Olav Thon Eiendomsselskap (STU:8IL) Beneish M-Score : -1.96 (As of Dec. 14, 2024)

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What is Olav Thon Eiendomsselskap Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -1.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Olav Thon Eiendomsselskap's Beneish M-Score or its related term are showing as below:

STU:8IL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.72 Med: -2.33 Max: -1.28
Current: -1.96

During the past 13 years, the highest Beneish M-Score of Olav Thon Eiendomsselskap was -1.28. The lowest was -2.72. And the median was -2.33.

Olav Thon Eiendomsselskap Beneish M-Score Historical Data

The historical data trend for Olav Thon Eiendomsselskap'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.

* Premium members only.

Olav Thon Eiendomsselskap Beneish M-Score Chart

Olav Thon Eiendomsselskap Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.35

-2.70

-2.31

-2.24

-2.66

Olav Thon Eiendomsselskap Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.62	-2.66	-2.41	-2.53	-1.96

Competitive Comparison of Olav Thon Eiendomsselskap's Beneish M-Score

For the Real Estate Services subindustry, Olav Thon Eiendomsselskap'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.

Olav Thon Eiendomsselskap's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Olav Thon Eiendomsselskap's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Olav Thon Eiendomsselskap's Beneish M-Score falls into.

Olav Thon Eiendomsselskap 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 Olav Thon Eiendomsselskap for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0613

0.528 * 1.0006

0.404 * 0.9967

0.892 * 1.008

0.115 * 5.8417

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0573

4.679 * -0.025359

0.327 * 1.0122

-1.99

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was €86.2 Mil.
Revenue was 99.323 + 102.304 + 109.581 + 109.351 = €420.6 Mil.
Gross Profit was 70.485 + 72.549 + 74.99 + 71.104 = €289.1 Mil.
Total Current Assets was €95.4 Mil.
Total Assets was €5,183.0 Mil.
Property, Plant and Equipment(Net PPE) was €19.7 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.1 Mil.
Selling, General, & Admin. Expense(SGA) was €15.8 Mil.
Total Current Liabilities was €531.4 Mil.
Long-Term Debt & Capital Lease Obligation was €1,383.4 Mil.
Net Income was 33.249 + 19.166 + 54.877 + -115.696 = €-8.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 58.101 + 8.139 + 55.224 + 1.565 = €123.0 Mil.

Total Receivables was €80.6 Mil.
Revenue was 99.949 + 101.478 + 109.165 + 106.629 = €417.2 Mil.
Gross Profit was 72.079 + 72.497 + 75.466 + 66.977 = €287.0 Mil.
Total Current Assets was €99.3 Mil.
Total Assets was €5,434.8 Mil.
Property, Plant and Equipment(Net PPE) was €3.5 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.6 Mil.
Selling, General, & Admin. Expense(SGA) was €14.8 Mil.
Total Current Liabilities was €337.5 Mil.
Long-Term Debt & Capital Lease Obligation was €1,646.0 Mil.

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)
	=	(86.176 / 420.559)	/	(80.554 / 417.221)
	=	0.204908	/	0.193073
	=	1.0613

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)
	=	(287.019 / 417.221)	/	(289.128 / 420.559)
	=	0.68793	/	0.687485
	=	1.0006

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 - (95.422 + 19.678) / 5182.96)	/	(1 - (99.338 + 3.495) / 5434.752)
	=	0.977793	/	0.981079
	=	0.9967

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
	=	420.559	/	417.221
	=	1.008

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))
	=	(1.614 / (1.614 + 3.495))	/	(1.125 / (1.125 + 19.678))
	=	0.315913	/	0.054079
	=	5.8417

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)
	=	(15.81 / 420.559)	/	(14.834 / 417.221)
	=	0.037593	/	0.035554
	=	1.0573

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)
	=	((1383.4 + 531.392) / 5182.96)	/	((1646.021 + 337.504) / 5434.752)
	=	0.36944	/	0.364971
	=	1.0122

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
	=	(-8.404 - 0	-	123.029)	/	5182.96
	=	-0.025359

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.

Olav Thon Eiendomsselskap has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.

Olav Thon Eiendomsselskap Beneish M-Score Related Terms

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Olav Thon Eiendomsselskap Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Olav Thon Eiendomsselskap (STU:8IL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

OLT:Norway 0FHP:UK

Address

Stenersgata 2A, Sentrum, P.O. Box 489, Oslo, NOR, 0105

Website

https://www.olt.no

Olav Thon Eiendomsselskap is a general real estate company that operates in two segments: shopping centers and commercial property. The vast majority of revenue is derived from its shopping center segment. Olav generates most of its revenue in Norway, followed by Sweden. The company aims to realize portfolio returns through active development, effective management, and satisfied tenants. The company considers merger and acquisition investment as a component of its operational growth strategy.

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