Flugger Group AS Beneish M-Score Historical Data
The historical data trend for Flugger Group 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.
Flugger Group AS Beneish M-Score Chart
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Flugger Group AS Annual Data
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| Beneish M-Score |
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-2.89 |
-2.83 |
-2.72 |
-2.58 |
-2.91 |
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Flugger Group AS Quarterly Data
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Oct24 |
| Beneish M-Score |
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-2.69 |
-3.01 |
-2.84 |
-2.91 |
-2.71 |
Competitive Comparison of Flugger Group AS's Beneish M-Score
For the Specialty Chemicals subindustry, Flugger Group 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.
Flugger Group AS's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Flugger Group AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Flugger Group AS's Beneish M-Score falls into.
Flugger Group 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 Flugger Group 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 * 1.2967 | + | 0.528 * 0.9535 | + | 0.404 * 0.9874 | + | 0.892 * 0.7008 | + | 0.115 * 1.1552 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0807 | + | 4.679 * -0.052273 | - | 0.327 * 0.8818 |
| = | -2.71 |
* 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 (Oct24) TTM: | Last Year (Jul23) TTM: |
Total Receivables was kr408 Mil.
Revenue was 0 + 567.344 + 441 + 579 = kr1,587 Mil.
Gross Profit was 0 + 291.083 + 216 + 296 = kr803 Mil.
Total Current Assets was kr765 Mil.
Total Assets was kr1,893 Mil.
Property, Plant and Equipment(Net PPE) was kr883 Mil.
Depreciation, Depletion and Amortization(DDA) was kr129 Mil.
Selling, General, & Admin. Expense(SGA) was kr808 Mil.
Total Current Liabilities was kr521 Mil.
Long-Term Debt & Capital Lease Obligation was kr421 Mil.
Net Income was 0 + -3.774 + -62 + 16 = kr-50 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 0 + -2.822 + -20 + 72 = kr49 Mil.
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Total Receivables was kr449 Mil.
Revenue was 741 + 517.156 + 433 + 574 = kr2,265 Mil.
Gross Profit was 380 + 244.731 + 182 + 286 = kr1,093 Mil.
Total Current Assets was kr925 Mil.
Total Assets was kr2,121 Mil.
Property, Plant and Equipment(Net PPE) was kr918 Mil.
Depreciation, Depletion and Amortization(DDA) was kr159 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,067 Mil.
Total Current Liabilities was kr820 Mil.
Long-Term Debt & Capital Lease Obligation was kr377 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) |
| = | (408 / 1587.344) | / | (449 / 2265.156) |
| = | 0.257033 | / | 0.19822 |
| | = | 1.2967 |
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) |
| = | (1092.731 / 2265.156) | / | (803.083 / 1587.344) |
| = | 0.482409 | / | 0.505929 |
| | = | 0.9535 |
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 - (765 + 883) / 1893) | / | (1 - (925 + 918) / 2121) |
| = | 0.129424 | / | 0.13107 |
| | = | 0.9874 |
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 |
| = | 1587.344 | / | 2265.156 |
| | = | 0.7008 |
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)) |
| = | (159.152 / (159.152 + 918)) | / | (129.498 / (129.498 + 883)) |
| = | 0.147753 | / | 0.1279 |
| | = | 1.1552 |
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) |
| = | (808.304 / 1587.344) | / | (1067.362 / 2265.156) |
| = | 0.509218 | / | 0.471209 |
| | = | 1.0807 |
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) |
| = | ((421 + 521) / 1893) | / | ((377 + 820) / 2121) |
| = | 0.497623 | / | 0.564356 |
| | = | 0.8818 |
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 |
| = | (-49.774 - 0 | - | 49.178) | / | 1893 |
| | = | -0.052273 |
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.
Flugger Group AS has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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