Jetpak Top Holding AB (publ) (OSTO:JETPAK) Beneish M-Score : -2.48 (As of Sep. 25, 2024)

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What is Jetpak Top Holding AB (publ) 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.

Good Sign:

Beneish M-Score -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Jetpak Top Holding AB (publ)'s Beneish M-Score or its related term are showing as below:

OSTO:JETPAK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84 Med: -2.37 Max: -1.98
Current: -2.48

During the past 9 years, the highest Beneish M-Score of Jetpak Top Holding AB (publ) was -1.98. The lowest was -2.84. And the median was -2.37.

Jetpak Top Holding AB (publ) Beneish M-Score Historical Data

The historical data trend for Jetpak Top Holding AB (publ)'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.

* Premium members only.

Jetpak Top Holding AB (publ) Beneish M-Score Chart

Jetpak Top Holding AB (publ) Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.41

-2.11

-2.14

-2.50

-2.66

Jetpak Top Holding AB (publ) Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-2.55	-2.79	-2.66	-2.84	-2.48

Competitive Comparison of Jetpak Top Holding AB (publ)'s Beneish M-Score

For the Integrated Freight & Logistics subindustry, Jetpak Top Holding AB (publ)'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.

Jetpak Top Holding AB (publ)'s Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Jetpak Top Holding AB (publ)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Jetpak Top Holding AB (publ)'s Beneish M-Score falls into.

Jetpak Top Holding AB (publ) 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 Jetpak Top Holding AB (publ) 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 * 1.0273

0.528 * 0.9436

0.404 * 1.0086

0.892 * 0.9768

0.115 * 0.5481

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.028227

0.327 * 0.9024

-2.48

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was kr217 Mil.
Revenue was 318.837 + 300.575 + 289.917 + 273.59 = kr1,183 Mil.
Gross Profit was 255.789 + 241.482 + 276.908 + 208.601 = kr983 Mil.
Total Current Assets was kr412 Mil.
Total Assets was kr1,363 Mil.
Property, Plant and Equipment(Net PPE) was kr100 Mil.
Depreciation, Depletion and Amortization(DDA) was kr98 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr208 Mil.
Long-Term Debt & Capital Lease Obligation was kr184 Mil.
Net Income was 22.215 + 13.963 + 24.88 + 15.265 = kr76 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -3.817 + 11.07 + 40.915 + 66.631 = kr115 Mil.

Total Receivables was kr216 Mil.
Revenue was 289.777 + 309.467 + 310.769 + 300.98 = kr1,211 Mil.
Gross Profit was 184.203 + 253.648 + 273.856 + 237.676 = kr949 Mil.
Total Current Assets was kr386 Mil.
Total Assets was kr1,279 Mil.
Property, Plant and Equipment(Net PPE) was kr101 Mil.
Depreciation, Depletion and Amortization(DDA) was kr37 Mil.
Selling, General, & Admin. Expense(SGA) was kr433 Mil.
Total Current Liabilities was kr222 Mil.
Long-Term Debt & Capital Lease Obligation was kr186 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)
	=	(216.607 / 1182.919)	/	(215.853 / 1210.993)
	=	0.183112	/	0.178245
	=	1.0273

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)
	=	(949.383 / 1210.993)	/	(982.78 / 1182.919)
	=	0.783971	/	0.830809
	=	0.9436

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 - (411.567 + 100.087) / 1363.096)	/	(1 - (386.182 + 100.646) / 1278.764)
	=	0.624638	/	0.619298
	=	1.0086

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
	=	1182.919	/	1210.993
	=	0.9768

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))
	=	(37.412 / (37.412 + 100.646))	/	(97.891 / (97.891 + 100.087))
	=	0.270988	/	0.494454
	=	0.5481

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 / 1182.919)	/	(432.518 / 1210.993)
	=	0	/	0.35716
	=	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)
	=	((184.139 + 207.981) / 1363.096)	/	((185.639 + 222.004) / 1278.764)
	=	0.287669	/	0.318779
	=	0.9024

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
	=	(76.323 - 0	-	114.799)	/	1363.096
	=	-0.028227

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.

Jetpak Top Holding AB (publ) has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.

Jetpak Top Holding AB (publ) Beneish M-Score Related Terms

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Jetpak Top Holding AB (publ) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Jetpak Top Holding AB (publ) (OSTO:JETPAK) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Tornvägen 17 A, Stockholm, SWE, 19060

Website

https://www.jetpak.com

Jetpak Top Holding AB (publ) is a provider of express logistics services. The company is engaged in time-critical logistics. Its operations are divided into Express Air and Express Road segment. The Express segment consists of the air-based courier/logistics services. The Express Road segment consists of the fully ground-based courier/logistics services;. Services offered by the company include courier express, jetpack direct, jetpack nextday, courier logistics, customer specific and linehaul. It provides express logistics services mainly in the Nordic region (Sweden, Norway, Denmark and Finland) it is also present in the Baltics, Benelux, UK and Poland.

Jetpak Top Holding AB (publ) Headlines

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