ABL Group ASA Beneish M-Score Historical Data
The historical data trend for ABL Group ASA'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.
ABL Group ASA Beneish M-Score Chart
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ABL Group ASA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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4.94 |
3.42 |
0.44 |
-2.91 |
-1.86 |
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ABL Group ASA Quarterly Data
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Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.98 |
-1.86 |
-2.00 |
-2.53 |
-2.52 |
Competitive Comparison of ABL Group ASA's Beneish M-Score
For the Specialty Business Services subindustry, ABL Group ASA'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.
ABL Group ASA's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, ABL Group ASA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ABL Group ASA's Beneish M-Score falls into.
ABL Group ASA 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 ABL Group ASA 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 * 0.889 | + | 0.528 * 0.9798 | + | 0.404 * 1.0446 | + | 0.892 * 1.2943 | + | 0.115 * 0.9385 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.869 | + | 4.679 * -0.03775 | - | 0.327 * 1.1283 |
| = | -2.52 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was kr1,004 Mil.
Revenue was 916.136 + 727.972 + 731.237 + 714.363 = kr3,090 Mil.
Gross Profit was 916.136 + 727.972 + 731.237 + 714.363 = kr3,090 Mil.
Total Current Assets was kr1,243 Mil.
Total Assets was kr2,131 Mil.
Property, Plant and Equipment(Net PPE) was kr123 Mil.
Depreciation, Depletion and Amortization(DDA) was kr64 Mil.
Selling, General, & Admin. Expense(SGA) was kr66 Mil.
Total Current Liabilities was kr825 Mil.
Long-Term Debt & Capital Lease Obligation was kr66 Mil.
Net Income was 0.605 + 5.669 + 20.736 + 5.169 = kr32 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -33.939 + 42.143 + 24.864 + 79.564 = kr113 Mil.
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Total Receivables was kr873 Mil.
Revenue was 755.04 + 733.486 + 475.818 + 422.75 = kr2,387 Mil.
Gross Profit was 738.792 + 718.943 + 466.728 + 414.49 = kr2,339 Mil.
Total Current Assets was kr1,150 Mil.
Total Assets was kr1,908 Mil.
Property, Plant and Equipment(Net PPE) was kr102 Mil.
Depreciation, Depletion and Amortization(DDA) was kr48 Mil.
Selling, General, & Admin. Expense(SGA) was kr59 Mil.
Total Current Liabilities was kr590 Mil.
Long-Term Debt & Capital Lease Obligation was kr117 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) |
| = | (1004.292 / 3089.708) | / | (872.755 / 2387.094) |
| = | 0.325044 | / | 0.365614 |
| | = | 0.889 |
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) |
| = | (2338.953 / 2387.094) | / | (3089.708 / 3089.708) |
| = | 0.979833 | / | 1 |
| | = | 0.9798 |
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 - (1243.142 + 122.935) / 2131.212) | / | (1 - (1150.417 + 102.003) / 1908.267) |
| = | 0.359014 | / | 0.343687 |
| | = | 1.0446 |
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 |
| = | 3089.708 | / | 2387.094 |
| | = | 1.2943 |
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)) |
| = | (48.14 / (48.14 + 102.003)) | / | (63.797 / (63.797 + 122.935)) |
| = | 0.320628 | / | 0.34165 |
| | = | 0.9385 |
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) |
| = | (66.484 / 3089.708) | / | (59.11 / 2387.094) |
| = | 0.021518 | / | 0.024762 |
| | = | 0.869 |
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) |
| = | ((65.786 + 825.164) / 2131.212) | / | ((117.35 + 589.687) / 1908.267) |
| = | 0.418049 | / | 0.370513 |
| | = | 1.1283 |
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 |
| = | (32.179 - 0 | - | 112.632) | / | 2131.212 |
| | = | -0.03775 |
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.
ABL Group ASA has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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