Indutrade AB Beneish M-Score Historical Data
The historical data trend for Indutrade 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.
Indutrade AB Beneish M-Score Chart
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Indutrade AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.69 |
-2.51 |
-2.18 |
-2.67 |
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Indutrade AB Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.24 |
-2.26 |
-2.44 |
-2.67 |
-2.65 |
Competitive Comparison of Indutrade AB's Beneish M-Score
For the Industrial Distribution subindustry, Indutrade 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.
Indutrade AB's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Indutrade AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Indutrade AB's Beneish M-Score falls into.
Indutrade 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 Indutrade 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 * 1.0004 | + | 0.528 * 0.996 | + | 0.404 * 0.9989 | + | 0.892 * 1.0434 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0449 | + | 4.679 * -0.048438 | - | 0.327 * 0.9368 |
| = | -2.66 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €594 Mil.
Revenue was 684.303 + 699.175 + 663.646 + 694.236 = €2,741 Mil.
Gross Profit was 239.824 + 243.339 + 231.021 + 239.897 = €954 Mil.
Total Current Assets was €1,323 Mil.
Total Assets was €2,954 Mil.
Property, Plant and Equipment(Net PPE) was €412 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €583 Mil.
Total Current Liabilities was €700 Mil.
Long-Term Debt & Capital Lease Obligation was €756 Mil.
Net Income was 51.871 + 63.383 + 57.565 + 62.053 = €235 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 43.034 + 135.884 + 103.719 + 95.308 = €378 Mil.
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Total Receivables was €569 Mil.
Revenue was 718.846 + 657.471 + 620.899 + 630.013 = €2,627 Mil.
Gross Profit was 248.917 + 229.223 + 212.644 + 219.934 = €911 Mil.
Total Current Assets was €1,275 Mil.
Total Assets was €2,817 Mil.
Property, Plant and Equipment(Net PPE) was €378 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €535 Mil.
Total Current Liabilities was €617 Mil.
Long-Term Debt & Capital Lease Obligation was €866 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) |
| = | (593.64 / 2741.36) | / | (568.711 / 2627.229) |
| = | 0.216549 | / | 0.216468 |
| | = | 1.0004 |
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) |
| = | (910.718 / 2627.229) | / | (954.081 / 2741.36) |
| = | 0.346646 | / | 0.348032 |
| | = | 0.996 |
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 - (1322.655 + 412.137) / 2953.706) | / | (1 - (1274.986 + 378.457) / 2817.432) |
| = | 0.412673 | / | 0.413138 |
| | = | 0.9989 |
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 |
| = | 2741.36 | / | 2627.229 |
| | = | 1.0434 |
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 + 378.457)) | / | (0 / (0 + 412.137)) |
| = | 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) |
| = | (583.103 / 2741.36) | / | (534.813 / 2627.229) |
| = | 0.212706 | / | 0.203565 |
| | = | 1.0449 |
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) |
| = | ((756.497 + 699.943) / 2953.706) | / | ((865.86 + 617.121) / 2817.432) |
| = | 0.493089 | / | 0.526359 |
| | = | 0.9368 |
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 |
| = | (234.872 - 0 | - | 377.945) | / | 2953.706 |
| | = | -0.048438 |
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.
Indutrade AB has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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