Enea AB Beneish M-Score Historical Data
The historical data trend for Enea 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.
Enea AB Beneish M-Score Chart
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Enea 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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-2.63 |
-2.72 |
-2.49 |
-2.12 |
-4.38 |
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Enea 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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-2.37 |
-3.95 |
-4.24 |
-4.38 |
-4.15 |
Competitive Comparison of Enea AB's Beneish M-Score
For the Software - Infrastructure subindustry, Enea 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.
Enea AB's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Enea AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enea AB's Beneish M-Score falls into.
Enea 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 Enea 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 * 0.7885 | + | 0.528 * 1.0281 | + | 0.404 * 0.9664 | + | 0.892 * 0.8963 | + | 0.115 * 1.0071 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3009 | + | 4.679 * -0.320501 | - | 0.327 * 0.5001 |
| = | -4.15 |
* 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 kr389.5 Mil.
Revenue was 206 + 220.678 + 220.6 + 217.4 = kr864.7 Mil.
Gross Profit was 158 + 169.795 + 169.2 + 155.4 = kr652.4 Mil.
Total Current Assets was kr717.6 Mil.
Total Assets was kr2,690.1 Mil.
Property, Plant and Equipment(Net PPE) was kr17.7 Mil.
Depreciation, Depletion and Amortization(DDA) was kr5.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr376.6 Mil.
Total Current Liabilities was kr332.2 Mil.
Long-Term Debt & Capital Lease Obligation was kr30.3 Mil.
Net Income was 10.6 + 12.78 + 20.4 + -620 = kr-576.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 120 + -19.44 + 108.3 + 77.1 = kr286.0 Mil.
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Total Receivables was kr551.1 Mil.
Revenue was 254 + 235.97 + 252.9 + 221.8 = kr964.7 Mil.
Gross Profit was 203.3 + 171.491 + 199.3 + 174.2 = kr748.3 Mil.
Total Current Assets was kr809.2 Mil.
Total Assets was kr3,347.9 Mil.
Property, Plant and Equipment(Net PPE) was kr21.4 Mil.
Depreciation, Depletion and Amortization(DDA) was kr6.1 Mil.
Selling, General, & Admin. Expense(SGA) was kr323.0 Mil.
Total Current Liabilities was kr354.5 Mil.
Long-Term Debt & Capital Lease Obligation was kr547.6 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) |
| = | (389.5 / 864.678) | / | (551.1 / 964.67) |
| = | 0.450457 | / | 0.571283 |
| | = | 0.7885 |
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) |
| = | (748.291 / 964.67) | / | (652.395 / 864.678) |
| = | 0.775696 | / | 0.754495 |
| | = | 1.0281 |
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 - (717.6 + 17.7) / 2690.1) | / | (1 - (809.2 + 21.4) / 3347.9) |
| = | 0.726664 | / | 0.751904 |
| | = | 0.9664 |
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 |
| = | 864.678 | / | 964.67 |
| | = | 0.8963 |
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)) |
| = | (6.1 / (6.1 + 21.4)) | / | (5 / (5 + 17.7)) |
| = | 0.221818 | / | 0.220264 |
| | = | 1.0071 |
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) |
| = | (376.606 / 864.678) | / | (322.979 / 964.67) |
| = | 0.435545 | / | 0.334808 |
| | = | 1.3009 |
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) |
| = | ((30.3 + 332.2) / 2690.1) | / | ((547.6 + 354.5) / 3347.9) |
| = | 0.134753 | / | 0.269452 |
| | = | 0.5001 |
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 |
| = | (-576.22 - 0 | - | 285.96) | / | 2690.1 |
| | = | -0.320501 |
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.
Enea AB has a M-score of -4.15 suggests that the company is unlikely to be a manipulator.
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