Clas Ohlson AB Beneish M-Score Historical Data
The historical data trend for Clas Ohlson 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.
Clas Ohlson AB Beneish M-Score Chart
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Clas Ohlson AB Annual Data
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Apr15 |
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Apr24 |
| Beneish M-Score |
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-3.62 |
-3.37 |
-3.08 |
-3.29 |
-2.84 |
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Clas Ohlson AB Quarterly Data
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Jan20 |
Apr20 |
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Oct24 |
| Beneish M-Score |
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-3.95 |
-3.14 |
-2.84 |
-2.39 |
-2.20 |
Competitive Comparison of Clas Ohlson AB's Beneish M-Score
For the Specialty Retail subindustry, Clas Ohlson 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.
Clas Ohlson AB's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Clas Ohlson AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Clas Ohlson AB's Beneish M-Score falls into.
Clas Ohlson 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 Clas Ohlson 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 * 1.065 | + | 0.528 * 1.0092 | + | 0.404 * 2.5287 | + | 0.892 * 1.1725 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9843 | + | 4.679 * -0.123646 | - | 0.327 * 0.9287 |
| = | -2.20 |
* 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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was kr226 Mil.
Revenue was 2800.9 + 2623.2 + 2166.7 + 3411.9 = kr11,003 Mil.
Gross Profit was 1115.3 + 984.2 + 854.1 + 1309.6 = kr4,263 Mil.
Total Current Assets was kr3,316 Mil.
Total Assets was kr6,160 Mil.
Property, Plant and Equipment(Net PPE) was kr2,238 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,651 Mil.
Total Current Liabilities was kr2,875 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,136 Mil.
Net Income was 230.1 + 145.8 + 40.7 + 321 = kr738 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 116.9 + 413.2 + -108.3 + 1077.4 = kr1,499 Mil.
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Total Receivables was kr181 Mil.
Revenue was 2460.1 + 2193.1 + 1776.3 + 2954.2 = kr9,384 Mil.
Gross Profit was 1015.5 + 836.8 + 688.6 + 1128.4 = kr3,669 Mil.
Total Current Assets was kr2,949 Mil.
Total Assets was kr5,564 Mil.
Property, Plant and Equipment(Net PPE) was kr2,399 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,297 Mil.
Total Current Liabilities was kr2,622 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,281 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) |
| = | (225.9 / 11002.7) | / | (180.9 / 9383.7) |
| = | 0.020531 | / | 0.019278 |
| | = | 1.065 |
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) |
| = | (3669.3 / 9383.7) | / | (4263.2 / 11002.7) |
| = | 0.391029 | / | 0.387469 |
| | = | 1.0092 |
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 - (3316.4 + 2238.2) / 6159.5) | / | (1 - (2949 + 2399.3) / 5564.4) |
| = | 0.098206 | / | 0.038836 |
| | = | 2.5287 |
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 |
| = | 11002.7 | / | 9383.7 |
| | = | 1.1725 |
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 + 2399.3)) | / | (0 / (0 + 2238.2)) |
| = | 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) |
| = | (2650.9 / 11002.7) | / | (2297 / 9383.7) |
| = | 0.240932 | / | 0.244786 |
| | = | 0.9843 |
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) |
| = | ((1136.3 + 2875.3) / 6159.5) | / | ((1280.7 + 2621.7) / 5564.4) |
| = | 0.651287 | / | 0.701316 |
| | = | 0.9287 |
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 |
| = | (737.6 - 0 | - | 1499.2) | / | 6159.5 |
| | = | -0.123646 |
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.
Clas Ohlson AB has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
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