Tendo AB (XSAT:TENDO) Beneish M-Score : 30.08 (As of May. 11, 2024)

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What is Tendo 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.

Warning Sign:

Beneish M-Score 30.08 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XSAT:TENDO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.53 Med: 13.78 Max: 30.08
Current: 30.08

During the past 4 years, the highest Beneish M-Score of Tendo AB was 30.08. The lowest was -2.53. And the median was 13.78.

Tendo AB Beneish M-Score Historical Data

The historical data trend for Tendo 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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Tendo AB Beneish M-Score Chart

Tendo AB Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.53

30.08

Tendo AB Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial								-2.53	-3.53	25.03	14.11	30.08

Competitive Comparison of Tendo AB's Beneish M-Score

For the Medical Devices subindustry, Tendo 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.

Tendo AB's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Tendo AB's Beneish M-Score distribution charts can be found below:

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

Tendo 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 Tendo 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 * 0.0219

0.528 * 25.7044

0.404 * 1.7575

0.892 * 24.8571

0.115 * 1.0164

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.220187

0.327 * 1.9613

30.08

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was kr0.42 Mil.
Revenue was 0 + 0 + 0.174 + 0 = kr0.17 Mil.
Gross Profit was 0.77 + 0.264 + 1.562 + 2.509 = kr5.11 Mil.
Total Current Assets was kr1.47 Mil.
Total Assets was kr12.72 Mil.
Property, Plant and Equipment(Net PPE) was kr0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1.22 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr3.05 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was -2.763 + -1.999 + -2.088 + -1.206 = kr-8.06 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -1.363 + -0.769 + -1.657 + -1.466 = kr-5.26 Mil.

Total Receivables was kr0.77 Mil.
Revenue was 0 + 0.004 + 0 + 0.003 = kr0.01 Mil.
Gross Profit was 2.516 + 1.815 + 0.816 + 0.132 = kr5.28 Mil.
Total Current Assets was kr7.44 Mil.
Total Assets was kr14.94 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.07 Mil.
Selling, General, & Admin. Expense(SGA) was kr7.47 Mil.
Total Current Liabilities was kr1.83 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
	=	(0.418 / 0.174)	/	(0.769 / 0.007)
	=	2.402299	/	109.857143
	=	0.0219

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)
	=	(5.279 / 0.007)	/	(5.105 / 0.174)
	=	754.142857	/	29.33908
	=	25.7044

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 - (1.473 + 0.02) / 12.721)	/	(1 - (7.439 + 0) / 14.944)
	=	0.882635	/	0.502208
	=	1.7575

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
	=	0.174	/	0.007
	=	24.8571

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))
	=	(0.069 / (0.069 + 0))	/	(1.218 / (1.218 + 0.02))
	=	1	/	0.983845
	=	1.0164

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)
	=	(0 / 0.174)	/	(7.47 / 0.007)
	=	0	/	1067.142857
	=	0

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 + 3.052) / 12.721)	/	((0 + 1.828) / 14.944)
	=	0.239918	/	0.122323
	=	1.9613

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
	=	(-8.056 - 0	-	-5.255)	/	12.721
	=	-0.220187

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.

Tendo AB has a M-score of 30.08 signals that the company is likely to be a manipulator.

Tendo AB Beneish M-Score Related Terms

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Tendo AB (XSAT:TENDO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Tendo AB (XSAT:TENDO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

7ZO:Germany

Address

Scheelevagen 15, Lund, SWE, 22363

Website

https://www.tendoforpeople.se

Tendo AB is a medical technology company that develops robotic medical devices. It is in the process of developing the product Tendo OneGrip, a glove with a so-called integrated exoskeleton, which assists people with limited hand function as a result of a spinal cord injury.

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