Stillfront Group AB Beneish M-Score Historical Data
The historical data trend for Stillfront Group 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.
Stillfront Group AB Beneish M-Score Chart
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Stillfront Group AB Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.87 |
-2.17 |
-2.53 |
-2.12 |
-5.07 |
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Stillfront Group AB Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.12 |
-2.08 |
-2.16 |
-2.40 |
-5.07 |
Competitive Comparison of Stillfront Group AB's Beneish M-Score
For the Electronic Gaming & Multimedia subindustry, Stillfront Group 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.
Stillfront Group AB's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Stillfront Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stillfront Group AB's Beneish M-Score falls into.
Stillfront Group 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 Stillfront Group 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 * 1.1936 | + | 0.528 * 1.0495 | + | 0.404 * 0.9565 | + | 0.892 * 0.9638 | + | 0.115 * 1.028 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.553757 | - | 0.327 * 1.4818 |
| = | -5.07 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was kr811 Mil.
Revenue was 1663 + 1599 + 1747 + 1747 = kr6,756 Mil.
Gross Profit was 928 + 923 + 1057 + 925 = kr3,833 Mil.
Total Current Assets was kr1,768 Mil.
Total Assets was kr16,370 Mil.
Property, Plant and Equipment(Net PPE) was kr154 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,543 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr1,863 Mil.
Long-Term Debt & Capital Lease Obligation was kr4,893 Mil.
Net Income was -7269 + 16 + -112 + -13 = kr-7,378 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 491 + 457 + 434 + 305 = kr1,687 Mil.
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Total Receivables was kr705 Mil.
Revenue was 1748 + 1679 + 1815 + 1768 = kr7,010 Mil.
Gross Profit was 966 + 1012 + 1135 + 1061 = kr4,174 Mil.
Total Current Assets was kr1,630 Mil.
Total Assets was kr22,605 Mil.
Property, Plant and Equipment(Net PPE) was kr116 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,661 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr1,449 Mil.
Long-Term Debt & Capital Lease Obligation was kr4,847 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) |
| = | (811 / 6756) | / | (705 / 7010) |
| = | 0.120041 | / | 0.100571 |
| | = | 1.1936 |
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) |
| = | (4174 / 7010) | / | (3833 / 6756) |
| = | 0.595435 | / | 0.567348 |
| | = | 1.0495 |
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 - (1768 + 154) / 16370) | / | (1 - (1630 + 116) / 22605) |
| = | 0.88259 | / | 0.92276 |
| | = | 0.9565 |
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 |
| = | 6756 | / | 7010 |
| | = | 0.9638 |
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)) |
| = | (1661 / (1661 + 116)) | / | (1543 / (1543 + 154)) |
| = | 0.934721 | / | 0.909252 |
| | = | 1.028 |
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 / 6756) | / | (0 / 7010) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((4893 + 1863) / 16370) | / | ((4847 + 1449) / 22605) |
| = | 0.412706 | / | 0.278522 |
| | = | 1.4818 |
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 |
| = | (-7378 - 0 | - | 1687) | / | 16370 |
| | = | -0.553757 |
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.
Stillfront Group AB has a M-score of -5.07 suggests that the company is unlikely to be a manipulator.
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