BlueNord ASA (OSL:BNOR) Beneish M-Score : -3.55 (As of Mar. 27, 2025)

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What is BlueNord 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 -3.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:BNOR' s Beneish M-Score Range Over the Past 10 Years
Min: -29.8 Med: -2.59 Max: 137.33
Current: -3.55

During the past 13 years, the highest Beneish M-Score of BlueNord ASA was 137.33. The lowest was -29.80. And the median was -2.59.

BlueNord ASA Beneish M-Score Historical Data

The historical data trend for BlueNord 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.

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BlueNord ASA Beneish M-Score Chart

BlueNord ASA Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.64

0.67

-1.60

-2.84

-3.55

BlueNord ASA 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															-2.84	-2.82	-2.68	-3.19	-3.55

Competitive Comparison of BlueNord ASA's Beneish M-Score

For the Oil & Gas E&P subindustry, BlueNord 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.

BlueNord ASA's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, BlueNord ASA's Beneish M-Score distribution charts can be found below:

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

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BlueNord 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 BlueNord ASA 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 * 0.5719

0.528 * 1.2103

0.404 * 0.61

0.892 * 0.8949

0.115 * 0.8557

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.106331

0.327 * 1.0663

-3.55

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was kr331 Mil.
Revenue was 2164.415 + 1807.967 + 1814.172 + 1788.139 = kr7,575 Mil.
Gross Profit was 905.486 + 629.92 + 524.401 + 711.011 = kr2,771 Mil.
Total Current Assets was kr5,771 Mil.
Total Assets was kr38,843 Mil.
Property, Plant and Equipment(Net PPE) was kr28,907 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,461 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr5,537 Mil.
Long-Term Debt & Capital Lease Obligation was kr12,767 Mil.
Net Income was -851.628 + 116.849 + -13.8 + -48.816 = kr-797 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1068.182 + 917.793 + 531.832 + 815.009 = kr3,333 Mil.

Total Receivables was kr647 Mil.
Revenue was 1935.815 + 2147.085 + 2058.873 + 2322.372 = kr8,464 Mil.
Gross Profit was 841.842 + 937.339 + 892.862 + 1075.348 = kr3,747 Mil.
Total Current Assets was kr4,029 Mil.
Total Assets was kr36,004 Mil.
Property, Plant and Equipment(Net PPE) was kr25,647 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,101 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr4,659 Mil.
Long-Term Debt & Capital Lease Obligation was kr11,252 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)
	=	(331.002 / 7574.693)	/	(646.678 / 8464.145)
	=	0.043698	/	0.076402
	=	0.5719

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)
	=	(3747.391 / 8464.145)	/	(2770.818 / 7574.693)
	=	0.442737	/	0.365799
	=	1.2103

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 - (5770.652 + 28907.117) / 38842.781)	/	(1 - (4028.816 + 25646.646) / 36004.047)
	=	0.107227	/	0.175774
	=	0.61

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
	=	7574.693	/	8464.145
	=	0.8949

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))
	=	(1100.873 / (1100.873 + 25646.646))	/	(1460.735 / (1460.735 + 28907.117))
	=	0.041158	/	0.048101
	=	0.8557

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)
	=	(0 / 7574.693)	/	(0 / 8464.145)
	=	0	/	0
	=	1

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)
	=	((12766.571 + 5537.267) / 38842.781)	/	((11251.99 + 4658.615) / 36004.047)
	=	0.471229	/	0.441912
	=	1.0663

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
	=	(-797.395 - 0	-	3332.816)	/	38842.781
	=	-0.106331

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.

BlueNord ASA has a M-score of -3.55 suggests that the company is unlikely to be a manipulator.

BlueNord ASA Beneish M-Score Related Terms

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BlueNord ASA Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » BlueNord ASA (OSL:BNOR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

NORO:Sweden 0HTF:UK CJ1:Germany

Address

Nedre Vollgate 1, Oslo, NOR, 0158

Website

https://www.bluenord.com

BlueNord ASA is a strategically important European oil and gas company, specializing in producing and developing resources that support the energy transition towards Net Zero. The company operates in the Danish North Sea with a 36.8 percent non-operated interest in the Danish Underground Consortium (DUC). The Company has a focus on developing and implementing solutions that will improve the long-term position of oil and gas as a key part of the energy mix while reducing greenhouse gas emissions on the Danish Continental Shelf.

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