VBG Group AB Beneish M-Score Historical Data
The historical data trend for VBG Group 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.
VBG Group AB Beneish M-Score Chart
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VBG Group 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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-2.68 |
-3.00 |
-1.85 |
-2.05 |
-2.42 |
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VBG Group 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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-2.12 |
-2.13 |
-2.44 |
-2.42 |
-2.42 |
Competitive Comparison of VBG Group AB's Beneish M-Score
For the Auto Parts subindustry, VBG Group 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.
VBG Group AB's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, VBG Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VBG Group AB's Beneish M-Score falls into.
VBG Group 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 VBG Group 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 * 0.9852 | + | 0.528 * 0.9134 | + | 0.404 * 0.9338 | + | 0.892 * 1.2178 | + | 0.115 * 1.1446 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8989 | + | 4.679 * -0.012958 | - | 0.327 * 1.0566 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was kr1,149 Mil.
Revenue was 1535 + 1449.856 + 1439.8 + 1450.2 = kr5,875 Mil.
Gross Profit was 512 + 477.332 + 437.6 + 456.9 = kr1,884 Mil.
Total Current Assets was kr3,266 Mil.
Total Assets was kr6,319 Mil.
Property, Plant and Equipment(Net PPE) was kr785 Mil.
Depreciation, Depletion and Amortization(DDA) was kr123 Mil.
Selling, General, & Admin. Expense(SGA) was kr820 Mil.
Total Current Liabilities was kr830 Mil.
Long-Term Debt & Capital Lease Obligation was kr970 Mil.
Net Income was 195.8 + 129.496 + 158.9 + 138.2 = kr622 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 144.1 + 162.674 + 268.6 + 128.9 = kr704 Mil.
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Total Receivables was kr958 Mil.
Revenue was 1399.9 + 1191.478 + 1091.6 + 1141.3 = kr4,824 Mil.
Gross Profit was 427.2 + 346.787 + 304.6 + 334.4 = kr1,413 Mil.
Total Current Assets was kr2,527 Mil.
Total Assets was kr5,403 Mil.
Property, Plant and Equipment(Net PPE) was kr799 Mil.
Depreciation, Depletion and Amortization(DDA) was kr146 Mil.
Selling, General, & Admin. Expense(SGA) was kr749 Mil.
Total Current Liabilities was kr722 Mil.
Long-Term Debt & Capital Lease Obligation was kr734 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) |
| = | (1149 / 5874.856) | / | (957.7 / 4824.278) |
| = | 0.195579 | / | 0.198517 |
| | = | 0.9852 |
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) |
| = | (1412.987 / 4824.278) | / | (1883.832 / 5874.856) |
| = | 0.292891 | / | 0.32066 |
| | = | 0.9134 |
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 - (3265.5 + 785.3) / 6318.7) | / | (1 - (2527.4 + 798.6) / 5402.7) |
| = | 0.358919 | / | 0.384382 |
| | = | 0.9338 |
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 |
| = | 5874.856 | / | 4824.278 |
| | = | 1.2178 |
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)) |
| = | (146.336 / (146.336 + 798.6)) | / | (122.878 / (122.878 + 785.3)) |
| = | 0.154863 | / | 0.135302 |
| | = | 1.1446 |
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) |
| = | (820.167 / 5874.856) | / | (749.273 / 4824.278) |
| = | 0.139606 | / | 0.155313 |
| | = | 0.8989 |
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) |
| = | ((969.5 + 830.3) / 6318.7) | / | ((734.4 + 722) / 5402.7) |
| = | 0.284837 | / | 0.269569 |
| | = | 1.0566 |
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 |
| = | (622.396 - 0 | - | 704.274) | / | 6318.7 |
| | = | -0.012958 |
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.
VBG Group AB has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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