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 |
-4.33 |
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Enea AB Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-4.20 |
-4.33 |
-4.11 |
-2.88 |
-2.58 |
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 * 1.0914 | + | 0.528 * 0.9703 | + | 0.404 * 0.994 | + | 0.892 * 0.9517 | + | 0.115 * 1.0547 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8566 | + | 4.679 * -0.037099 | - | 0.327 * 0.9406 |
| = | -2.58 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was kr402.2 Mil.
Revenue was 217.1 + 239.4 + 206 + 220.678 = kr883.2 Mil.
Gross Profit was 168.7 + 189.5 + 158 + 169.795 = kr686.0 Mil.
Total Current Assets was kr684.2 Mil.
Total Assets was kr2,565.6 Mil.
Property, Plant and Equipment(Net PPE) was kr16.7 Mil.
Depreciation, Depletion and Amortization(DDA) was kr5.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr313.6 Mil.
Total Current Liabilities was kr736.2 Mil.
Long-Term Debt & Capital Lease Obligation was kr11.6 Mil.
Net Income was 3.7 + 34 + 10.6 + 12.78 = kr61.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 18.6 + 37.1 + 120 + -19.44 = kr156.3 Mil.
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Total Receivables was kr387.2 Mil.
Revenue was 220.6 + 217.4 + 254 + 235.97 = kr928.0 Mil.
Gross Profit was 169.2 + 155.4 + 203.3 + 171.491 = kr699.4 Mil.
Total Current Assets was kr720.2 Mil.
Total Assets was kr2,750.1 Mil.
Property, Plant and Equipment(Net PPE) was kr19.0 Mil.
Depreciation, Depletion and Amortization(DDA) was kr6.1 Mil.
Selling, General, & Admin. Expense(SGA) was kr384.7 Mil.
Total Current Liabilities was kr345.8 Mil.
Long-Term Debt & Capital Lease Obligation was kr506.4 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) |
| = | (402.2 / 883.178) | / | (387.2 / 927.97) |
| = | 0.455401 | / | 0.417255 |
| | = | 1.0914 |
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) |
| = | (699.391 / 927.97) | / | (685.995 / 883.178) |
| = | 0.753678 | / | 0.776735 |
| | = | 0.9703 |
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 - (684.2 + 16.7) / 2565.6) | / | (1 - (720.2 + 19) / 2750.1) |
| = | 0.726809 | / | 0.73121 |
| | = | 0.994 |
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 |
| = | 883.178 | / | 927.97 |
| | = | 0.9517 |
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 + 19)) | / | (5 / (5 + 16.7)) |
| = | 0.243028 | / | 0.230415 |
| | = | 1.0547 |
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) |
| = | (313.606 / 883.178) | / | (384.679 / 927.97) |
| = | 0.355088 | / | 0.414538 |
| | = | 0.8566 |
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) |
| = | ((11.6 + 736.2) / 2565.6) | / | ((506.4 + 345.8) / 2750.1) |
| = | 0.291472 | / | 0.30988 |
| | = | 0.9406 |
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 |
| = | (61.08 - 0 | - | 156.26) | / | 2565.6 |
| | = | -0.037099 |
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 -2.58 suggests that the company is unlikely to be a manipulator.
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