Scania AB (FRA:SNAB) Beneish M-Score : 0.00 (As of Jun. 16, 2024)

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What is Scania AB 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.

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

During the past 13 years, the highest Beneish M-Score of Scania AB was 0.00. The lowest was 0.00. And the median was 0.00.

Scania AB Beneish M-Score Historical Data

The historical data trend for Scania 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.

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Scania AB Beneish M-Score Chart

Scania AB Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Beneish M-Score

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Scania AB Quarterly Data
	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Scania AB's Beneish M-Score

For the Trucking subindustry, Scania 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.

Scania AB's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Scania AB's Beneish M-Score distribution charts can be found below:

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

Scania 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 Scania AB 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 * 0.9673

0.528 * 0.9365

0.404 * 0.9963

0.892 * 1.0184

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0912

4.679 * -0.044727

0.327 * 1.0722

-2.78

This Year (Dec15) TTM:

Last Year (Dec14) TTM:

Total Receivables was €754 Mil.
Revenue was 2869.385 + 2587.829 + 2788.896 + 2562.389 = €10,808 Mil.
Gross Profit was 767.144 + 673.956 + 732.825 + 676.715 = €2,851 Mil.
Total Current Assets was €6,168 Mil.
Total Assets was €15,268 Mil.
Property, Plant and Equipment(Net PPE) was €4,943 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €1,206 Mil.
Total Current Liabilities was €5,997 Mil.
Long-Term Debt & Capital Lease Obligation was €2,832 Mil.
Net Income was 197.784 + 166.146 + 180.673 + 183.615 = €728 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 605.674 + 237.184 + 280.711 + 287.533 = €1,411 Mil.

Total Receivables was €766 Mil.
Revenue was 2938.093 + 2509.468 + 2646.932 + 2519.122 = €10,614 Mil.
Gross Profit was 698.539 + 622.306 + 649.706 + 651.009 = €2,622 Mil.
Total Current Assets was €5,940 Mil.
Total Assets was €14,143 Mil.
Property, Plant and Equipment(Net PPE) was €4,338 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €1,085 Mil.
Total Current Liabilities was €4,810 Mil.
Long-Term Debt & Capital Lease Obligation was €2,817 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)
	=	(754.498 / 10808.499)	/	(765.937 / 10613.615)
	=	0.069806	/	0.072166
	=	0.9673

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)
	=	(2621.56 / 10613.615)	/	(2850.64 / 10808.499)
	=	0.247	/	0.263741
	=	0.9365

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 - (6167.951 + 4943.202) / 15267.756)	/	(1 - (5939.545 + 4338.466) / 14142.669)
	=	0.272247	/	0.273262
	=	0.9963

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
	=	10808.499	/	10613.615
	=	1.0184

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 + 4338.466))	/	(0 / (0 + 4943.202))
	=	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)
	=	(1205.973 / 10808.499)	/	(1085.212 / 10613.615)
	=	0.111576	/	0.102247
	=	1.0912

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)
	=	((2832.314 + 5997.186) / 15267.756)	/	((2817.435 + 4810.359) / 14142.669)
	=	0.57831	/	0.539346
	=	1.0722

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
	=	(728.218 - 0	-	1411.102)	/	15267.756
	=	-0.044727

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.

Scania AB has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.

Scania AB Beneish M-Score Related Terms

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Scania AB (FRA:SNAB) Business Description

Industry

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Address

Website

http://www.scania.com

Scania AB was founded in 1891. The Company is engaged in manufacturing & marketing heavy trucks, buses & engines for automotive & marine industries. It also offers spare parts, maintenance & driver training, short-term truck rentals and fleet management services & financing. The company's operations are divided into two different operating segments, the Vehicles and Services operating segment encompasses the following products: trucks, buses and engines, including the services associated with these products and the Financial Services operating segment provides financial solutions to Scania customers, such as loan financing, lease contracts and insurance solutions. The sales of the Company's products occur in all five geographic areas. Financial Services is found mainly in the European markets and to a lesser extent in the others. The Company's research and development work occurs in Sweden. Manufacturing of trucks, buses and industrial and marine engines occurs in Sweden, Argentina, Brazil, France, the Netherlands, Poland and Russia.

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