Intrum AB Beneish M-Score Historical Data
The historical data trend for Intrum 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.
Intrum AB Beneish M-Score Chart
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Intrum 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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-2.04 |
-3.20 |
-2.58 |
-3.11 |
-2.80 |
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Intrum AB 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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-2.98 |
-2.80 |
-2.66 |
-2.71 |
-2.69 |
Competitive Comparison of Intrum AB's Beneish M-Score
For the Credit Services subindustry, Intrum 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.
Intrum AB's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Intrum AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intrum AB's Beneish M-Score falls into.
Intrum 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 Intrum 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 * 0.995 | + | 0.528 * 0.9299 | + | 0.404 * 0.9714 | + | 0.892 * 1.2312 | + | 0.115 * 0.8189 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.091007 | - | 0.327 * 1.0151 |
| = | -2.61 |
* 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 $457 Mil.
Revenue was 407.762 + 439.306 + 409.171 + 488.126 = $1,744 Mil.
Gross Profit was 170.496 + 205.302 + 187.969 + 207.553 = $771 Mil.
Total Current Assets was $1,047 Mil.
Total Assets was $7,717 Mil.
Property, Plant and Equipment(Net PPE) was $80 Mil.
Depreciation, Depletion and Amortization(DDA) was $209 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $2,229 Mil.
Long-Term Debt & Capital Lease Obligation was $3,721 Mil.
Net Income was -118.291 + -127.205 + -22.86 + 18.23 = $-250 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 91.798 + 100.887 + 110.073 + 149.45 = $452 Mil.
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Total Receivables was $373 Mil.
Revenue was 395.045 + 403.005 + 357.76 + 261.033 = $1,417 Mil.
Gross Profit was 182.141 + 189.895 + 175.825 + 34.689 = $583 Mil.
Total Current Assets was $928 Mil.
Total Assets was $8,367 Mil.
Property, Plant and Equipment(Net PPE) was $84 Mil.
Depreciation, Depletion and Amortization(DDA) was $122 Mil.
Selling, General, & Admin. Expense(SGA) was $192 Mil.
Total Current Liabilities was $1,416 Mil.
Long-Term Debt & Capital Lease Obligation was $4,939 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) |
| = | (456.838 / 1744.365) | / | (372.943 / 1416.843) |
| = | 0.261894 | / | 0.263221 |
| | = | 0.995 |
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) |
| = | (582.55 / 1416.843) | / | (771.32 / 1744.365) |
| = | 0.411161 | / | 0.442178 |
| | = | 0.9299 |
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 - (1047.414 + 79.578) / 7717.372) | / | (1 - (928.028 + 83.538) / 8366.953) |
| = | 0.853967 | / | 0.8791 |
| | = | 0.9714 |
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 |
| = | 1744.365 | / | 1416.843 |
| | = | 1.2312 |
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)) |
| = | (121.777 / (121.777 + 83.538)) | / | (209.046 / (209.046 + 79.578)) |
| = | 0.593123 | / | 0.724285 |
| | = | 0.8189 |
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 / 1744.365) | / | (191.54 / 1416.843) |
| = | 0 | / | 0.135188 |
| | = | 0 |
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) |
| = | ((3721.185 + 2229.446) / 7717.372) | / | ((4938.835 + 1416.444) / 8366.953) |
| = | 0.77107 | / | 0.759569 |
| | = | 1.0151 |
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 |
| = | (-250.126 - 0 | - | 452.208) | / | 7717.372 |
| | = | -0.091007 |
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.
Intrum AB has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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