Stenocare A/S (XSAT:STENO) Beneish M-Score : -3.45 (As of May. 11, 2024)

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What is Stenocare A/S 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 -3.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Stenocare A/S's Beneish M-Score or its related term are showing as below:

XSAT:STENO' s Beneish M-Score Range Over the Past 10 Years
Min: -6.67 Med: 0.83 Max: 80.83
Current: -3.45

During the past 6 years, the highest Beneish M-Score of Stenocare A/S was 80.83. The lowest was -6.67. And the median was 0.83.

Stenocare A/S Beneish M-Score Historical Data

The historical data trend for Stenocare A/S'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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Stenocare A/S Beneish M-Score Chart

Stenocare A/S Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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1.06

-4.98

Stenocare A/S Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.84	3.30	0.83	-4.98	-3.45

Competitive Comparison of Stenocare A/S's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Stenocare A/S'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.

Stenocare A/S's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Stenocare A/S's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Stenocare A/S's Beneish M-Score falls into.

Stenocare A/S 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 Stenocare A/S 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 * 3.0867

0.528 * -1.4759

0.404 * 1.0411

0.892 * 0.9323

0.115 * 0.876

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5593

4.679 * -0.181591

0.327 * 0.6898

-2.60

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was kr2.07 Mil.
Revenue was 1.154 + 1.024 + 0.203 + 1.723 = kr4.10 Mil.
Gross Profit was 1.154 + 1.024 + 0.203 + 1.723 = kr4.10 Mil.
Total Current Assets was kr8.34 Mil.
Total Assets was kr30.75 Mil.
Property, Plant and Equipment(Net PPE) was kr21.92 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3.39 Mil.
Selling, General, & Admin. Expense(SGA) was kr2.60 Mil.
Total Current Liabilities was kr7.78 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.83 Mil.
Net Income was -3.702 + -4.249 + -5.106 + -3.752 = kr-16.81 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -3.439 + -1.872 + -1.635 + -4.28 = kr-11.23 Mil.

Total Receivables was kr0.72 Mil.
Revenue was 0.808 + 2.846 + 0.293 + 0.455 = kr4.40 Mil.
Gross Profit was 0.808 + -8.053 + 0.293 + 0.455 = kr-6.50 Mil.
Total Current Assets was kr7.51 Mil.
Total Assets was kr33.15 Mil.
Property, Plant and Equipment(Net PPE) was kr25.14 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3.34 Mil.
Selling, General, & Admin. Expense(SGA) was kr4.99 Mil.
Total Current Liabilities was kr8.32 Mil.
Long-Term Debt & Capital Lease Obligation was kr5.12 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)
	=	(2.072 / 4.104)	/	(0.72 / 4.402)
	=	0.504873	/	0.163562
	=	3.0867

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)
	=	(-6.497 / 4.402)	/	(4.104 / 4.104)
	=	-1.47592	/	1
	=	-1.4759

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 - (8.343 + 21.924) / 30.745)	/	(1 - (7.514 + 25.139) / 33.148)
	=	0.015547	/	0.014933
	=	1.0411

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
	=	4.104	/	4.402
	=	0.9323

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))
	=	(3.343 / (3.343 + 25.139))	/	(3.392 / (3.392 + 21.924))
	=	0.117372	/	0.133986
	=	0.876

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)
	=	(2.6 / 4.104)	/	(4.986 / 4.402)
	=	0.633528	/	1.132667
	=	0.5593

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)
	=	((0.826 + 7.775) / 30.745)	/	((5.123 + 8.321) / 33.148)
	=	0.279753	/	0.405575
	=	0.6898

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
	=	(-16.809 - 0	-	-11.226)	/	30.745
	=	-0.181591

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.

Stenocare A/S has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.

Stenocare A/S Beneish M-Score Related Terms

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Stenocare A/S (XSAT:STENO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Stenocare A/S (XSAT:STENO) » Definitions » Beneish M-Score

Traded in Other Exchanges

STENO:Denmark S7C:Germany

Address

Nyholmsvej 4, Randers NØ, DNK, 8930

Website

https://www.stenocare.com

Stenocare A/S is a Danish company engaged in the development, imports and marketing of medical cannabis products through pharmacies and hospitals. The Company's business operations include the distribution and sales of imported products to several markets which also includes local cultivation and production of its medical cannabis products. Stenocare is well positioned to become a market leader in Denmark and a vendor in Europe. The Company is a supplier of medical cannabis oil for patients in Denmark, Sweden, UK, Australia and Norway. It has an indoor production facility for the cultivation and production of medical cannabis at Randers, Denmark. The company's product offering includes medical cannabis oil like CBD DROPS STENOCARE, 1: 1 DROPS STENOCARE, and THC DROPS STENOCARE.

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