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Aquaporin AS (OCSE:AQP) Beneish M-Score : -2.00 (As of Mar. 05, 2025)


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

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

OCSE:AQP' s Beneish M-Score Range Over the Past 10 Years
Min: -2   Med: -1.71   Max: -0.27
Current: -2

During the past 6 years, the highest Beneish M-Score of Aquaporin AS was -0.27. The lowest was -2.00. And the median was -1.71.


Aquaporin AS Beneish M-Score Historical Data

The historical data trend for Aquaporin 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.

* Premium members only.

Aquaporin AS Beneish M-Score Chart

Aquaporin AS Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - - -1.71 -0.27 -2.00

Aquaporin AS Semi-Annual Data
Dec18 Dec19 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only - -0.27 - -2.00 -

Competitive Comparison of Aquaporin AS's Beneish M-Score

For the Utilities - Regulated Water subindustry, Aquaporin 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.


Aquaporin AS's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Aquaporin AS's Beneish M-Score distribution charts can be found below:

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



Aquaporin 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 Aquaporin 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 * 0.9966+0.528 * 0.5581+0.404 * 1.0949+0.892 * 1.9484+0.115 * 0.9624
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5439+4.679 * -0.037751-0.327 * 1.2034
=-2.00

* 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 kr32.16 Mil.
Revenue was kr59.53 Mil.
Gross Profit was kr19.32 Mil.
Total Current Assets was kr62.37 Mil.
Total Assets was kr262.56 Mil.
Property, Plant and Equipment(Net PPE) was kr98.54 Mil.
Depreciation, Depletion and Amortization(DDA) was kr17.69 Mil.
Selling, General, & Admin. Expense(SGA) was kr67.88 Mil.
Total Current Liabilities was kr39.84 Mil.
Long-Term Debt & Capital Lease Obligation was kr50.27 Mil.
Net Income was kr-90.40 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-80.48 Mil.
Total Receivables was kr16.56 Mil.
Revenue was kr30.55 Mil.
Gross Profit was kr5.54 Mil.
Total Current Assets was kr67.28 Mil.
Total Assets was kr270.55 Mil.
Property, Plant and Equipment(Net PPE) was kr107.61 Mil.
Depreciation, Depletion and Amortization(DDA) was kr18.47 Mil.
Selling, General, & Admin. Expense(SGA) was kr64.06 Mil.
Total Current Liabilities was kr24.38 Mil.
Long-Term Debt & Capital Lease Obligation was kr52.77 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)
=(32.161 / 59.531) / (16.562 / 30.554)
=0.54024 / 0.542057
=0.9966

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)
=(5.535 / 30.554) / (19.323 / 59.531)
=0.181155 / 0.324587
=0.5581

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 - (62.372 + 98.541) / 262.562) / (1 - (67.283 + 107.605) / 270.546)
=0.387143 / 0.353574
=1.0949

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
=59.531 / 30.554
=1.9484

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))
=(18.466 / (18.466 + 107.605)) / (17.689 / (17.689 + 98.541))
=0.146473 / 0.15219
=0.9624

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)
=(67.877 / 59.531) / (64.057 / 30.554)
=1.140196 / 2.096518
=0.5439

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)
=((50.265 + 39.84) / 262.562) / ((52.774 + 24.379) / 270.546)
=0.343176 / 0.285175
=1.2034

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
=(-90.396 - 0 - -80.484) / 262.562
=-0.037751

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.

Aquaporin AS has a M-score of -2.00 suggests that the company is unlikely to be a manipulator.


Aquaporin AS Beneish M-Score Related Terms

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Aquaporin AS Business Description

Traded in Other Exchanges
N/A
Address
Nymollevej 78, Kongens Lyngby, DNK, DK-2800
Aquaporin AS is a water technology company dedicated to rethinking water filtration with biotechnology. Its products include Clear Eco, Clear Ultra, Clear Plus, Clear Plus FR, and Clear Classic. The company operates geographically in four markets; EMEA, APAC, and Americas, out of which it derives a majority of its revenue from the APAC market.

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