Everfuel AS Beneish M-Score Historical Data
The historical data trend for Everfuel 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.
Everfuel AS Beneish M-Score Chart
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Everfuel AS Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
6.97 |
4.07 |
-3.02 |
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Everfuel AS Quarterly Data
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Dec17 |
Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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4.07 |
2.40 |
2.87 |
2.35 |
-3.02 |
Competitive Comparison of Everfuel AS's Beneish M-Score
For the Specialty Chemicals subindustry, Everfuel 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.
Everfuel AS's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Everfuel AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Everfuel AS's Beneish M-Score falls into.
Everfuel 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 Everfuel 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 * 0.3558 | + | 0.528 * 0.3992 | + | 0.404 * 0.7376 | + | 0.892 * 1.976 | + | 0.115 * 0.4537 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.079602 | - | 0.327 * 0.8746 |
| = | -3.02 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was kr109.98 Mil.
Revenue was 8.801 + 28.386 + 24.108 + 7.149 = kr68.44 Mil.
Gross Profit was 10.388 + -6.593 + -29.137 + -5.537 = kr-30.88 Mil.
Total Current Assets was kr440.21 Mil.
Total Assets was kr1,279.17 Mil.
Property, Plant and Equipment(Net PPE) was kr799.99 Mil.
Depreciation, Depletion and Amortization(DDA) was kr111.85 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr433.75 Mil.
Long-Term Debt & Capital Lease Obligation was kr26.81 Mil.
Net Income was -120.599 + -70.014 + -54.005 + -70.817 = kr-315.44 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -44.165 + -41.995 + -49.338 + -78.113 = kr-213.61 Mil.
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Total Receivables was kr156.43 Mil.
Revenue was 20.88 + 5.312 + 4.699 + 3.746 = kr34.64 Mil.
Gross Profit was -2.92 + -1.682 + -2.463 + 0.827 = kr-6.24 Mil.
Total Current Assets was kr493.81 Mil.
Total Assets was kr1,075.05 Mil.
Property, Plant and Equipment(Net PPE) was kr536.84 Mil.
Depreciation, Depletion and Amortization(DDA) was kr31.64 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr313.65 Mil.
Long-Term Debt & Capital Lease Obligation was kr128.88 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) |
| = | (109.981 / 68.444) | / | (156.428 / 34.637) |
| = | 1.606876 | / | 4.516211 |
| | = | 0.3558 |
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) |
| = | (-6.238 / 34.637) | / | (-30.879 / 68.444) |
| = | -0.180096 | / | -0.451157 |
| | = | 0.3992 |
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 - (440.21 + 799.994) / 1279.169) | / | (1 - (493.806 + 536.843) / 1075.047) |
| = | 0.030461 | / | 0.041299 |
| | = | 0.7376 |
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 |
| = | 68.444 | / | 34.637 |
| | = | 1.976 |
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)) |
| = | (31.639 / (31.639 + 536.843)) | / | (111.85 / (111.85 + 799.994)) |
| = | 0.055655 | / | 0.122664 |
| | = | 0.4537 |
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 / 68.444) | / | (0 / 34.637) |
| = | 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) |
| = | ((26.805 + 433.745) / 1279.169) | / | ((128.881 + 313.651) / 1075.047) |
| = | 0.360038 | / | 0.41164 |
| | = | 0.8746 |
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 |
| = | (-315.435 - 0 | - | -213.611) | / | 1279.169 |
| | = | -0.079602 |
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.
Everfuel AS has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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