Eolus Vind AB Beneish M-Score Historical Data
The historical data trend for Eolus Vind 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.
Eolus Vind AB Beneish M-Score Chart
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Eolus Vind AB Annual Data
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Trend |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.99 |
1.27 |
-0.73 |
-1.62 |
2.15 |
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Eolus Vind AB Quarterly Data
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Feb19 |
May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.04 |
-0.97 |
-0.39 |
2.15 |
-1.18 |
Competitive Comparison of Eolus Vind AB's Beneish M-Score
For the Engineering & Construction subindustry, Eolus Vind 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.
Eolus Vind AB's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Eolus Vind AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eolus Vind AB's Beneish M-Score falls into.
Eolus Vind 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 Eolus Vind 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 * 1.3021 | + | 0.528 * 0.4366 | + | 0.404 * 0.4302 | + | 0.892 * 0.9396 | + | 0.115 * 7.6637 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.3665 | + | 4.679 * 0.152806 | - | 0.327 * 0.9611 |
| = | -1.18 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was kr219 Mil.
Revenue was 44 + 155 + 127 + 1742 = kr2,068 Mil.
Gross Profit was 66 + 162 + 171 + 621 = kr1,020 Mil.
Total Current Assets was kr2,642 Mil.
Total Assets was kr2,958 Mil.
Property, Plant and Equipment(Net PPE) was kr271 Mil.
Depreciation, Depletion and Amortization(DDA) was kr10 Mil.
Selling, General, & Admin. Expense(SGA) was kr52 Mil.
Total Current Liabilities was kr702 Mil.
Long-Term Debt & Capital Lease Obligation was kr541 Mil.
Net Income was -32 + 71 + 94 + 423 = kr556 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 20 + -407 + -369 + 860 = kr104 Mil.
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Total Receivables was kr179 Mil.
Revenue was 277 + 365 + 111 + 1448 = kr2,201 Mil.
Gross Profit was 50 + 107 + 40 + 277 = kr474 Mil.
Total Current Assets was kr1,842 Mil.
Total Assets was kr1,951 Mil.
Property, Plant and Equipment(Net PPE) was kr40 Mil.
Depreciation, Depletion and Amortization(DDA) was kr15 Mil.
Selling, General, & Admin. Expense(SGA) was kr151 Mil.
Total Current Liabilities was kr615 Mil.
Long-Term Debt & Capital Lease Obligation was kr238 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) |
| = | (219 / 2068) | / | (179 / 2201) |
| = | 0.105899 | / | 0.081327 |
| | = | 1.3021 |
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) |
| = | (474 / 2201) | / | (1020 / 2068) |
| = | 0.215357 | / | 0.49323 |
| | = | 0.4366 |
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 - (2642 + 271) / 2958) | / | (1 - (1842 + 40) / 1951) |
| = | 0.015213 | / | 0.035366 |
| | = | 0.4302 |
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 |
| = | 2068 | / | 2201 |
| | = | 0.9396 |
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)) |
| = | (15 / (15 + 40)) | / | (10 / (10 + 271)) |
| = | 0.272727 | / | 0.035587 |
| | = | 7.6637 |
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) |
| = | (52 / 2068) | / | (151 / 2201) |
| = | 0.025145 | / | 0.068605 |
| | = | 0.3665 |
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) |
| = | ((541 + 702) / 2958) | / | ((238 + 615) / 1951) |
| = | 0.420216 | / | 0.437212 |
| | = | 0.9611 |
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 |
| = | (556 - 0 | - | 104) | / | 2958 |
| | = | 0.152806 |
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.
Eolus Vind AB has a M-score of -1.18 signals that the company is likely to be a manipulator.
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