Moneta Money Bank 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 Moneta Money Bank 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 | + | 0.528 * 1 | + | 0.404 * 1.0009 | + | 0.892 * 1.0137 | + | 0.115 * 0.9741 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9489 | + | 4.679 * -0.048672 | - | 0.327 * 1.5317 |
| = | -2.86 |
* 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 €0.0 Mil.
Revenue was 129.458 + 125.28 + 123.242 + 129.607 = €507.6 Mil.
Gross Profit was 129.458 + 125.28 + 123.242 + 129.607 = €507.6 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €19,465.3 Mil.
Property, Plant and Equipment(Net PPE) was €89.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €48.4 Mil.
Selling, General, & Admin. Expense(SGA) was €53.8 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €863.5 Mil.
Net Income was 61.081 + 57.195 + 50.847 + 50.176 = €219.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was -258.558 + 727.319 + 226.714 + 471.235 = €1,166.7 Mil.
|
Total Receivables was €0.0 Mil.
Revenue was 130.341 + 127.851 + 119.942 + 122.589 = €500.7 Mil.
Gross Profit was 130.341 + 127.851 + 119.942 + 122.589 = €500.7 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €18,429.3 Mil.
Property, Plant and Equipment(Net PPE) was €100.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €52.3 Mil.
Selling, General, & Admin. Expense(SGA) was €55.9 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €533.7 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 / 507.587) | / | (0 / 500.723) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (500.723 / 500.723) | / | (507.587 / 507.587) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (0 + 89.15) / 19465.347) | / | (1 - (0 + 100.259) / 18429.317) |
| = | 0.99542 | / | 0.99456 |
| | = | 1.0009 |
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 |
| = | 507.587 | / | 500.723 |
| | = | 1.0137 |
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)) |
| = | (52.262 / (52.262 + 100.259)) | / | (48.375 / (48.375 + 89.15)) |
| = | 0.342654 | / | 0.351754 |
| | = | 0.9741 |
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) |
| = | (53.81 / 507.587) | / | (55.943 / 500.723) |
| = | 0.106011 | / | 0.111724 |
| | = | 0.9489 |
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) |
| = | ((863.467 + 0) / 19465.347) | / | ((533.719 + 0) / 18429.317) |
| = | 0.044359 | / | 0.02896 |
| | = | 1.5317 |
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 |
| = | (219.299 - 0 | - | 1166.71) | / | 19465.347 |
| | = | -0.048672 |
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.
Moneta Money Bank AS has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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