Horisont Energi AS (OSL:HRGI) Beneish M-Score : 0.00 (As of Apr. 04, 2025)

View and export this data going back to 2021. Start your Free Trial

What is Horisont Energi 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.

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

During the past 5 years, the highest Beneish M-Score of Horisont Energi AS was 0.00. The lowest was 0.00. And the median was 0.00.

Horisont Energi AS Beneish M-Score Historical Data

The historical data trend for Horisont Energi 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.

* Premium members only.

Horisont Energi AS Beneish M-Score Chart

Horisont Energi AS Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Horisont Energi AS Quarterly Data
	Sep20	Dec20	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial											-	-	-	-	-

Competitive Comparison of Horisont Energi AS's Beneish M-Score

For the Pollution & Treatment Controls subindustry, Horisont Energi 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.

Horisont Energi AS's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Horisont Energi AS's Beneish M-Score distribution charts can be found below:

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

Save Embed

;

Save Embed

;

Horisont Energi 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 Horisont Energi 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was kr8.63 Mil.
Revenue was 0 + 0 + 0 + 0 = kr0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = kr0.00 Mil.
Total Current Assets was kr119.10 Mil.
Total Assets was kr130.94 Mil.
Property, Plant and Equipment(Net PPE) was kr6.84 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3.96 Mil.
Selling, General, & Admin. Expense(SGA) was kr42.25 Mil.
Total Current Liabilities was kr26.64 Mil.
Long-Term Debt & Capital Lease Obligation was kr1.77 Mil.
Net Income was -24.577 + -28.974 + -35.596 + -19.246 = kr-108.39 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -31.22 + -35.467 + -32.151 + -40.902 = kr-139.74 Mil.

Total Receivables was kr35.62 Mil.
Revenue was 0 + 0 + 0 + 0 = kr0.00 Mil.
Gross Profit was 0 + 0 + 0 + -0.678 = kr-0.68 Mil.
Total Current Assets was kr284.84 Mil.
Total Assets was kr291.02 Mil.
Property, Plant and Equipment(Net PPE) was kr6.18 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3.93 Mil.
Selling, General, & Admin. Expense(SGA) was kr246.85 Mil.
Total Current Liabilities was kr78.17 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
	=	(8.631 / 0)	/	(35.618 / 0)
	=		/
	=

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)
	=	(-0.678 / 0)	/	(0 / 0)
	=		/
	=

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 - (119.1 + 6.841) / 130.941)	/	(1 - (284.841 + 6.181) / 291.022)
	=	0.038185	/	0
	=

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	/	0
	=

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))
	=	(3.931 / (3.931 + 6.181))	/	(3.956 / (3.956 + 6.841))
	=	0.388746	/	0.366398
	=

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)
	=	(42.25 / 0)	/	(246.849 / 0)
	=		/
	=

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)
	=	((1.769 + 26.644) / 130.941)	/	((0 + 78.168) / 291.022)
	=	0.216991	/	0.268598
	=

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
	=	(-108.393 - 0	-	-139.74)	/	130.941
	=	0.239398

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.

Horisont Energi AS Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Horisont Energi AS's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Horisont Energi AS Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Horisont Energi AS (OSL:HRGI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

9GJ:Germany

Address

Grenseveien 21, Sandnes, NOR, 4313

Website

https://www.horisontenergi.no

Horisont Energi AS is an independent energy company. It is developing blue hydrogen, blue ammonia, and carbon storage solutions. It provides clean energy and carbon transport and storage services. It transforms gas, water, and renewable energy into clean ammonia and hydrogen and offers CO2 transportation and storage services using proprietary technology. Its Project includes Barents Blue, Gismarvik CO2 terminal, Polaris.

Horisont Energi AS Headlines

No Headlines