Cybercom Group AB (OSTO:CYBE) Beneish M-Score : -3.09 (As of Sep. 22, 2024)

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What is Cybercom Group AB Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Cybercom Group AB's Beneish M-Score or its related term are showing as below:

OSTO:CYBE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -2.46 Max: -1.5
Current: -3.09

During the past 13 years, the highest Beneish M-Score of Cybercom Group AB was -1.50. The lowest was -3.09. And the median was -2.46.

Cybercom Group AB Beneish M-Score Historical Data

The historical data trend for Cybercom 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.

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Cybercom Group AB Beneish M-Score Chart

Cybercom Group AB Annual Data

Trend

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Beneish M-Score

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-2.86

-2.06

-2.56

-2.13

Cybercom Group AB Quarterly Data
	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15
Beneish M-Score	Get a 7-Day Free Trial															-1.50	-2.13	-2.55	-2.85	-3.09

Competitive Comparison of Cybercom Group AB's Beneish M-Score

For the Information Technology Services subindustry, Cybercom 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.

Cybercom Group AB's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Cybercom Group AB's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Cybercom Group AB's Beneish M-Score falls into.

Cybercom 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 Cybercom Group AB for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1

0.528 * 0.5714

0.404 * 0.9803

0.892 * 1.0613

0.115 * 1.0243

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.072

4.679 * -0.054139

0.327 * 0.9026

-3.06

This Year (Sep15) TTM:

Last Year (Sep14) TTM:

Total Receivables was kr0 Mil.
Revenue was 270.6 + 329.2 + 333.9 + 339.565 = kr1,273 Mil.
Gross Profit was 47.1 + 44 + 51.7 + 280.941 = kr424 Mil.
Total Current Assets was kr349 Mil.
Total Assets was kr1,202 Mil.
Property, Plant and Equipment(Net PPE) was kr40 Mil.
Depreciation, Depletion and Amortization(DDA) was kr29 Mil.
Selling, General, & Admin. Expense(SGA) was kr353 Mil.
Total Current Liabilities was kr282 Mil.
Long-Term Debt & Capital Lease Obligation was kr2 Mil.
Net Income was -13.2 + -3.4 + 11 + 18.639 = kr13 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -6.9 + 48.7 + 14.2 + 22.125 = kr78 Mil.

Total Receivables was kr0 Mil.
Revenue was 287.4 + 312.3 + 309.1 + 290.96 = kr1,200 Mil.
Gross Profit was 47.3 + 47.8 + 48 + 85.033 = kr228 Mil.
Total Current Assets was kr344 Mil.
Total Assets was kr1,221 Mil.
Property, Plant and Equipment(Net PPE) was kr35 Mil.
Depreciation, Depletion and Amortization(DDA) was kr26 Mil.
Selling, General, & Admin. Expense(SGA) was kr161 Mil.
Total Current Liabilities was kr280 Mil.
Long-Term Debt & Capital Lease Obligation was kr39 Mil.

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)
	=	(0 / 1273.265)	/	(0 / 1199.76)
	=	0	/	0
	=	1

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)
	=	(228.133 / 1199.76)	/	(423.741 / 1273.265)
	=	0.190149	/	0.332799
	=	0.5714

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 - (348.7 + 40.2) / 1202.2)	/	(1 - (343.6 + 34.7) / 1220.7)
	=	0.67651	/	0.690096
	=	0.9803

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
	=	1273.265	/	1199.76
	=	1.0613

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))
	=	(25.799 / (25.799 + 34.7))	/	(28.673 / (28.673 + 40.2))
	=	0.426437	/	0.416317
	=	1.0243

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)
	=	(353.121 / 1273.265)	/	(160.587 / 1199.76)
	=	0.277335	/	0.133849
	=	2.072

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)
	=	((1.8 + 281.5) / 1202.2)	/	((39 + 279.7) / 1220.7)
	=	0.235651	/	0.26108
	=	0.9026

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
	=	(13.039 - 0	-	78.125)	/	1202.2
	=	-0.054139

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.

Cybercom Group AB has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.

Cybercom Group AB Beneish M-Score Related Terms

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Cybercom Group AB Business Description

Industry

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Address

Website

http://www.cybercom.com

Cybercom Group AB is an information technology security consultancy firm. The company manages portals and provides electronic services to its customers. It offers a range of services available via mobile phone. The company also provides security, embedded systems, and telecom management. The company's portal services extend to web sites, extranets, intranets, communities, and mobile solutions. It analyzes a company's purpose, competition, target groups, services, and technical requirements before redesigning its portal. The company provides software solutions for media and electronic business. It maintains customer's portals and networks. Its mobile offerings are solutions for application, portal, payment, device management, internet advisory, use experience, and software office. For applications, it provides framework that provides development of mobile clients and support systems. The mobile portal solution creates a mobile equivalent of a customer's web site. The payment solutions include several payment services and methods. The device management offering facilitates distribution of content and firmware over the internet and over the air. The internet advisory services include consultation and support implementation of mobile strategies. It also provides extensive security offerings for a company intranet, portal, and networks. These products include identity and access management, IT forensics, and security verification. The company also handles physical hardware and computers.