Matas AS Beneish M-Score Historical Data
The historical data trend for Matas AS'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.
Matas AS Beneish M-Score Chart
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Matas AS Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.59 |
-3.62 |
-2.06 |
-1.75 |
-2.25 |
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Matas AS Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-1.69 |
-0.63 |
-1.30 |
-2.25 |
-2.09 |
Competitive Comparison of Matas AS's Beneish M-Score
For the Specialty Retail subindustry, Matas AS'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.
Matas AS's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Matas AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Matas AS's Beneish M-Score falls into.
Matas AS 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 Matas AS 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 * 1.0589 | + | 0.528 * 1.0044 | + | 0.404 * 0.7749 | + | 0.892 * 1.6371 | + | 0.115 * 1.2608 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.050934 | - | 0.327 * 1.3299 |
| = | -2.09 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was kr134 Mil.
Revenue was 1956 + 1757.6 + 2508 + 1285.4 = kr7,507 Mil.
Gross Profit was 903 + 903.8 + 1095.5 + 572.6 = kr3,475 Mil.
Total Current Assets was kr2,409 Mil.
Total Assets was kr8,943 Mil.
Property, Plant and Equipment(Net PPE) was kr1,817 Mil.
Depreciation, Depletion and Amortization(DDA) was kr592 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr2,171 Mil.
Long-Term Debt & Capital Lease Obligation was kr3,052 Mil.
Net Income was 59 + -44.8 + 163.2 + 1.6 = kr179 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 241 + -237.2 + 701.9 + -71.2 = kr635 Mil.
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Total Receivables was kr77 Mil.
Revenue was 1150 + 1050.1 + 1396.2 + 989.2 = kr4,586 Mil.
Gross Profit was 522 + 546.1 + 620.9 + 442.9 = kr2,132 Mil.
Total Current Assets was kr1,197 Mil.
Total Assets was kr6,378 Mil.
Property, Plant and Equipment(Net PPE) was kr840 Mil.
Depreciation, Depletion and Amortization(DDA) was kr377 Mil.
Selling, General, & Admin. Expense(SGA) was kr196 Mil.
Total Current Liabilities was kr1,444 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,357 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) |
| = | (134 / 7507) | / | (77.3 / 4585.5) |
| = | 0.01785 | / | 0.016857 |
| | = | 1.0589 |
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) |
| = | (2131.9 / 4585.5) | / | (3474.9 / 7507) |
| = | 0.464922 | / | 0.462888 |
| | = | 1.0044 |
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 - (2409 + 1817) / 8943) | / | (1 - (1196.8 + 839.7) / 6378) |
| = | 0.527452 | / | 0.680699 |
| | = | 0.7749 |
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 |
| = | 7507 | / | 4585.5 |
| | = | 1.6371 |
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)) |
| = | (376.9 / (376.9 + 839.7)) | / | (591.9 / (591.9 + 1817)) |
| = | 0.309798 | / | 0.245714 |
| | = | 1.2608 |
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 / 7507) | / | (195.6 / 4585.5) |
| = | 0 | / | 0.042656 |
| | = | 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) |
| = | ((3052 + 2171) / 8943) | / | ((1356.7 + 1444.3) / 6378) |
| = | 0.584032 | / | 0.439166 |
| | = | 1.3299 |
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 |
| = | (179 - 0 | - | 634.5) | / | 8943 |
| | = | -0.050934 |
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.
Matas AS has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.
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