Stora Enso Oyj Beneish M-Score Historical Data
The historical data trend for Stora Enso Oyj'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.
Stora Enso Oyj Beneish M-Score Chart
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Stora Enso Oyj Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.71 |
-2.26 |
-2.40 |
-2.81 |
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Stora Enso Oyj 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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-2.73 |
-2.81 |
-2.91 |
-2.73 |
-2.70 |
Competitive Comparison of Stora Enso Oyj's Beneish M-Score
For the Paper & Paper Products subindustry, Stora Enso Oyj'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.
Stora Enso Oyj's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Stora Enso Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stora Enso Oyj's Beneish M-Score falls into.
Stora Enso Oyj 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 Stora Enso Oyj 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 * 1.0361 | + | 0.528 * 1.0134 | + | 0.404 * 1.0311 | + | 0.892 * 0.8999 | + | 0.115 * 1.886 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9701 | + | 4.679 * -0.050282 | - | 0.327 * 1.0458 |
| = | -2.66 |
* 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 $1,261 Mil.
Revenue was 2509.434 + 2476.857 + 2352.174 + 2370.774 = $9,709 Mil.
Gross Profit was 900.111 + 897.74 + 842.391 + 943.293 = $3,584 Mil.
Total Current Assets was $5,438 Mil.
Total Assets was $22,627 Mil.
Property, Plant and Equipment(Net PPE) was $8,759 Mil.
Depreciation, Depletion and Amortization(DDA) was $363 Mil.
Selling, General, & Admin. Expense(SGA) was $908 Mil.
Total Current Liabilities was $4,279 Mil.
Long-Term Debt & Capital Lease Obligation was $4,536 Mil.
Net Income was 97.669 + 47.363 + 92.391 + -312.977 = $-76 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 245.283 + 270.183 + 223.913 + 322.792 = $1,062 Mil.
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Total Receivables was $1,352 Mil.
Revenue was 2270.011 + 2572.048 + 2913.276 + 3033.898 = $10,789 Mil.
Gross Profit was 703.308 + 797.4 + 1074.946 + 1459.746 = $4,035 Mil.
Total Current Assets was $5,390 Mil.
Total Assets was $21,586 Mil.
Property, Plant and Equipment(Net PPE) was $8,397 Mil.
Depreciation, Depletion and Amortization(DDA) was $682 Mil.
Selling, General, & Admin. Expense(SGA) was $1,040 Mil.
Total Current Liabilities was $3,581 Mil.
Long-Term Debt & Capital Lease Obligation was $4,460 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) |
| = | (1260.821 / 9709.239) | / | (1352.188 / 10789.233) |
| = | 0.129858 | / | 0.125328 |
| | = | 1.0361 |
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) |
| = | (4035.4 / 10789.233) | / | (3583.535 / 9709.239) |
| = | 0.374021 | / | 0.369085 |
| | = | 1.0134 |
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 - (5438.402 + 8759.156) / 22627.081) | / | (1 - (5389.541 + 8397.012) / 21585.912) |
| = | 0.372541 | / | 0.361317 |
| | = | 1.0311 |
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 |
| = | 9709.239 | / | 10789.233 |
| | = | 0.8999 |
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)) |
| = | (682.094 / (682.094 + 8397.012)) | / | (363.387 / (363.387 + 8759.156)) |
| = | 0.075128 | / | 0.039834 |
| | = | 1.886 |
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) |
| = | (907.604 / 9709.239) | / | (1039.685 / 10789.233) |
| = | 0.093478 | / | 0.096363 |
| | = | 0.9701 |
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) |
| = | ((4536.071 + 4278.579) / 22627.081) | / | ((4459.979 + 3580.576) / 21585.912) |
| = | 0.389562 | / | 0.372491 |
| | = | 1.0458 |
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 |
| = | (-75.554 - 0 | - | 1062.171) | / | 22627.081 |
| | = | -0.050282 |
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.
Stora Enso Oyj has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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