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Norwegian Block Exchange AS (OSL:NBX) Beneish M-Score : -1.98 (As of Jun. 21, 2025)


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What is Norwegian Block Exchange 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.

Good Sign:

Beneish M-Score -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:NBX' s Beneish M-Score Range Over the Past 10 Years
Min: -1.98   Med: 11.44   Max: 28.85
Current: -1.98

During the past 7 years, the highest Beneish M-Score of Norwegian Block Exchange AS was 28.85. The lowest was -1.98. And the median was 11.44.


Norwegian Block Exchange AS Beneish M-Score Historical Data

The historical data trend for Norwegian Block Exchange 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.

Norwegian Block Exchange AS Beneish M-Score Chart

Norwegian Block Exchange AS Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial 11.44 -0.94 15.65 28.85 -1.98

Norwegian Block Exchange AS Semi-Annual Data
Dec18 Dec19 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 15.65 - 28.85 - -1.98

Competitive Comparison of Norwegian Block Exchange AS's Beneish M-Score

For the Capital Markets subindustry, Norwegian Block Exchange 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.


Norwegian Block Exchange AS's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Norwegian Block Exchange AS's Beneish M-Score distribution charts can be found below:

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


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Norwegian Block Exchange 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 Norwegian Block Exchange 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 * 1.9059+0.528 * -0.7854+0.404 * 0.917+0.892 * 1.7705+0.115 * 0.8483
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.024488-0.327 * 0.7451
=-1.98

* 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 kr5.53 Mil.
Revenue was kr16.25 Mil.
Gross Profit was kr5.08 Mil.
Total Current Assets was kr44.39 Mil.
Total Assets was kr147.50 Mil.
Property, Plant and Equipment(Net PPE) was kr1.84 Mil.
Depreciation, Depletion and Amortization(DDA) was kr4.38 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr51.98 Mil.
Long-Term Debt & Capital Lease Obligation was kr22.36 Mil.
Net Income was kr-23.24 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-19.63 Mil.
Total Receivables was kr1.64 Mil.
Revenue was kr9.18 Mil.
Gross Profit was kr-2.25 Mil.
Total Current Assets was kr27.70 Mil.
Total Assets was kr120.52 Mil.
Property, Plant and Equipment(Net PPE) was kr2.58 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3.82 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr79.07 Mil.
Long-Term Debt & Capital Lease Obligation was kr2.45 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)
=(5.534 / 16.253) / (1.64 / 9.18)
=0.340491 / 0.178649
=1.9059

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)
=(-2.254 / 9.18) / (5.081 / 16.253)
=-0.245534 / 0.312619
=-0.7854

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 - (44.386 + 1.839) / 147.5) / (1 - (27.701 + 2.575) / 120.515)
=0.68661 / 0.748778
=0.917

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
=16.253 / 9.18
=1.7705

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))
=(3.819 / (3.819 + 2.575)) / (4.375 / (4.375 + 1.839))
=0.597279 / 0.704055
=0.8483

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 / 16.253) / (0 / 9.18)
=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)
=((22.358 + 51.977) / 147.5) / ((2.449 + 79.067) / 120.515)
=0.503966 / 0.676397
=0.7451

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
=(-23.238 - 0 - -19.626) / 147.5
=-0.024488

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.

Norwegian Block Exchange AS has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.


Norwegian Block Exchange AS Beneish M-Score Related Terms

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Norwegian Block Exchange AS Business Description

Traded in Other Exchanges
Address
Arnstein Arnebergs Vei 30, Lysaker, NOR, 1366
Norwegian Block Exchange AS ) is a company that stores and exchanges virtual currency for fiat and holds both an e-money and VASP license. Its main part of the business contains the development and operation of trading platforms for virtual currency for the company's customers.

Norwegian Block Exchange AS Headlines

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