Lumi Gruppen AS Beneish M-Score Historical Data
The historical data trend for Lumi Gruppen 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.
Lumi Gruppen AS Beneish M-Score Chart
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Lumi Gruppen AS Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-3.22 |
-3.87 |
-2.90 |
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Lumi Gruppen AS Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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- |
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-3.87 |
- |
-2.90 |
Competitive Comparison of Lumi Gruppen AS's Beneish M-Score
For the Education & Training Services subindustry, Lumi Gruppen 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.
Lumi Gruppen AS's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Lumi Gruppen AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lumi Gruppen AS's Beneish M-Score falls into.
Lumi Gruppen 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 Lumi Gruppen 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 * 0.5863 | + | 0.528 * 1 | + | 0.404 * 0.9849 | + | 0.892 * 1.0663 | + | 0.115 * 1.3021 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.065864 | - | 0.327 * 0.9798 |
| = | -2.90 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was kr17.1 Mil.
Revenue was kr448.8 Mil.
Gross Profit was kr448.8 Mil.
Total Current Assets was kr91.4 Mil.
Total Assets was kr1,083.8 Mil.
Property, Plant and Equipment(Net PPE) was kr230.4 Mil.
Depreciation, Depletion and Amortization(DDA) was kr47.2 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.0 Mil.
Total Current Liabilities was kr140.3 Mil.
Long-Term Debt & Capital Lease Obligation was kr451.8 Mil.
Net Income was kr14.0 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr85.4 Mil.
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Total Receivables was kr27.3 Mil.
Revenue was kr420.9 Mil.
Gross Profit was kr420.9 Mil.
Total Current Assets was kr99.0 Mil.
Total Assets was kr1,018.1 Mil.
Property, Plant and Equipment(Net PPE) was kr192.3 Mil.
Depreciation, Depletion and Amortization(DDA) was kr54.6 Mil.
Selling, General, & Admin. Expense(SGA) was kr47.0 Mil.
Total Current Liabilities was kr155.4 Mil.
Long-Term Debt & Capital Lease Obligation was kr412.3 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) |
| = | (17.06 / 448.786) | / | (27.287 / 420.866) |
| = | 0.038014 | / | 0.064835 |
| | = | 0.5863 |
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) |
| = | (420.866 / 420.866) | / | (448.786 / 448.786) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (91.411 + 230.356) / 1083.78) | / | (1 - (99.042 + 192.269) / 1018.067) |
| = | 0.703107 | / | 0.713859 |
| | = | 0.9849 |
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 |
| = | 448.786 | / | 420.866 |
| | = | 1.0663 |
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)) |
| = | (54.642 / (54.642 + 192.269)) | / | (47.168 / (47.168 + 230.356)) |
| = | 0.221302 | / | 0.16996 |
| | = | 1.3021 |
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 / 448.786) | / | (47.01 / 420.866) |
| = | 0 | / | 0.111698 |
| | = | 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) |
| = | ((451.774 + 140.301) / 1083.78) | / | ((412.277 + 155.364) / 1018.067) |
| = | 0.546306 | / | 0.557567 |
| | = | 0.9798 |
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 |
| = | (14.048 - 0 | - | 85.43) | / | 1083.78 |
| | = | -0.065864 |
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.
Lumi Gruppen AS has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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