Sdiptech AB Beneish M-Score Historical Data
The historical data trend for Sdiptech 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.
Sdiptech AB Beneish M-Score Chart
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Sdiptech 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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-2.67 |
-2.57 |
-2.33 |
-2.23 |
-2.20 |
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Sdiptech 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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-2.20 |
-2.20 |
-2.20 |
-2.37 |
-2.42 |
Competitive Comparison of Sdiptech AB's Beneish M-Score
For the Infrastructure Operations subindustry, Sdiptech 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.
Sdiptech AB's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Sdiptech AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sdiptech AB's Beneish M-Score falls into.
Sdiptech 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 Sdiptech 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 * 0.8433 | + | 0.528 * 1.0162 | + | 0.404 * 0.9996 | + | 0.892 * 1.2468 | + | 0.115 * 0.9067 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.037852 | - | 0.327 * 1.0271 |
| = | -2.42 |
* 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 kr1,177 Mil.
Revenue was 1210 + 1392 + 1335 + 1538.3 = kr5,475 Mil.
Gross Profit was 722 + 826 + 800 + 920.5 = kr3,269 Mil.
Total Current Assets was kr2,494 Mil.
Total Assets was kr9,812 Mil.
Property, Plant and Equipment(Net PPE) was kr926 Mil.
Depreciation, Depletion and Amortization(DDA) was kr349 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr1,468 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,900 Mil.
Net Income was 37 + 116 + 106 + 91.2 = kr350 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 167 + 197 + 167 + 190.6 = kr722 Mil.
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Total Receivables was kr1,120 Mil.
Revenue was 1129 + 1169 + 1076 + 1017.5 = kr4,392 Mil.
Gross Profit was 673 + 713 + 653 + 624.9 = kr2,664 Mil.
Total Current Assets was kr2,340 Mil.
Total Assets was kr9,295 Mil.
Property, Plant and Equipment(Net PPE) was kr897 Mil.
Depreciation, Depletion and Amortization(DDA) was kr296 Mil.
Selling, General, & Admin. Expense(SGA) was kr101 Mil.
Total Current Liabilities was kr1,243 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,786 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) |
| = | (1177 / 5475.3) | / | (1119.5 / 4391.5) |
| = | 0.214965 | / | 0.254924 |
| | = | 0.8433 |
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) |
| = | (2663.9 / 4391.5) | / | (3268.5 / 5475.3) |
| = | 0.606604 | / | 0.596954 |
| | = | 1.0162 |
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 - (2494 + 926) / 9812) | / | (1 - (2339.9 + 897.4) / 9294.8) |
| = | 0.651447 | / | 0.651708 |
| | = | 0.9996 |
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 |
| = | 5475.3 | / | 4391.5 |
| | = | 1.2468 |
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)) |
| = | (295.9 / (295.9 + 897.4)) | / | (348.6 / (348.6 + 926)) |
| = | 0.247968 | / | 0.273498 |
| | = | 0.9067 |
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 / 5475.3) | / | (100.9 / 4391.5) |
| = | 0 | / | 0.022976 |
| | = | 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) |
| = | ((2900 + 1468) / 9812) | / | ((2785.8 + 1242.9) / 9294.8) |
| = | 0.445169 | / | 0.433436 |
| | = | 1.0271 |
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 |
| = | (350.2 - 0 | - | 721.6) | / | 9812 |
| | = | -0.037852 |
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.
Sdiptech AB has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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