expense(SGA) was kr441 Mil.
Total Current Liabilities was kr1,886 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,312 Mil.
Net Income was 139.5 + 120 + 93.4 + 65.2 = kr418 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 179.6 + 177.3 + 28.9 + 431.4 = kr817 Mil.
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Total Receivables was kr2,696 Mil.
Revenue was 1461.7 + 1493.9 + 1540.2 + 1519.3 = kr6,015 Mil.
Gross Profit was 402.4 + 402.8 + 440.1 + 520 = kr1,765 Mil.
Total Current Assets was kr2,927 Mil.
Total Assets was kr7,880 Mil.
Property, Plant and Equipment(Net PPE) was kr913 Mil.
Depreciation, Depletion and Amortization(DDA) was kr319 Mil.
Selling, General, & Admin. Expense(SGA) was kr447 Mil.
Total Current Liabilities was kr1,675 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,336 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) |
| = | (2967.4 / 6444.8) | / | (2696 / 6015.1) |
| = | 0.460433 | / | 0.448205 |
| | = | 1.0273 |
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) |
| = | (1765.3 / 6015.1) | / | (1875.4 / 6444.8) |
| = | 0.293478 | / | 0.290994 |
| | = | 1.0085 |
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 - (3128.9 + 881.1) / 8008.3) | / | (1 - (2927 + 912.6) / 7879.8) |
| = | 0.49927 | / | 0.512729 |
| | = | 0.9738 |
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 |
| = | 6444.8 | / | 6015.1 |
| | = | 1.0714 |
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)) |
| = | (319.3 / (319.3 + 912.6)) | / | (306.6 / (306.6 + 881.1)) |
| = | 0.259193 | / | 0.258146 |
| | = | 1.0041 |
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) |
| = | (441.4 / 6444.8) | / | (447 / 6015.1) |
| = | 0.068489 | / | 0.074313 |
| | = | 0.9216 |
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) |
| = | ((2312.1 + 1885.5) / 8008.3) | / | ((2335.5 + 1674.8) / 7879.8) |
| = | 0.524156 | / | 0.508934 |
| | = | 1.0299 |
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 |
| = | (418.1 - 0 | - | 817.2) | / | 8008.3 |
| | = | -0.049836 |
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.
Netcompany Group AS has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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