Castellum AB Beneish M-Score Historical Data
The historical data trend for Castellum 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.
Castellum AB Beneish M-Score Chart
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Castellum 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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-2.22 |
-2.11 |
-1.66 |
-2.49 |
-3.19 |
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Castellum 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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-2.49 |
-2.81 |
-2.84 |
-2.88 |
-3.19 |
Competitive Comparison of Castellum AB's Beneish M-Score
For the Real Estate - Development subindustry, Castellum 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.
Castellum AB's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Castellum AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Castellum AB's Beneish M-Score falls into.
Castellum 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 Castellum 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 * 0.783 | + | 0.528 * 0.9746 | + | 0.404 * 0.9939 | + | 0.892 * 1.054 | + | 0.115 * 0.8115 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3651 | + | 4.679 * -0.101239 | - | 0.327 * 0.9119 |
| = | -3.18 |
* 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 $154.0 Mil.
Revenue was 235.728 + 219.67 + 230.567 + 235.77 = $921.7 Mil.
Gross Profit was 156.469 + 153.634 + 155.166 + 144.994 = $610.3 Mil.
Total Current Assets was $374.0 Mil.
Total Assets was $15,533.5 Mil.
Property, Plant and Equipment(Net PPE) was $151.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.3 Mil.
Selling, General, & Admin. Expense(SGA) was $38.0 Mil.
Total Current Liabilities was $804.3 Mil.
Long-Term Debt & Capital Lease Obligation was $5,710.4 Mil.
Net Income was -615.251 + -131.802 + 44.665 + -410.832 = $-1,113.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 248.986 + 18.404 + 87.751 + 104.235 = $459.4 Mil.
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Total Receivables was $186.6 Mil.
Revenue was 211.601 + 213.747 + 219.932 + 229.269 = $874.5 Mil.
Gross Profit was 129.505 + 140.42 + 149.279 + 145.109 = $564.3 Mil.
Total Current Assets was $309.8 Mil.
Total Assets was $17,318.5 Mil.
Property, Plant and Equipment(Net PPE) was $173.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.8 Mil.
Selling, General, & Admin. Expense(SGA) was $26.4 Mil.
Total Current Liabilities was $1,585.1 Mil.
Long-Term Debt & Capital Lease Obligation was $6,379.6 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) |
| = | (154.032 / 921.735) | / | (186.645 / 874.549) |
| = | 0.167111 | / | 0.213419 |
| | = | 0.783 |
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) |
| = | (564.313 / 874.549) | / | (610.263 / 921.735) |
| = | 0.645262 | / | 0.662081 |
| | = | 0.9746 |
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 - (373.967 + 151.01) / 15533.458) | / | (1 - (309.79 + 173.54) / 17318.462) |
| = | 0.966203 | / | 0.972092 |
| | = | 0.9939 |
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 |
| = | 921.735 | / | 874.549 |
| | = | 1.054 |
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)) |
| = | (15.785 / (15.785 + 173.54)) | / | (17.292 / (17.292 + 151.01)) |
| = | 0.083375 | / | 0.102744 |
| | = | 0.8115 |
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) |
| = | (37.972 / 921.735) | / | (26.392 / 874.549) |
| = | 0.041196 | / | 0.030178 |
| | = | 1.3651 |
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) |
| = | ((5710.4 + 804.282) / 15533.458) | / | ((6379.553 + 1585.084) / 17318.462) |
| = | 0.419397 | / | 0.459893 |
| | = | 0.9119 |
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 |
| = | (-1113.22 - 0 | - | 459.376) | / | 15533.458 |
| | = | -0.101239 |
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.
Castellum AB has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.
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