Smartoptics Group AS (OSL:SMOP) Beneish M-Score : -2.27 (As of Apr. 02, 2025)

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What is Smartoptics Group 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:SMOP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -2.27 Max: -1.17
Current: -2.27

During the past 7 years, the highest Beneish M-Score of Smartoptics Group AS was -1.17. The lowest was -2.88. And the median was -2.27.

Smartoptics Group AS Beneish M-Score Historical Data

The historical data trend for Smartoptics Group 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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Smartoptics Group AS Beneish M-Score Chart

Smartoptics Group AS Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.34

-2.02

-1.17

-2.88

-2.27

Smartoptics Group AS Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.88	-	-	-	-2.27

Competitive Comparison of Smartoptics Group AS's Beneish M-Score

For the Communication Equipment subindustry, Smartoptics Group 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.

Smartoptics Group AS's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Smartoptics Group AS's Beneish M-Score distribution charts can be found below:

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

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Smartoptics Group 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 Smartoptics Group 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 * 1.2369

0.528 * 1.041

0.404 * 1.1935

0.892 * 1.0076

0.115 * 0.8033

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.05531

0.327 * 1.0243

-2.27

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was kr222.9 Mil.
Revenue was kr621.5 Mil.
Gross Profit was kr298.6 Mil.
Total Current Assets was kr469.3 Mil.
Total Assets was kr548.7 Mil.
Property, Plant and Equipment(Net PPE) was kr47.2 Mil.
Depreciation, Depletion and Amortization(DDA) was kr25.7 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.0 Mil.
Total Current Liabilities was kr164.9 Mil.
Long-Term Debt & Capital Lease Obligation was kr3.1 Mil.
Net Income was kr45.4 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr75.7 Mil.

Total Receivables was kr178.8 Mil.
Revenue was kr616.9 Mil.
Gross Profit was kr308.5 Mil.
Total Current Assets was kr441.9 Mil.
Total Assets was kr517.0 Mil.
Property, Plant and Equipment(Net PPE) was kr49.7 Mil.
Depreciation, Depletion and Amortization(DDA) was kr19.6 Mil.
Selling, General, & Admin. Expense(SGA) was kr12.8 Mil.
Total Current Liabilities was kr141.1 Mil.
Long-Term Debt & Capital Lease Obligation was kr13.4 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)
	=	(222.882 / 621.543)	/	(178.844 / 616.866)
	=	0.358595	/	0.289924
	=	1.2369

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)
	=	(308.464 / 616.866)	/	(298.575 / 621.543)
	=	0.50005	/	0.480377
	=	1.041

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 - (469.304 + 47.249) / 548.745)	/	(1 - (441.946 + 49.667) / 517.026)
	=	0.058665	/	0.049152
	=	1.1935

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
	=	621.543	/	616.866
	=	1.0076

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))
	=	(19.622 / (19.622 + 49.667))	/	(25.728 / (25.728 + 47.249))
	=	0.283191	/	0.352549
	=	0.8033

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 / 621.543)	/	(12.775 / 616.866)
	=	0	/	0.02071
	=	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)
	=	((3.108 + 164.895) / 548.745)	/	((13.408 + 141.13) / 517.026)
	=	0.306159	/	0.298898
	=	1.0243

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
	=	(45.353 - 0	-	75.704)	/	548.745
	=	-0.05531

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.

Smartoptics Group AS has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.

Smartoptics Group AS Beneish M-Score Related Terms

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Smartoptics Group AS Business Description

Industry

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N/A

Address

Brynsalleen 2, Oslo, NOR, 0667

Website

https://www.smartoptics.com

Smartoptics Group AS provides optical networking solutions and devices for open networking. The company has three main product categories: Solutions, Optical Devices, and Software & Services. These products are used to construct various Enterprise, Governmental, DCI, Metro, and Regional networks. The Solutions consist of the DCP-R family, DCP-F family, DCP-M family, Transponders and Muxponders, as well as transceivers used in connection with the System projects. Optical devices consist of transceivers, passive filters, and accessories that are sold independent of products in the Solutions offering. Software and Services are closely related to Solutions, as customers buy a complete solution including a Software and Services package.

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