Swedish Orphan Biovitrum AB (LTS:0MTD) Beneish M-Score : -2.58 (As of Apr. 26, 2024)

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What is Swedish Orphan Biovitrum AB Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Swedish Orphan Biovitrum AB's Beneish M-Score or its related term are showing as below:

LTS:0MTD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.43 Max: -1.57
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Swedish Orphan Biovitrum AB was -1.57. The lowest was -2.91. And the median was -2.43.

Swedish Orphan Biovitrum AB Beneish M-Score Historical Data

The historical data trend for Swedish Orphan Biovitrum 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.

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Swedish Orphan Biovitrum AB Beneish M-Score Chart

Swedish Orphan Biovitrum AB Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.65

-2.68

-2.77

-2.25

-2.58

Swedish Orphan Biovitrum AB Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.38	-2.40	-2.37	-2.58	-

Competitive Comparison of Swedish Orphan Biovitrum AB's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Swedish Orphan Biovitrum 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.

Swedish Orphan Biovitrum AB's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Swedish Orphan Biovitrum AB's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Swedish Orphan Biovitrum AB's Beneish M-Score falls into.

Swedish Orphan Biovitrum 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 Swedish Orphan Biovitrum AB for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0278

0.528 * 1.0133

0.404 * 1.0375

0.892 * 1.2112

0.115 * 0.9601

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1303

4.679 * -0.034904

0.327 * 1.1605

-2.49

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was kr8,016 Mil.
Revenue was 6256 + 6843 + 5168 + 4872 = kr23,139 Mil.
Gross Profit was 4707 + 5456 + 4001 + 3500 = kr17,664 Mil.
Total Current Assets was kr12,107 Mil.
Total Assets was kr74,518 Mil.
Property, Plant and Equipment(Net PPE) was kr257 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3,414 Mil.
Selling, General, & Admin. Expense(SGA) was kr10,707 Mil.
Total Current Liabilities was kr17,105 Mil.
Long-Term Debt & Capital Lease Obligation was kr11,575 Mil.
Net Income was 800 + 1026 + 94 + 222 = kr2,142 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 2256 + 1072 + 1058 + 357 = kr4,743 Mil.

Total Receivables was kr6,439 Mil.
Revenue was 5239 + 5990 + 3999 + 3876 = kr19,104 Mil.
Gross Profit was 4172 + 4682 + 3067 + 2856 = kr14,777 Mil.
Total Current Assets was kr10,299 Mil.
Total Assets was kr53,911 Mil.
Property, Plant and Equipment(Net PPE) was kr270 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2,251 Mil.
Selling, General, & Admin. Expense(SGA) was kr7,821 Mil.
Total Current Liabilities was kr14,713 Mil.
Long-Term Debt & Capital Lease Obligation was kr3,167 Mil.

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)
	=	(8016 / 23139)	/	(6439 / 19104)
	=	0.346428	/	0.33705
	=	1.0278

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)
	=	(14777 / 19104)	/	(17664 / 23139)
	=	0.773503	/	0.763386
	=	1.0133

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 - (12107 + 257) / 74518)	/	(1 - (10299 + 270) / 53911)
	=	0.83408	/	0.803955
	=	1.0375

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
	=	23139	/	19104
	=	1.2112

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))
	=	(2251 / (2251 + 270))	/	(3414 / (3414 + 257))
	=	0.8929	/	0.929992
	=	0.9601

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)
	=	(10707 / 23139)	/	(7821 / 19104)
	=	0.462725	/	0.409391
	=	1.1303

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)
	=	((11575 + 17105) / 74518)	/	((3167 + 14713) / 53911)
	=	0.384873	/	0.331658
	=	1.1605

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
	=	(2142 - 0	-	4743)	/	74518
	=	-0.034904

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.

Swedish Orphan Biovitrum AB has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.

Swedish Orphan Biovitrum AB Beneish M-Score Related Terms

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Swedish Orphan Biovitrum AB (LTS:0MTD) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Swedish Orphan Biovitrum AB (LTS:0MTD) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

SWOBY:USA BIOVF:USA SOBI:Sweden SOBIs:UK B6E:Germany B6E:Germany

Address

Tomtebodavagen 23 A, Solna, Stockholm, SWE, SE-112 76

Website

https://www.sobi.com

Swedish Orphan Biovitrum, or Sobi, focuses on rare diseases, primarily in hematology and immunology. Biovitrum started with experience in studying recombinant proteins such as hemophilia factors, and partnered with Syntonix (now part of Sanofi) on long-acting hemophilia factor replacement programs in 2006. Biovitrum acquired Orfadin and a partnered product business with the acquisition of Swedish Orphan. Sobi launched hemophilia products Alprolix and Eloctate in Europe in 2016. Sobi has since been building its immunology pipeline (rare disease drug Gamifant, U.S. rights to RSV antibodies Synagis and Beyfortus, gout drug SEL-212, complement drug Aspaveli) and hematology pipeline outside of hemophilia (thrombocytopenia drug Doptelet, blood cancer drug Zynlonta, myelofibrosis drug Vonjo).

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