Loomis AB Beneish M-Score Historical Data
The historical data trend for Loomis 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.
Loomis AB Beneish M-Score Chart
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Loomis 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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-2.70 |
-3.10 |
-2.58 |
-2.60 |
-2.85 |
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Loomis AB Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.39 |
-2.49 |
-2.48 |
-2.85 |
Competitive Comparison of Loomis AB's Beneish M-Score
For the Security & Protection Services subindustry, Loomis 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.
Loomis AB's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Loomis AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Loomis AB's Beneish M-Score falls into.
Loomis 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 Loomis 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 * 0.9253 | + | 0.528 * 1.0646 | + | 0.404 * 0.9873 | + | 0.892 * 1.134 | + | 0.115 * 0.9287 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9117 | + | 4.679 * -0.092095 | - | 0.327 * 1.066 |
| = | -2.85 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was kr3,700 Mil.
Revenue was 7415 + 7408 + 7072 + 6812 = kr28,707 Mil.
Gross Profit was 1935 + 1782 + 1694 + 1806 = kr7,217 Mil.
Total Current Assets was kr13,062 Mil.
Total Assets was kr36,180 Mil.
Property, Plant and Equipment(Net PPE) was kr10,901 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2,846 Mil.
Selling, General, & Admin. Expense(SGA) was kr4,293 Mil.
Total Current Liabilities was kr10,591 Mil.
Long-Term Debt & Capital Lease Obligation was kr10,632 Mil.
Net Income was 314 + 421 + 357 + 403 = kr1,495 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1929 + 1014 + 605 + 1279 = kr4,827 Mil.
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Total Receivables was kr3,526 Mil.
Revenue was 6731 + 6739 + 6217 + 5627 = kr25,314 Mil.
Gross Profit was 1821 + 1870 + 1638 + 1446 = kr6,775 Mil.
Total Current Assets was kr10,992 Mil.
Total Assets was kr31,780 Mil.
Property, Plant and Equipment(Net PPE) was kr9,919 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2,361 Mil.
Selling, General, & Admin. Expense(SGA) was kr4,152 Mil.
Total Current Liabilities was kr10,233 Mil.
Long-Term Debt & Capital Lease Obligation was kr7,255 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) |
| = | (3700 / 28707) | / | (3526 / 25314) |
| = | 0.128888 | / | 0.139291 |
| | = | 0.9253 |
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) |
| = | (6775 / 25314) | / | (7217 / 28707) |
| = | 0.267638 | / | 0.251402 |
| | = | 1.0646 |
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 - (13062 + 10901) / 36180) | / | (1 - (10992 + 9919) / 31780) |
| = | 0.337673 | / | 0.342008 |
| | = | 0.9873 |
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 |
| = | 28707 | / | 25314 |
| | = | 1.134 |
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)) |
| = | (2361 / (2361 + 9919)) | / | (2846 / (2846 + 10901)) |
| = | 0.192264 | / | 0.207027 |
| | = | 0.9287 |
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) |
| = | (4293 / 28707) | / | (4152 / 25314) |
| = | 0.149545 | / | 0.16402 |
| | = | 0.9117 |
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) |
| = | ((10632 + 10591) / 36180) | / | ((7255 + 10233) / 31780) |
| = | 0.586595 | / | 0.550283 |
| | = | 1.066 |
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 |
| = | (1495 - 0 | - | 4827) | / | 36180 |
| | = | -0.092095 |
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.
Loomis AB has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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