Gigantelmon AS (OSL:GIGA) Beneish M-Score : 0.37 (As of Dec. 11, 2024)

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What is Gigantelmon AS 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.

Warning Sign:

Beneish M-Score 0.37 higher than -1.78, which implies that the company might have manipulated its financial results.

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

OSL:GIGA' s Beneish M-Score Range Over the Past 10 Years
Min: -0.8 Med: -0.1 Max: 2.69
Current: 0.37

During the past 5 years, the highest Beneish M-Score of Gigantelmon AS was 2.69. The lowest was -0.80. And the median was -0.10.

Gigantelmon AS Beneish M-Score Historical Data

The historical data trend for Gigantelmon 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.

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Gigantelmon AS Beneish M-Score Chart

Gigantelmon AS Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-0.56

Gigantelmon AS Quarterly Data
	Dec19	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												-	-0.56	2.69	-0.80	0.37

Competitive Comparison of Gigantelmon AS's Beneish M-Score

For the Farm Products subindustry, Gigantelmon 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.

Gigantelmon AS's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Gigantelmon AS's Beneish M-Score distribution charts can be found below:

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

Gigantelmon 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 Gigantelmon AS 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 * 4.8127

0.528 * 0.0036

0.404 * 0.7147

0.892 * 0.3974

0.115 * 2.8739

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.0502

0.327 * 0.7755

0.37

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was kr47.76 Mil.
Revenue was 0 + 0 + 0 + 0.06 = kr0.06 Mil.
Gross Profit was 16.465 + 0 + 0 + 0.06 = kr16.53 Mil.
Total Current Assets was kr208.82 Mil.
Total Assets was kr1,108.24 Mil.
Property, Plant and Equipment(Net PPE) was kr890.25 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.10 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.53 Mil.
Total Current Liabilities was kr56.50 Mil.
Long-Term Debt & Capital Lease Obligation was kr336.12 Mil.
Net Income was -0.71 + -1.245 + -0.282 + 0.215 = kr-2.02 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -34.474 + -7.52 + -13.436 + -2.226 = kr-57.66 Mil.

Total Receivables was kr24.98 Mil.
Revenue was 0 + 0 + 0 + 0.151 = kr0.15 Mil.
Gross Profit was 0 + 0 + 0 + 0.151 = kr0.15 Mil.
Total Current Assets was kr124.64 Mil.
Total Assets was kr515.88 Mil.
Property, Plant and Equipment(Net PPE) was kr385.26 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.12 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr57.83 Mil.
Long-Term Debt & Capital Lease Obligation was kr177.84 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)
	=	(47.762 / 0.06)	/	(24.976 / 0.151)
	=	796.033333	/	165.403974
	=	4.8127

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)
	=	(0.151 / 0.151)	/	(16.525 / 0.06)
	=	1	/	275.416667
	=	0.0036

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 - (208.818 + 890.245) / 1108.238)	/	(1 - (124.643 + 385.26) / 515.879)
	=	0.008279	/	0.011584
	=	0.7147

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
	=	0.06	/	0.151
	=	0.3974

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))
	=	(0.123 / (0.123 + 385.26))	/	(0.099 / (0.099 + 890.245))
	=	0.000319	/	0.000111
	=	2.8739

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)
	=	(0.53 / 0.06)	/	(0 / 0.151)
	=	8.833333	/	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)
	=	((336.119 + 56.501) / 1108.238)	/	((177.838 + 57.826) / 515.879)
	=	0.354274	/	0.45682
	=	0.7755

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
	=	(-2.022 - 0	-	-57.656)	/	1108.238
	=	0.0502

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.

Gigantelmon AS has a M-score of 0.37 signals that the company is likely to be a manipulator.

Gigantelmon AS Beneish M-Score Related Terms

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