Bulten AB Beneish M-Score Historical Data
The historical data trend for Bulten 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.
Bulten AB Beneish M-Score Chart
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Bulten 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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-2.83 |
-2.94 |
-2.31 |
-2.53 |
-2.22 |
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Bulten 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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-2.58 |
-2.49 |
-2.24 |
-2.22 |
-2.19 |
Competitive Comparison of Bulten AB's Beneish M-Score
For the Auto Parts subindustry, Bulten 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.
Bulten AB's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Bulten AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bulten AB's Beneish M-Score falls into.
Bulten 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 Bulten 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 * 0.837 | + | 0.528 * 1.1022 | + | 0.404 * 1.9809 | + | 0.892 * 1.2229 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0378 | + | 4.679 * -0.036727 | - | 0.327 * 1.1001 |
| = | -2.19 |
* 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 kr1,174 Mil.
Revenue was 1533 + 1576 + 1378 + 1416 = kr5,903 Mil.
Gross Profit was 318 + 258 + 210 + 217 = kr1,003 Mil.
Total Current Assets was kr2,691 Mil.
Total Assets was kr5,010 Mil.
Property, Plant and Equipment(Net PPE) was kr1,595 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr778 Mil.
Total Current Liabilities was kr1,372 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,620 Mil.
Net Income was 68 + 21 + -31 + 38 = kr96 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 123 + 91 + 20 + 46 = kr280 Mil.
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Total Receivables was kr1,147 Mil.
Revenue was 1387 + 1339 + 1095 + 1006 = kr4,827 Mil.
Gross Profit was 283 + 245 + 187 + 189 = kr904 Mil.
Total Current Assets was kr2,451 Mil.
Total Assets was kr4,222 Mil.
Property, Plant and Equipment(Net PPE) was kr1,463 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr613 Mil.
Total Current Liabilities was kr1,535 Mil.
Long-Term Debt & Capital Lease Obligation was kr757 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) |
| = | (1174 / 5903) | / | (1147 / 4827) |
| = | 0.198882 | / | 0.237622 |
| | = | 0.837 |
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) |
| = | (904 / 4827) | / | (1003 / 5903) |
| = | 0.18728 | / | 0.169914 |
| | = | 1.1022 |
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 - (2691 + 1595) / 5010) | / | (1 - (2451 + 1463) / 4222) |
| = | 0.144511 | / | 0.072951 |
| | = | 1.9809 |
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 |
| = | 5903 | / | 4827 |
| | = | 1.2229 |
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 + 1463)) | / | (0 / (0 + 1595)) |
| = | 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) |
| = | (778 / 5903) | / | (613 / 4827) |
| = | 0.131797 | / | 0.126994 |
| | = | 1.0378 |
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) |
| = | ((1620 + 1372) / 5010) | / | ((757 + 1535) / 4222) |
| = | 0.597206 | / | 0.542871 |
| | = | 1.1001 |
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 |
| = | (96 - 0 | - | 280) | / | 5010 |
| | = | -0.036727 |
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.
Bulten AB has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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