Carasent AB (publ) Beneish M-Score Historical Data
The historical data trend for Carasent AB (publ)'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.
Carasent AB (publ) Beneish M-Score Chart
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Carasent AB (publ) Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.34 |
-2.09 |
-2.02 |
-2.18 |
-2.99 |
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Carasent AB (publ) Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.18 |
-2.09 |
-2.41 |
-2.26 |
-2.99 |
Competitive Comparison of Carasent AB (publ)'s Beneish M-Score
For the Health Information Services subindustry, Carasent AB (publ)'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.
Carasent AB (publ)'s Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Carasent AB (publ)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carasent AB (publ)'s Beneish M-Score falls into.
Carasent AB (publ) 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 Carasent AB (publ) 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 * 0.884 | + | 0.528 * 0.9587 | + | 0.404 * 1.1778 | + | 0.892 * 1.1211 | + | 0.115 * 0.8537 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7268 | + | 4.679 * -0.076179 | - | 0.327 * 1.1742 |
| = | -2.98 |
* 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 kr41.7 Mil.
Revenue was 77.09 + 63.853 + 65.481 + 65.642 = kr272.1 Mil.
Gross Profit was 64.528 + 54.532 + 55.777 + 55.178 = kr230.0 Mil.
Total Current Assets was kr309.8 Mil.
Total Assets was kr1,049.8 Mil.
Property, Plant and Equipment(Net PPE) was kr41.9 Mil.
Depreciation, Depletion and Amortization(DDA) was kr60.4 Mil.
Selling, General, & Admin. Expense(SGA) was kr55.7 Mil.
Total Current Liabilities was kr114.9 Mil.
Long-Term Debt & Capital Lease Obligation was kr29.5 Mil.
Net Income was -23.723 + -1.955 + -5.66 + -10.351 = kr-41.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 15.959 + -4.172 + 13.551 + 12.945 = kr38.3 Mil.
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Total Receivables was kr42.1 Mil.
Revenue was 62.604 + 57.384 + 63.065 + 59.625 = kr242.7 Mil.
Gross Profit was 50.76 + 46.062 + 51.988 + 47.884 = kr196.7 Mil.
Total Current Assets was kr412.9 Mil.
Total Assets was kr1,063.4 Mil.
Property, Plant and Equipment(Net PPE) was kr50.1 Mil.
Depreciation, Depletion and Amortization(DDA) was kr50.9 Mil.
Selling, General, & Admin. Expense(SGA) was kr28.8 Mil.
Total Current Liabilities was kr88.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr36.6 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) |
| = | (41.676 / 272.066) | / | (42.054 / 242.678) |
| = | 0.153183 | / | 0.173291 |
| | = | 0.884 |
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) |
| = | (196.694 / 242.678) | / | (230.015 / 272.066) |
| = | 0.810514 | / | 0.845438 |
| | = | 0.9587 |
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 - (309.818 + 41.888) / 1049.793) | / | (1 - (412.941 + 50.075) / 1063.391) |
| = | 0.664976 | / | 0.564585 |
| | = | 1.1778 |
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 |
| = | 272.066 | / | 242.678 |
| | = | 1.1211 |
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)) |
| = | (50.881 / (50.881 + 50.075)) | / | (60.373 / (60.373 + 41.888)) |
| = | 0.503992 | / | 0.590381 |
| | = | 0.8537 |
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) |
| = | (55.664 / 272.066) | / | (28.754 / 242.678) |
| = | 0.204597 | / | 0.118486 |
| | = | 1.7268 |
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) |
| = | ((29.5 + 114.91) / 1049.793) | / | ((36.594 + 87.981) / 1063.391) |
| = | 0.13756 | / | 0.117149 |
| | = | 1.1742 |
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 |
| = | (-41.689 - 0 | - | 38.283) | / | 1049.793 |
| | = | -0.076179 |
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.
Carasent AB (publ) has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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