NCAB Group AB Beneish M-Score Historical Data
The historical data trend for NCAB 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.
NCAB Group AB Beneish M-Score Chart
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NCAB 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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-2.51 |
-1.08 |
-2.64 |
-2.90 |
-2.21 |
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NCAB Group AB Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.90 |
-2.68 |
-2.73 |
-2.59 |
-2.21 |
Competitive Comparison of NCAB Group AB's Beneish M-Score
For the Electronic Components subindustry, NCAB 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.
NCAB Group AB's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, NCAB Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NCAB Group AB's Beneish M-Score falls into.
NCAB 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 NCAB 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 * 1.3445 | + | 0.528 * 0.9688 | + | 0.404 * 1.0993 | + | 0.892 * 0.8841 | + | 0.115 * 0.9643 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.030513 | - | 0.327 * 0.9705 |
| = | -2.21 |
* 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 kr810 Mil.
Revenue was 830.3 + 898 + 935.1 + 950.6 = kr3,614 Mil.
Gross Profit was 296.2 + 325.7 + 354.1 + 357 = kr1,333 Mil.
Total Current Assets was kr1,414 Mil.
Total Assets was kr3,392 Mil.
Property, Plant and Equipment(Net PPE) was kr96 Mil.
Depreciation, Depletion and Amortization(DDA) was kr114 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr810 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,039 Mil.
Net Income was 41.5 + 50.2 + 73.4 + 89.8 = kr255 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 45.3 + 119 + 101.2 + 92.9 = kr358 Mil.
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Total Receivables was kr681 Mil.
Revenue was 878.6 + 1005.4 + 1057.5 + 1146.4 = kr4,088 Mil.
Gross Profit was 337.9 + 361.2 + 376.7 + 385 = kr1,461 Mil.
Total Current Assets was kr1,506 Mil.
Total Assets was kr3,221 Mil.
Property, Plant and Equipment(Net PPE) was kr90 Mil.
Depreciation, Depletion and Amortization(DDA) was kr99 Mil.
Selling, General, & Admin. Expense(SGA) was kr61 Mil.
Total Current Liabilities was kr839 Mil.
Long-Term Debt & Capital Lease Obligation was kr971 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) |
| = | (809.7 / 3614) | / | (681.21 / 4087.9) |
| = | 0.224045 | / | 0.166641 |
| | = | 1.3445 |
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) |
| = | (1460.8 / 4087.9) | / | (1333 / 3614) |
| = | 0.357347 | / | 0.368843 |
| | = | 0.9688 |
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 - (1414.2 + 96.2) / 3392) | / | (1 - (1505.628 + 90.247) / 3221.344) |
| = | 0.554717 | / | 0.504593 |
| | = | 1.0993 |
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 |
| = | 3614 | / | 4087.9 |
| | = | 0.8841 |
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)) |
| = | (98.6 / (98.6 + 90.247)) | / | (113.6 / (113.6 + 96.2)) |
| = | 0.522116 | / | 0.541468 |
| | = | 0.9643 |
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 / 3614) | / | (60.5 / 4087.9) |
| = | 0 | / | 0.0148 |
| | = | 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) |
| = | ((1039.4 + 809.5) / 3392) | / | ((970.663 + 838.5) / 3221.344) |
| = | 0.545077 | / | 0.561617 |
| | = | 0.9705 |
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 |
| = | (254.9 - 0 | - | 358.4) | / | 3392 |
| | = | -0.030513 |
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.
NCAB Group AB has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
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