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 |
-2.22 |
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Sdiptech AB Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.18 |
-2.12 |
-2.21 |
-2.22 |
-2.22 |
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 * 0.9295 | + | 0.528 * 1.0145 | + | 0.404 * 1.0011 | + | 0.892 * 1.3371 | + | 0.115 * 0.861 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.023503 | - | 0.327 * 1.0784 |
| = | -2.22 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was kr1,265 Mil.
Revenue was 1335 + 1368.4 + 1205.2 + 1169 = kr5,078 Mil.
Gross Profit was 800 + 799.8 + 727 + 713.2 = kr3,040 Mil.
Total Current Assets was kr2,483 Mil.
Total Assets was kr9,905 Mil.
Property, Plant and Equipment(Net PPE) was kr943 Mil.
Depreciation, Depletion and Amortization(DDA) was kr333 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr1,505 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,911 Mil.
Net Income was 106 + 91.4 + 131.5 + 125.7 = kr455 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 167 + 197.5 + 256.2 + 66.7 = kr687 Mil.
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Total Receivables was kr1,018 Mil.
Revenue was 1076 + 1017.5 + 856.8 + 847.2 = kr3,798 Mil.
Gross Profit was 653 + 624.9 + 523.7 + 504.9 = kr2,307 Mil.
Total Current Assets was kr2,148 Mil.
Total Assets was kr8,676 Mil.
Property, Plant and Equipment(Net PPE) was kr859 Mil.
Depreciation, Depletion and Amortization(DDA) was kr249 Mil.
Selling, General, & Admin. Expense(SGA) was kr246 Mil.
Total Current Liabilities was kr1,087 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,499 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) |
| = | (1265 / 5077.6) | / | (1017.8 / 3797.5) |
| = | 0.249133 | / | 0.268018 |
| | = | 0.9295 |
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) |
| = | (2306.5 / 3797.5) | / | (3040 / 5077.6) |
| = | 0.607373 | / | 0.598708 |
| | = | 1.0145 |
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 - (2483 + 943) / 9905) | / | (1 - (2148.4 + 858.6) / 8675.5) |
| = | 0.654114 | / | 0.653392 |
| | = | 1.0011 |
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 |
| = | 5077.6 | / | 3797.5 |
| | = | 1.3371 |
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)) |
| = | (248.9 / (248.9 + 858.6)) | / | (333.1 / (333.1 + 943)) |
| = | 0.22474 | / | 0.26103 |
| | = | 0.861 |
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 / 5077.6) | / | (246 / 3797.5) |
| = | 0 | / | 0.064779 |
| | = | 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) |
| = | ((2911 + 1505) / 9905) | / | ((2499.4 + 1087.4) / 8675.5) |
| = | 0.445835 | / | 0.41344 |
| | = | 1.0784 |
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 |
| = | (454.6 - 0 | - | 687.4) | / | 9905 |
| | = | -0.023503 |
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 -2.22 suggests that the company is unlikely to be a manipulator.
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