Bergs Timber AB Beneish M-Score Historical Data
The historical data trend for Bergs Timber 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.
Bergs Timber AB Beneish M-Score Chart
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Bergs Timber AB Annual Data
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Trend |
Aug13 |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-0.88 |
-2.98 |
-2.99 |
-1.36 |
-3.36 |
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Bergs Timber AB Quarterly Data
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Aug18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-3.00 |
-3.36 |
-3.02 |
-3.19 |
-2.87 |
Competitive Comparison of Bergs Timber AB's Beneish M-Score
For the Lumber & Wood Production subindustry, Bergs Timber 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.
Bergs Timber AB's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Bergs Timber AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bergs Timber AB's Beneish M-Score falls into.
Bergs Timber 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 Bergs Timber 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 * 1.2984 | + | 0.528 * 1.0618 | + | 0.404 * 1.0645 | + | 0.892 * 0.856 | + | 0.115 * 0.7877 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2686 | + | 4.679 * -0.138113 | - | 0.327 * 1.1862 |
| = | -2.88 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was kr379 Mil.
Revenue was 777 + 793 + 715 + 640 = kr2,925 Mil.
Gross Profit was 294 + 270 + 250 + 255 = kr1,069 Mil.
Total Current Assets was kr1,192 Mil.
Total Assets was kr2,650 Mil.
Property, Plant and Equipment(Net PPE) was kr1,047 Mil.
Depreciation, Depletion and Amortization(DDA) was kr135 Mil.
Selling, General, & Admin. Expense(SGA) was kr123 Mil.
Total Current Liabilities was kr505 Mil.
Long-Term Debt & Capital Lease Obligation was kr375 Mil.
Net Income was -19 + -40 + -18 + -7 = kr-84 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 137 + 77 + -12 + 80 = kr282 Mil.
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Total Receivables was kr341 Mil.
Revenue was 708 + 1009 + 910 + 790 = kr3,417 Mil.
Gross Profit was 277 + 433 + 320 + 296 = kr1,326 Mil.
Total Current Assets was kr1,360 Mil.
Total Assets was kr2,622 Mil.
Property, Plant and Equipment(Net PPE) was kr880 Mil.
Depreciation, Depletion and Amortization(DDA) was kr87 Mil.
Selling, General, & Admin. Expense(SGA) was kr535 Mil.
Total Current Liabilities was kr516 Mil.
Long-Term Debt & Capital Lease Obligation was kr218 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) |
| = | (379 / 2925) | / | (341 / 3417) |
| = | 0.129573 | / | 0.099795 |
| | = | 1.2984 |
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) |
| = | (1326 / 3417) | / | (1069 / 2925) |
| = | 0.38806 | / | 0.36547 |
| | = | 1.0618 |
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 - (1192 + 1047) / 2650) | / | (1 - (1360 + 880) / 2622) |
| = | 0.155094 | / | 0.14569 |
| | = | 1.0645 |
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 |
| = | 2925 | / | 3417 |
| | = | 0.856 |
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)) |
| = | (87 / (87 + 880)) | / | (135 / (135 + 1047)) |
| = | 0.089969 | / | 0.114213 |
| | = | 0.7877 |
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) |
| = | (123 / 2925) | / | (535 / 3417) |
| = | 0.042051 | / | 0.15657 |
| | = | 0.2686 |
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) |
| = | ((375 + 505) / 2650) | / | ((218 + 516) / 2622) |
| = | 0.332075 | / | 0.279939 |
| | = | 1.1862 |
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 |
| = | (-84 - 0 | - | 282) | / | 2650 |
| | = | -0.138113 |
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.
Bergs Timber AB has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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