BHG Group AB Beneish M-Score Historical Data
The historical data trend for BHG Group 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.
BHG Group AB Beneish M-Score Chart
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BHG Group AB Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.30 |
-2.69 |
-1.95 |
-2.06 |
-3.92 |
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BHG Group AB Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.01 |
-2.35 |
-3.46 |
-3.92 |
-3.69 |
Competitive Comparison of BHG Group AB's Beneish M-Score
For the Internet Retail subindustry, BHG Group 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.
BHG Group AB's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, BHG Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BHG Group AB's Beneish M-Score falls into.
BHG Group 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 BHG Group 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 * 0.9218 | + | 0.528 * 0.8537 | + | 0.404 * 1.1124 | + | 0.892 * 0.8641 | + | 0.115 * 0.6956 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.238981 | - | 0.327 * 1.0074 |
| = | -3.69 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was kr553 Mil.
Revenue was 2008.8 + 2828.8 + 2861.9 + 3482.1 = kr11,182 Mil.
Gross Profit was 534.7 + 713.8 + 667.7 + 898.1 = kr2,814 Mil.
Total Current Assets was kr2,301 Mil.
Total Assets was kr11,478 Mil.
Property, Plant and Equipment(Net PPE) was kr714 Mil.
Depreciation, Depletion and Amortization(DDA) was kr655 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr2,207 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,093 Mil.
Net Income was -67.6 + -159.8 + -1308.8 + 21.8 = kr-1,514 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -110.8 + 348.9 + 223.7 + 766.8 = kr1,229 Mil.
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Total Receivables was kr694 Mil.
Revenue was 2617.5 + 3307.9 + 3106.7 + 3908.5 = kr12,941 Mil.
Gross Profit was 641.3 + 792.3 + 371.4 + 975.6 = kr2,781 Mil.
Total Current Assets was kr3,669 Mil.
Total Assets was kr14,323 Mil.
Property, Plant and Equipment(Net PPE) was kr1,161 Mil.
Depreciation, Depletion and Amortization(DDA) was kr579 Mil.
Selling, General, & Admin. Expense(SGA) was kr755 Mil.
Total Current Liabilities was kr2,685 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,642 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) |
| = | (553.1 / 11181.6) | / | (694.4 / 12940.6) |
| = | 0.049465 | / | 0.053661 |
| | = | 0.9218 |
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) |
| = | (2780.6 / 12940.6) | / | (2814.3 / 11181.6) |
| = | 0.214874 | / | 0.25169 |
| | = | 0.8537 |
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 - (2301 + 714.4) / 11477.9) | / | (1 - (3668.9 + 1161.2) / 14323) |
| = | 0.737286 | / | 0.662773 |
| | = | 1.1124 |
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 |
| = | 11181.6 | / | 12940.6 |
| | = | 0.8641 |
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)) |
| = | (579.2 / (579.2 + 1161.2)) | / | (655.4 / (655.4 + 714.4)) |
| = | 0.332797 | / | 0.478464 |
| | = | 0.6956 |
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 / 11181.6) | / | (754.9 / 12940.6) |
| = | 0 | / | 0.058336 |
| | = | 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) |
| = | ((2093.4 + 2206.7) / 11477.9) | / | ((2641.8 + 2684.9) / 14323) |
| = | 0.374642 | / | 0.371898 |
| | = | 1.0074 |
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 |
| = | (-1514.4 - 0 | - | 1228.6) | / | 11477.9 |
| | = | -0.238981 |
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.
BHG Group AB has a M-score of -3.69 suggests that the company is unlikely to be a manipulator.
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