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Garpco AB (NGM:GARPCO B) Beneish M-Score : -2.54 (As of Jun. 25, 2025)


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What is Garpco 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGM:GARPCO B' s Beneish M-Score Range Over the Past 10 Years
Min: -2.63   Med: -2.59   Max: -2.54
Current: -2.54

During the past 4 years, the highest Beneish M-Score of Garpco AB was -2.54. The lowest was -2.63. And the median was -2.59.


Garpco AB Beneish M-Score Historical Data

The historical data trend for Garpco 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.

* Premium members only.

Garpco AB Beneish M-Score Chart

Garpco AB Annual Data
Trend Dec21 Dec22 Dec23 Dec24
Beneish M-Score
- - -2.63 -2.54

Garpco AB Quarterly Data
Dec21 Dec22 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - -2.54 -

Competitive Comparison of Garpco AB's Beneish M-Score

For the Asset Management subindustry, Garpco 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.


Garpco AB's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Garpco AB's Beneish M-Score distribution charts can be found below:

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


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Garpco 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 Garpco 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 * 1.0492+0.528 * 1.0212+0.404 * 0.9402+0.892 * 1.0352+0.115 * 1.0044
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.029587-0.327 * 0.9489
=-2.54

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was kr92.9 Mil.
Revenue was kr640.3 Mil.
Gross Profit was kr147.7 Mil.
Total Current Assets was kr255.9 Mil.
Total Assets was kr429.9 Mil.
Property, Plant and Equipment(Net PPE) was kr123.3 Mil.
Depreciation, Depletion and Amortization(DDA) was kr25.4 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.0 Mil.
Total Current Liabilities was kr117.1 Mil.
Long-Term Debt & Capital Lease Obligation was kr65.9 Mil.
Net Income was kr5.5 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr18.2 Mil.
Total Receivables was kr85.6 Mil.
Revenue was kr618.5 Mil.
Gross Profit was kr145.7 Mil.
Total Current Assets was kr234.4 Mil.
Total Assets was kr400.2 Mil.
Property, Plant and Equipment(Net PPE) was kr115.6 Mil.
Depreciation, Depletion and Amortization(DDA) was kr24.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.0 Mil.
Total Current Liabilities was kr111.7 Mil.
Long-Term Debt & Capital Lease Obligation was kr67.8 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)
=(92.939 / 640.295) / (85.571 / 618.546)
=0.14515 / 0.138342
=1.0492

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)
=(145.666 / 618.546) / (147.651 / 640.295)
=0.235497 / 0.230598
=1.0212

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 - (255.899 + 123.265) / 429.851) / (1 - (234.402 + 115.58) / 400.168)
=0.117918 / 0.125412
=0.9402

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
=640.295 / 618.546
=1.0352

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))
=(23.989 / (23.989 + 115.58)) / (25.448 / (25.448 + 123.265))
=0.171879 / 0.171122
=1.0044

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 / 640.295) / (0 / 618.546)
=0 / 0
=1

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)
=((65.881 + 117.088) / 429.851) / ((67.815 + 111.697) / 400.168)
=0.425657 / 0.448592
=0.9489

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
=(5.494 - 0 - 18.212) / 429.851
=-0.029587

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.

Garpco AB has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.


Garpco AB Beneish M-Score Related Terms

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Garpco AB Business Description

Traded in Other Exchanges
N/A
Address
Huskvarnavagen 80, 3 tr, Jonkoping, SWE, 554 54
Website
Garpco AB is a company that operates through its subsidiaries whose business concept consists of acquiring and long-term development of small and medium-sized industrial and trading companies. Through a combination of company acquisitions and organic growth in the subsidiaries, they create a profitable company group of such a size that the individual subsidiaries' needs for both competent employees and growth capital are secured, while at the same time, it gives the shareholders a good return on invested capital.

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