Asuntosalkku (FRA:H57) Beneish M-Score : -2.20 (As of Jun. 23, 2024)

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What is Asuntosalkku Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Asuntosalkku's Beneish M-Score or its related term are showing as below:

FRA:H57' s Beneish M-Score Range Over the Past 10 Years
Min: -2.2 Med: -1.84 Max: -1.09
Current: -2.2

During the past 5 years, the highest Beneish M-Score of Asuntosalkku was -1.09. The lowest was -2.20. And the median was -1.84.

Asuntosalkku Beneish M-Score Historical Data

The historical data trend for Asuntosalkku'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.

* Premium members only.

Asuntosalkku Beneish M-Score Chart

Asuntosalkku Annual Data

Trend

Sep19

Sep20

Sep21

Sep22

Sep23

Beneish M-Score

-1.84

-1.09

-2.20

Asuntosalkku Quarterly Data
	Sep19	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial				-	-1.09	-	-2.20	-

Competitive Comparison of Asuntosalkku's Beneish M-Score

For the Real Estate Services subindustry, Asuntosalkku'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.

Asuntosalkku's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Asuntosalkku's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Asuntosalkku's Beneish M-Score falls into.

Asuntosalkku 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 Asuntosalkku for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.4068

0.528 * 0.9956

0.404 * 1.0263

0.892 * 0.3419

0.115 * 1.9147

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.164

4.679 * -0.005017

0.327 * 1.1318

-1.75

This Year (Mar24) TTM:

Last Year (Mar22) TTM:

Total Receivables was €0.51 Mil.
Revenue was 0 + 0 + 0 + 6.621 = €6.62 Mil.
Gross Profit was 0 + 0 + 0 + 4.791 = €4.79 Mil.
Total Current Assets was €10.12 Mil.
Total Assets was €281.05 Mil.
Property, Plant and Equipment(Net PPE) was €2.21 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.19 Mil.
Selling, General, & Admin. Expense(SGA) was €0.08 Mil.
Total Current Liabilities was €103.85 Mil.
Long-Term Debt & Capital Lease Obligation was €48.80 Mil.
Net Income was 0 + 0 + 0 + 0.17 = €0.17 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 1.58 = €1.58 Mil.

Total Receivables was €0.62 Mil.
Revenue was 7.34 + 6.084 + 5.942 + 0 = €19.37 Mil.
Gross Profit was 5.205 + 4.417 + 4.33 + 0 = €13.95 Mil.
Total Current Assets was €18.54 Mil.
Total Assets was €295.56 Mil.
Property, Plant and Equipment(Net PPE) was €1.68 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.30 Mil.
Selling, General, & Admin. Expense(SGA) was €0.20 Mil.
Total Current Liabilities was €3.88 Mil.
Long-Term Debt & Capital Lease Obligation was €137.96 Mil.

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)
	=	(0.511 / 6.621)	/	(0.621 / 19.366)
	=	0.077179	/	0.032067
	=	2.4068

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)
	=	(13.952 / 19.366)	/	(4.791 / 6.621)
	=	0.720438	/	0.723607
	=	0.9956

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 - (10.124 + 2.214) / 281.045)	/	(1 - (18.542 + 1.684) / 295.562)
	=	0.9561	/	0.931568
	=	1.0263

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
	=	6.621	/	19.366
	=	0.3419

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))
	=	(0.302 / (0.302 + 1.684))	/	(0.191 / (0.191 + 2.214))
	=	0.152064	/	0.079418
	=	1.9147

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)
	=	(0.078 / 6.621)	/	(0.196 / 19.366)
	=	0.011781	/	0.010121
	=	1.164

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)
	=	((48.797 + 103.851) / 281.045)	/	((137.964 + 3.879) / 295.562)
	=	0.543144	/	0.479909
	=	1.1318

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
	=	(0.17 - 0	-	1.58)	/	281.045
	=	-0.005017

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.

Asuntosalkku has a M-score of -1.75 signals that the company is likely to be a manipulator.

Asuntosalkku Beneish M-Score Related Terms

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Asuntosalkku (FRA:H57) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Asuntosalkku PLC (FRA:H57) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

ASUNTO:Finland

Address

Ilmalankuja 2, Helsinki, FIN, 00240

Website

https://www.asuntosalkku.fi

Asuntosalkku Plc is a housing investment company. The portfolio includes approximately 2,000 selected small individual apartments located in well-located residential buildings, mainly in the Helsinki metropolitan area in Finland and in Tallinn, Estonia.

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