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Byggma ASA (OSL:BMA) Beneish M-Score : -1.93 (As of Dec. 13, 2024)


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What is Byggma ASA 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 -1.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:BMA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.04   Med: -2.39   Max: 6.09
Current: -1.93

During the past 13 years, the highest Beneish M-Score of Byggma ASA was 6.09. The lowest was -4.04. And the median was -2.39.


Byggma ASA Beneish M-Score Historical Data

The historical data trend for Byggma 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.

* Premium members only.

Byggma ASA Beneish M-Score Chart

Byggma ASA Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.62 -2.13 0.94 -1.39 -3.87

Byggma ASA Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.98 -3.87 -4.04 -3.68 -1.93

Competitive Comparison of Byggma ASA's Beneish M-Score

For the Building Products & Equipment subindustry, Byggma 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.


Byggma ASA's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Byggma ASA's Beneish M-Score distribution charts can be found below:

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



Byggma 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 Byggma 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 * 0.9886+0.528 * 0.8914+0.404 * 1.054+0.892 * 0.9789+0.115 * 0.7091
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * -3.2007+4.679 * -0.019456-0.327 * 0.9391
=-1.93

* 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 kr353 Mil.
Revenue was 503.1 + 548.3 + 541.6 + 571.35 = kr2,164 Mil.
Gross Profit was 224.9 + 261.3 + 267.6 + 357.946 = kr1,112 Mil.
Total Current Assets was kr778 Mil.
Total Assets was kr3,100 Mil.
Property, Plant and Equipment(Net PPE) was kr786 Mil.
Depreciation, Depletion and Amortization(DDA) was kr118 Mil.
Selling, General, & Admin. Expense(SGA) was kr100 Mil.
Total Current Liabilities was kr1,087 Mil.
Long-Term Debt & Capital Lease Obligation was kr795 Mil.
Net Income was -27.8 + 56.4 + -103.8 + 108.898 = kr34 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -6.5 + 25.4 + -10.6 + 85.719 = kr94 Mil.
Total Receivables was kr365 Mil.
Revenue was 470.2 + 544.7 + 636.7 + 559.495 = kr2,211 Mil.
Gross Profit was 214.1 + 259.2 + 297.1 + 242.035 = kr1,012 Mil.
Total Current Assets was kr766 Mil.
Total Assets was kr3,048 Mil.
Property, Plant and Equipment(Net PPE) was kr848 Mil.
Depreciation, Depletion and Amortization(DDA) was kr86 Mil.
Selling, General, & Admin. Expense(SGA) was kr-32 Mil.
Total Current Liabilities was kr1,115 Mil.
Long-Term Debt & Capital Lease Obligation was kr855 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)
=(353.4 / 2164.35) / (365.2 / 2211.095)
=0.163282 / 0.165167
=0.9886

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)
=(1012.435 / 2211.095) / (1111.746 / 2164.35)
=0.457889 / 0.513663
=0.8914

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 - (777.9 + 785.9) / 3100.4) / (1 - (766.4 + 848.3) / 3047.8)
=0.495613 / 0.470208
=1.054

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
=2164.35 / 2211.095
=0.9789

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))
=(86.437 / (86.437 + 848.3)) / (117.864 / (117.864 + 785.9))
=0.092472 / 0.130415
=0.7091

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)
=(99.768 / 2164.35) / (-31.845 / 2211.095)
=0.046096 / -0.014402
=-3.2007

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)
=((794.9 + 1086.6) / 3100.4) / ((854.6 + 1114.9) / 3047.8)
=0.606857 / 0.646204
=0.9391

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
=(33.698 - 0 - 94.019) / 3100.4
=-0.019456

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.

Byggma ASA has a M-score of -1.93 suggests that the company is unlikely to be a manipulator.


Byggma ASA Beneish M-Score Related Terms

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Byggma ASA Business Description

Traded in Other Exchanges
Address
Venneslaveien 233, P.O. Box 21, Vennesla, NOR, 4701
Byggma ASA is a supplier of building materials in the Nordic countries. Its operating segment includes Panels; Lighting; Windows; Beams and Byggma other. It generates maximum revenue from the Panels segment. The company's brands include Huntonit, Manonite, Forestia, Uldal, Scan Lamps and Aneta. It is involved in projects ranging from public buildings, commercial and private homes. Geographically, it derives a majority of revenue from Norway.