Duearity AB (OSTO:DEAR) Beneish M-Score : 0.00 (As of May. 24, 2024)

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What is Duearity 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 Duearity AB's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Duearity AB was 0.00. The lowest was 0.00. And the median was 0.00.

Duearity AB Beneish M-Score Historical Data

The historical data trend for Duearity 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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Duearity AB Beneish M-Score Chart

Duearity AB Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Duearity AB Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial										-	-	-	-	-

Competitive Comparison of Duearity AB's Beneish M-Score

For the Medical Devices subindustry, Duearity 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.

Duearity AB's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Duearity AB's Beneish M-Score distribution charts can be found below:

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

Duearity 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 Duearity 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was kr7.11 Mil.
Revenue was 1.087 + 0.395 + 0.258 + 0.598 = kr2.34 Mil.
Gross Profit was -0.865 + -2.182 + -1.697 + -1.515 = kr-6.26 Mil.
Total Current Assets was kr12.77 Mil.
Total Assets was kr15.14 Mil.
Property, Plant and Equipment(Net PPE) was kr2.37 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1.19 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr14.59 Mil.
Long-Term Debt & Capital Lease Obligation was kr2.94 Mil.
Net Income was -13.1 + -8.238 + -6.266 + -3.672 = kr-31.28 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -17.77 + -4.618 + 0 + -5.727 = kr-28.12 Mil.

Total Receivables was kr1.41 Mil.
Revenue was 0 + 0 + 0 + 0 = kr0.00 Mil.
Gross Profit was -1.839 + -0.842 + -1.581 + -2.114 = kr-6.38 Mil.
Total Current Assets was kr10.57 Mil.
Total Assets was kr12.06 Mil.
Property, Plant and Equipment(Net PPE) was kr1.48 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.00 Mil.
Selling, General, & Admin. Expense(SGA) was kr5.97 Mil.
Total Current Liabilities was kr5.21 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.78 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)
	=	(7.114 / 2.338)	/	(1.411 / 0)
	=	3.042772	/
	=

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)
	=	(-6.376 / 0)	/	(-6.259 / 2.338)
	=		/	-2.677074
	=

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 - (12.773 + 2.37) / 15.144)	/	(1 - (10.574 + 1.478) / 12.055)
	=	6.6E-5	/	0.000249
	=

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
	=	2.338	/	0
	=

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 + 1.478))	/	(1.19 / (1.19 + 2.37))
	=	0	/	0.33427
	=

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 / 2.338)	/	(5.971 / 0)
	=	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)
	=	((2.94 + 14.59) / 15.144)	/	((0.781 + 5.211) / 12.055)
	=	1.157554	/	0.497055
	=

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
	=	(-31.276 - 0	-	-28.115)	/	15.144
	=	-0.20873

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.

Duearity AB Beneish M-Score Related Terms

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