Novonesis AS Beneish M-Score Historical Data
The historical data trend for Novonesis 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.
Novonesis AS Beneish M-Score Chart
|
Novonesis AS Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.44 |
-2.76 |
-2.33 |
-2.63 |
-2.68 |
|
Novonesis AS Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.63 |
-2.36 |
-2.36 |
-2.47 |
-2.68 |
Competitive Comparison of Novonesis AS's Beneish M-Score
For the Specialty Chemicals subindustry, Novonesis 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.
Novonesis AS's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Novonesis AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Novonesis AS's Beneish M-Score falls into.
Novonesis 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 Novonesis 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 * 1.0061 | + | 0.528 * 1.0049 | + | 0.404 * 0.9762 | + | 0.892 * 1.0435 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0114 | + | 4.679 * -0.03941 | - | 0.327 * 1.072 |
| = | -2.65 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $593 Mil.
Revenue was 673.465 + 637.692 + 613.659 + 664.969 = $2,590 Mil.
Gross Profit was 363.58 + 343.174 + 339.935 + 360.03 = $1,407 Mil.
Total Current Assets was $1,384 Mil.
Total Assets was $4,154 Mil.
Property, Plant and Equipment(Net PPE) was $1,803 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $481 Mil.
Total Current Liabilities was $1,063 Mil.
Long-Term Debt & Capital Lease Obligation was $667 Mil.
Net Income was 102.124 + 133.95 + 88.185 + 112.77 = $437 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 164.16 + 226.97 + 164.438 + 45.166 = $601 Mil.
|
Total Receivables was $565 Mil.
Revenue was 644.89 + 580.95 + 608.755 + 647.316 = $2,482 Mil.
Gross Profit was 345.014 + 312.359 + 337.897 + 359.422 = $1,355 Mil.
Total Current Assets was $1,316 Mil.
Total Assets was $3,985 Mil.
Property, Plant and Equipment(Net PPE) was $1,719 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $456 Mil.
Total Current Liabilities was $991 Mil.
Long-Term Debt & Capital Lease Obligation was $556 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) |
| = | (592.702 / 2589.785) | / | (564.582 / 2481.911) |
| = | 0.228861 | / | 0.227479 |
| | = | 1.0061 |
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) |
| = | (1354.692 / 2481.911) | / | (1406.719 / 2589.785) |
| = | 0.545826 | / | 0.54318 |
| | = | 1.0049 |
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 - (1384.386 + 1803.271) / 4153.889) | / | (1 - (1315.838 + 1719.233) / 3984.536) |
| = | 0.232609 | / | 0.238287 |
| | = | 0.9762 |
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 |
| = | 2589.785 | / | 2481.911 |
| | = | 1.0435 |
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 + 1719.233)) | / | (0 / (0 + 1803.271)) |
| = | 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) |
| = | (481.028 / 2589.785) | / | (455.787 / 2481.911) |
| = | 0.185741 | / | 0.183644 |
| | = | 1.0114 |
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) |
| = | ((667.174 + 1062.504) / 4153.889) | / | ((556.323 + 991.471) / 3984.536) |
| = | 0.4164 | / | 0.38845 |
| | = | 1.072 |
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 |
| = | (437.029 - 0 | - | 600.734) | / | 4153.889 |
| | = | -0.03941 |
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.
Novonesis AS has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
NVZMF has been successfully added to your