Altero AB (XSAT:ATO B) Beneish M-Score : 0.00 (As of Jul. 18, 2025)

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What is Altero AB 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.

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

During the past 3 years, the highest Beneish M-Score of Altero AB was 0.00. The lowest was 0.00. And the median was 0.00.

Altero AB Beneish M-Score Historical Data

The historical data trend for Altero 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.

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Altero AB Beneish M-Score Chart

Altero AB Annual Data

Trend

Dec08

Dec09

Dec10

Beneish M-Score

Altero AB Quarterly Data
	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Mar12	Jun12	Sep12
Beneish M-Score	Get a 7-Day Free Trial						-	-	-	-	-

Competitive Comparison of Altero AB's Beneish M-Score

For the subindustry, Altero 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.

Altero AB's Beneish M-Score Distribution in the Industry

For the industry and sector, Altero AB's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Altero AB's Beneish M-Score falls into.

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Altero 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 Altero AB 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 * 0.1818

0.528 * 1.753

0.404 * 0.921

0.892 * 0.3488

0.115 * 1.3629

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8696

4.679 * -0.313972

0.327 * 1.5763

-5.04

This Year (Sep12) TTM:

Last Year (Jun11) TTM:

Total Receivables was kr0.09 Mil.
Revenue was 0.363 + 0.926 + 0.326 + 3.554 = kr5.17 Mil.
Gross Profit was -0.025 + 0.281 + 0.035 + 1.78 = kr2.07 Mil.
Total Current Assets was kr5.20 Mil.
Total Assets was kr33.85 Mil.
Property, Plant and Equipment(Net PPE) was kr4.56 Mil.
Depreciation, Depletion and Amortization(DDA) was kr4.69 Mil.
Selling, General, & Admin. Expense(SGA) was kr2.31 Mil.
Total Current Liabilities was kr26.25 Mil.
Long-Term Debt & Capital Lease Obligation was kr1.20 Mil.
Net Income was -2.355 + -7.112 + -2.9 + -1.789 = kr-14.16 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -1.079 + -0.591 + -1.974 + 0.115 = kr-3.53 Mil.

Total Receivables was kr1.39 Mil.
Revenue was 3.544 + 1.48 + 4.903 + 4.892 = kr14.82 Mil.
Gross Profit was 2.412 + 0.805 + 3.809 + 3.382 = kr10.41 Mil.
Total Current Assets was kr4.99 Mil.
Total Assets was kr43.09 Mil.
Property, Plant and Equipment(Net PPE) was kr4.80 Mil.
Depreciation, Depletion and Amortization(DDA) was kr10.75 Mil.
Selling, General, & Admin. Expense(SGA) was kr7.61 Mil.
Total Current Liabilities was kr14.77 Mil.
Long-Term Debt & Capital Lease Obligation was kr7.40 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)
	=	(0.088 / 5.169)	/	(1.388 / 14.819)
	=	0.017025	/	0.093664
	=	0.1818

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)
	=	(10.408 / 14.819)	/	(2.071 / 5.169)
	=	0.702342	/	0.400658
	=	1.753

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 - (5.199 + 4.556) / 33.847)	/	(1 - (4.994 + 4.795) / 43.089)
	=	0.711791	/	0.772819
	=	0.921

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
	=	5.169	/	14.819
	=	0.3488

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))
	=	(10.754 / (10.754 + 4.795))	/	(4.694 / (4.694 + 4.556))
	=	0.69162	/	0.507459
	=	1.3629

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)
	=	(2.309 / 5.169)	/	(7.612 / 14.819)
	=	0.446701	/	0.513665
	=	0.8696

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)
	=	((1.2 + 26.245) / 33.847)	/	((7.395 + 14.77) / 43.089)
	=	0.810855	/	0.5144
	=	1.5763

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
	=	(-14.156 - 0	-	-3.529)	/	33.847
	=	-0.313972

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.

Altero AB has a M-score of -5.04 suggests that the company is unlikely to be a manipulator.

Altero AB Beneish M-Score Related Terms

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Altero AB Business Description

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Address

Website

http://www.altero.com

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