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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Trend |
Apr14 |
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Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
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-3.00 |
-3.62 |
-3.37 |
-3.01 |
-3.43 |
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Clas Ohlson AB Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
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Jul21 |
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Jan23 |
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Jan24 |
| Beneish M-Score |
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-2.95 |
-3.43 |
-3.96 |
-3.95 |
-3.14 |
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 * 1.1013 | + | 0.528 * 0.9632 | + | 0.404 * 1.1579 | + | 0.892 * 1.0901 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9316 | + | 4.679 * -0.190295 | - | 0.327 * 0.9997 |
| = | -3.14 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was kr188 Mil.
Revenue was 3411.9 + 2460.1 + 2193.1 + 1776.3 = kr9,841 Mil.
Gross Profit was 1309.6 + 1015.5 + 836.8 + 688.6 = kr3,851 Mil.
Total Current Assets was kr2,972 Mil.
Total Assets was kr6,024 Mil.
Property, Plant and Equipment(Net PPE) was kr2,396 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,373 Mil.
Total Current Liabilities was kr2,746 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,279 Mil.
Net Income was 321 + 173.4 + -26.4 + -23.1 = kr445 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1077.4 + 191.5 + 328.3 + -6 = kr1,591 Mil.
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Total Receivables was kr157 Mil.
Revenue was 2954.2 + 2250.2 + 2043.6 + 1780.1 = kr9,028 Mil.
Gross Profit was 1128.4 + 848.4 + 718.3 + 707.1 = kr3,402 Mil.
Total Current Assets was kr2,363 Mil.
Total Assets was kr5,139 Mil.
Property, Plant and Equipment(Net PPE) was kr2,292 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,337 Mil.
Total Current Liabilities was kr2,267 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,168 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) |
| = | (188 / 9841.4) | / | (156.6 / 9028.1) |
| = | 0.019103 | / | 0.017346 |
| | = | 1.1013 |
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) |
| = | (3402.2 / 9028.1) | / | (3850.5 / 9841.4) |
| = | 0.376846 | / | 0.391255 |
| | = | 0.9632 |
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 - (2972.1 + 2396.1) / 6023.8) | / | (1 - (2363.3 + 2292.3) / 5138.6) |
| = | 0.108835 | / | 0.093994 |
| | = | 1.1579 |
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 |
| = | 9841.4 | / | 9028.1 |
| | = | 1.0901 |
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 + 2292.3)) | / | (0 / (0 + 2396.1)) |
| = | 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) |
| = | (2372.8 / 9841.4) | / | (2336.5 / 9028.1) |
| = | 0.241104 | / | 0.258803 |
| | = | 0.9316 |
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) |
| = | ((1278.5 + 2745.8) / 6023.8) | / | ((1167.6 + 2266.5) / 5138.6) |
| = | 0.668067 | / | 0.668295 |
| | = | 0.9997 |
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 |
| = | (444.9 - 0 | - | 1591.2) | / | 6023.8 |
| | = | -0.190295 |
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 -3.14 suggests that the company is unlikely to be a manipulator.
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