Per Aarsleff Holding AS (OCSE:PAAL B) Beneish M-Score : -2.89 (As of Jul. 01, 2025)

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What is Per Aarsleff Holding 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OCSE:PAAL B' s Beneish M-Score Range Over the Past 10 Years
Min: -3.69 Med: -2.63 Max: -1.87
Current: -2.89

During the past 13 years, the highest Beneish M-Score of Per Aarsleff Holding AS was -1.87. The lowest was -3.69. And the median was -2.63.

Per Aarsleff Holding AS Beneish M-Score Historical Data

The historical data trend for Per Aarsleff Holding 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.

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Per Aarsleff Holding AS Beneish M-Score Chart

Per Aarsleff Holding AS Annual Data

Trend

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Beneish M-Score

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-3.69

-2.19

-2.08

-2.53

-2.81

Per Aarsleff Holding AS Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.75	-2.88	-2.81	-2.81	-2.89

Competitive Comparison of Per Aarsleff Holding AS's Beneish M-Score

For the Engineering & Construction subindustry, Per Aarsleff Holding 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.

Per Aarsleff Holding AS's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Per Aarsleff Holding AS's Beneish M-Score distribution charts can be found below:

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

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Per Aarsleff Holding 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 Per Aarsleff Holding AS for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9704

0.528 * 1.0513

0.404 * 0.8472

0.892 * 1.0902

0.115 * 1.0654

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9522

4.679 * -0.091528

0.327 * 1.0345

-2.89

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was kr4,395 Mil.
Revenue was 5257 + 5523 + 5475 + 5769 = kr22,024 Mil.
Gross Profit was 625 + 651 + 732 + 705 = kr2,713 Mil.
Total Current Assets was kr9,293 Mil.
Total Assets was kr14,837 Mil.
Property, Plant and Equipment(Net PPE) was kr4,827 Mil.
Depreciation, Depletion and Amortization(DDA) was kr858 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,636 Mil.
Total Current Liabilities was kr7,149 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,650 Mil.
Net Income was 172 + 181 + 233 + 231 = kr817 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 809 + 854 + 224 + 288 = kr2,175 Mil.

Total Receivables was kr4,154 Mil.
Revenue was 5171 + 5304 + 4416 + 5310 = kr20,201 Mil.
Gross Profit was 628 + 559 + 732 + 697 = kr2,616 Mil.
Total Current Assets was kr7,813 Mil.
Total Assets was kr12,675 Mil.
Property, Plant and Equipment(Net PPE) was kr4,139 Mil.
Depreciation, Depletion and Amortization(DDA) was kr793 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,576 Mil.
Total Current Liabilities was kr5,957 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,309 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)
	=	(4395 / 22024)	/	(4154 / 20201)
	=	0.199555	/	0.205633
	=	0.9704

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)
	=	(2616 / 20201)	/	(2713 / 22024)
	=	0.129499	/	0.123184
	=	1.0513

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 - (9293 + 4827) / 14837)	/	(1 - (7813 + 4139) / 12675)
	=	0.048325	/	0.057041
	=	0.8472

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
	=	22024	/	20201
	=	1.0902

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))
	=	(793 / (793 + 4139))	/	(858 / (858 + 4827))
	=	0.160787	/	0.150923
	=	1.0654

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)
	=	(1636 / 22024)	/	(1576 / 20201)
	=	0.074283	/	0.078016
	=	0.9522

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)
	=	((1650 + 7149) / 14837)	/	((1309 + 5957) / 12675)
	=	0.593044	/	0.573254
	=	1.0345

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
	=	(817 - 0	-	2175)	/	14837
	=	-0.091528

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.

Per Aarsleff Holding AS has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.

Per Aarsleff Holding AS Beneish M-Score Related Terms

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Per Aarsleff Holding AS Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Per Aarsleff Holding AS (OCSE:PAAL B) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

PAALBc:UK 0REQ:UK PE9:Germany

Address

Hasselager Alle 5, Viby J, DNK, 8260

Website

https://www.aarsleff.com

Per Aarsleff Holding AS contracts, plans and implements projects in infrastructure, climate change adaptation, environment, energy, construction, and collaboration. It has Construction, Pipe technologies, Technical Solution, Rail, and Ground engineering segments. Construction segment consists construction, shell structures, building construction and international projects. Pipe technologies segment covers utility companies, housing, industry, export, and manufacturing. Ground engineering segment comprises ground engineering, pile factories, and engineering, Rail segment comprises train station services, service center operations, and maintenance projects. It derives key revenue from the Construction segment. Geographically the group has a business presence in Denmark and other countries.

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