Atria Oyj Beneish M-Score Historical Data
The historical data trend for Atria 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.
Atria Oyj Beneish M-Score Chart
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Atria Oyj Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.88 |
-2.86 |
-2.98 |
-2.64 |
-3.16 |
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Atria Oyj Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.38 |
-3.16 |
-3.07 |
-3.11 |
-3.19 |
Competitive Comparison of Atria Oyj's Beneish M-Score
For the Packaged Foods subindustry, Atria 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.
Atria Oyj's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Atria Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Atria Oyj's Beneish M-Score falls into.
Atria 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 Atria 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 * 0.9466 | + | 0.528 * 0.9852 | + | 0.404 * 0.8762 | + | 0.892 * 0.99 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0209 | + | 4.679 * -0.124501 | - | 0.327 * 1.0185 |
| = | -3.19 |
* 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 €124 Mil.
Revenue was 439 + 454.3 + 416.8 + 438.095 = €1,748 Mil.
Gross Profit was 54.7 + 52.2 + 38.4 + 35.914 = €181 Mil.
Total Current Assets was €267 Mil.
Total Assets was €996 Mil.
Property, Plant and Equipment(Net PPE) was €551 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €125 Mil.
Total Current Liabilities was €257 Mil.
Long-Term Debt & Capital Lease Obligation was €271 Mil.
Net Income was 18.3 + 11 + 2.8 + -43.102 = €-11 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 31.2 + 46.6 + -16.8 + 51.939 = €113 Mil.
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Total Receivables was €132 Mil.
Revenue was 429.5 + 457.2 + 428 + 451.207 = €1,766 Mil.
Gross Profit was 46.1 + 42.7 + 42.9 + 48.645 = €180 Mil.
Total Current Assets was €282 Mil.
Total Assets was €1,032 Mil.
Property, Plant and Equipment(Net PPE) was €541 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €123 Mil.
Total Current Liabilities was €265 Mil.
Long-Term Debt & Capital Lease Obligation was €273 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) |
| = | (123.6 / 1748.195) | / | (131.9 / 1765.907) |
| = | 0.070701 | / | 0.074692 |
| | = | 0.9466 |
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) |
| = | (180.345 / 1765.907) | / | (181.214 / 1748.195) |
| = | 0.102126 | / | 0.103658 |
| | = | 0.9852 |
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 - (266.6 + 551.3) / 995.5) | / | (1 - (281.7 + 540.5) / 1032.4) |
| = | 0.178403 | / | 0.203603 |
| | = | 0.8762 |
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 |
| = | 1748.195 | / | 1765.907 |
| | = | 0.99 |
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 + 540.5)) | / | (0 / (0 + 551.3)) |
| = | 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) |
| = | (124.671 / 1748.195) | / | (123.35 / 1765.907) |
| = | 0.071314 | / | 0.069851 |
| | = | 1.0209 |
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) |
| = | ((270.8 + 257.2) / 995.5) | / | ((273.1 + 264.5) / 1032.4) |
| = | 0.530387 | / | 0.520728 |
| | = | 1.0185 |
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 |
| = | (-11.002 - 0 | - | 112.939) | / | 995.5 |
| | = | -0.124501 |
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.
Atria Oyj has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
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