Neobo Fastigheter AB Beneish M-Score Historical Data
The historical data trend for Neobo Fastigheter 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.
Neobo Fastigheter AB Beneish M-Score Chart
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Neobo Fastigheter AB Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-3.42 |
-3.17 |
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Neobo Fastigheter AB Quarterly Data
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.42 |
-2.98 |
-3.05 |
-2.73 |
-3.17 |
Competitive Comparison of Neobo Fastigheter AB's Beneish M-Score
For the Real Estate Services subindustry, Neobo Fastigheter 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.
Neobo Fastigheter AB's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Neobo Fastigheter AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Neobo Fastigheter AB's Beneish M-Score falls into.
Neobo Fastigheter 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 Neobo Fastigheter 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 * 0.3175 | + | 0.528 * 0.9849 | + | 0.404 * 1.0057 | + | 0.892 * 1.0225 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8997 | + | 4.679 * -0.020246 | - | 0.327 * 1.005 |
| = | -3.17 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was kr25.0 Mil.
Revenue was 227 + 227 + 227 + 227 = kr908.0 Mil.
Gross Profit was 109 + 133 + 139 + 108 = kr489.0 Mil.
Total Current Assets was kr206.0 Mil.
Total Assets was kr13,978.0 Mil.
Property, Plant and Equipment(Net PPE) was kr2.0 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr92.0 Mil.
Total Current Liabilities was kr1,135.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr6,267.0 Mil.
Net Income was 18 + -101 + -82 + -27 = kr-192.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 64 + 21 + 52 + -46 = kr91.0 Mil.
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Total Receivables was kr77.0 Mil.
Revenue was 230 + 224 + 220 + 214 = kr888.0 Mil.
Gross Profit was 93 + 140 + 128 + 110 = kr471.0 Mil.
Total Current Assets was kr293.0 Mil.
Total Assets was kr14,497.0 Mil.
Property, Plant and Equipment(Net PPE) was kr4.0 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr100.0 Mil.
Total Current Liabilities was kr550.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr7,089.0 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) |
| = | (25 / 908) | / | (77 / 888) |
| = | 0.027533 | / | 0.086712 |
| | = | 0.3175 |
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) |
| = | (471 / 888) | / | (489 / 908) |
| = | 0.530405 | / | 0.538546 |
| | = | 0.9849 |
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 - (206 + 2) / 13978) | / | (1 - (293 + 4) / 14497) |
| = | 0.985119 | / | 0.979513 |
| | = | 1.0057 |
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 |
| = | 908 | / | 888 |
| | = | 1.0225 |
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 + 4)) | / | (0 / (0 + 2)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (92 / 908) | / | (100 / 888) |
| = | 0.101322 | / | 0.112613 |
| | = | 0.8997 |
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) |
| = | ((6267 + 1135) / 13978) | / | ((7089 + 550) / 14497) |
| = | 0.529546 | / | 0.526937 |
| | = | 1.005 |
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 |
| = | (-192 - 0 | - | 91) | / | 13978 |
| | = | -0.020246 |
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.
Neobo Fastigheter AB has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.
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