Acrinova AB Beneish M-Score Historical Data
The historical data trend for Acrinova AB'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.
Acrinova AB Beneish M-Score Chart
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Acrinova AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.07 |
-2.53 |
-2.32 |
0.05 |
-3.19 |
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Acrinova AB Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.55 |
-3.19 |
-3.27 |
-3.25 |
-3.33 |
Competitive Comparison of Acrinova AB's Beneish M-Score
For the Real Estate - Diversified subindustry, Acrinova AB'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.
Acrinova AB's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Acrinova AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Acrinova AB's Beneish M-Score falls into.
Acrinova AB 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 Acrinova AB 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 * 0.2062 | + | 0.528 * 0.8316 | + | 0.404 * 1.0245 | + | 0.892 * 1.1081 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2585 | + | 4.679 * -0.023093 | - | 0.327 * 0.9664 |
| = | -3.33 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was kr20.4 Mil.
Revenue was 39.151 + 39.34 + 38.621 + 37.797 = kr154.9 Mil.
Gross Profit was 30.155 + 26.568 + 26.127 + 33.189 = kr116.0 Mil.
Total Current Assets was kr81.9 Mil.
Total Assets was kr2,088.8 Mil.
Property, Plant and Equipment(Net PPE) was kr2.7 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr12.5 Mil.
Total Current Liabilities was kr456.8 Mil.
Long-Term Debt & Capital Lease Obligation was kr596.9 Mil.
Net Income was 12.764 + 9.51 + 2.032 + -14.3 = kr10.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 38.547 + 5.862 + 1.963 + 11.871 = kr58.2 Mil.
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Total Receivables was kr89.4 Mil.
Revenue was 36.49 + 35.271 + 33.788 + 34.252 = kr139.8 Mil.
Gross Profit was 25.649 + 21.801 + 17.948 + 21.69 = kr87.1 Mil.
Total Current Assets was kr127.6 Mil.
Total Assets was kr2,182.1 Mil.
Property, Plant and Equipment(Net PPE) was kr10.9 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr8.9 Mil.
Total Current Liabilities was kr188.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr951.1 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) |
| = | (20.422 / 154.909) | / | (89.383 / 139.801) |
| = | 0.131832 | / | 0.639359 |
| | = | 0.2062 |
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) |
| = | (87.088 / 139.801) | / | (116.039 / 154.909) |
| = | 0.622943 | / | 0.749078 |
| | = | 0.8316 |
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 - (81.947 + 2.663) / 2088.795) | / | (1 - (127.62 + 10.897) / 2182.123) |
| = | 0.959493 | / | 0.936522 |
| | = | 1.0245 |
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 |
| = | 154.909 | / | 139.801 |
| | = | 1.1081 |
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 / (0 + 10.897)) | / | (0 / (0 + 2.663)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (12.453 / 154.909) | / | (8.93 / 139.801) |
| = | 0.080389 | / | 0.063877 |
| | = | 1.2585 |
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) |
| = | ((596.898 + 456.82) / 2088.795) | / | ((951.106 + 187.967) / 2182.123) |
| = | 0.504462 | / | 0.522002 |
| | = | 0.9664 |
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 |
| = | (10.006 - 0 | - | 58.243) | / | 2088.795 |
| | = | -0.023093 |
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.
Acrinova AB has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.
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