TCM Group AS Beneish M-Score Historical Data
The historical data trend for TCM 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.
TCM Group AS Beneish M-Score Chart
|
TCM Group AS Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.50 |
-2.07 |
-2.27 |
-2.11 |
-2.81 |
|
TCM Group AS Quarterly Data
|
|
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.11 |
-2.82 |
-2.63 |
-3.14 |
-2.81 |
Competitive Comparison of TCM Group AS's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, TCM 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.
TCM Group AS's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, TCM Group AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TCM Group AS's Beneish M-Score falls into.
TCM 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 TCM 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 * 0.7354 | + | 0.528 * 0.9364 | + | 0.404 * 1.0162 | + | 0.892 * 1.1104 | + | 0.115 * 0.895 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9973 | + | 4.679 * -0.03796 | - | 0.327 * 0.9171 |
| = | -2.81 |
* 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 kr86 Mil.
Revenue was 301.4 + 277.7 + 332.2 + 292.5 = kr1,204 Mil.
Gross Profit was 67.8 + 56.3 + 71.3 + 60.5 = kr256 Mil.
Total Current Assets was kr213 Mil.
Total Assets was kr1,207 Mil.
Property, Plant and Equipment(Net PPE) was kr236 Mil.
Depreciation, Depletion and Amortization(DDA) was kr36 Mil.
Selling, General, & Admin. Expense(SGA) was kr185 Mil.
Total Current Liabilities was kr235 Mil.
Long-Term Debt & Capital Lease Obligation was kr273 Mil.
Net Income was 23 + 8.8 + 18.9 + 7 = kr58 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 36.8 + 13.6 + 33.3 + 19.8 = kr104 Mil.
|
Total Receivables was kr106 Mil.
Revenue was 306.2 + 258.6 + 255.5 + 263.8 = kr1,084 Mil.
Gross Profit was 68.3 + 45.9 + 51.7 + 49.9 = kr216 Mil.
Total Current Assets was kr221 Mil.
Total Assets was kr1,201 Mil.
Property, Plant and Equipment(Net PPE) was kr238 Mil.
Depreciation, Depletion and Amortization(DDA) was kr32 Mil.
Selling, General, & Admin. Expense(SGA) was kr167 Mil.
Total Current Liabilities was kr334 Mil.
Long-Term Debt & Capital Lease Obligation was kr216 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) |
| = | (86.209 / 1203.8) | / | (105.569 / 1084.1) |
| = | 0.071614 | / | 0.097379 |
| | = | 0.7354 |
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) |
| = | (215.8 / 1084.1) | / | (255.9 / 1203.8) |
| = | 0.199059 | / | 0.212577 |
| | = | 0.9364 |
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 - (212.845 + 235.96) / 1206.544) | / | (1 - (221.06 + 237.635) / 1200.873) |
| = | 0.628024 | / | 0.618032 |
| | = | 1.0162 |
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 |
| = | 1203.8 | / | 1084.1 |
| | = | 1.1104 |
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)) |
| = | (31.5 / (31.5 + 237.635)) | / | (35.5 / (35.5 + 235.96)) |
| = | 0.117042 | / | 0.130774 |
| | = | 0.895 |
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) |
| = | (184.5 / 1203.8) | / | (166.6 / 1084.1) |
| = | 0.153265 | / | 0.153676 |
| | = | 0.9973 |
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) |
| = | ((272.53 + 234.901) / 1206.544) | / | ((216.222 + 334.465) / 1200.873) |
| = | 0.420566 | / | 0.458572 |
| | = | 0.9171 |
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 |
| = | (57.7 - 0 | - | 103.5) | / | 1206.544 |
| | = | -0.03796 |
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.
TCM Group AS has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
OCSE:TCM has been successfully added to your