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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 -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Autoliv's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Autoliv was -2.31. The lowest was -3.19. And the median was -2.66.
The historical data trend for Autoliv'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.
Autoliv Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.54 | -2.72 | -2.72 | -2.37 | -2.69 |
Autoliv 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 | -2.35 | -2.64 | -2.65 | -2.69 | -2.83 |
For the Auto Parts subindustry, Autoliv'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.
For the Vehicles & Parts industry and Consumer Cyclical sector, Autoliv's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Autoliv's Beneish M-Score falls into.
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 Autoliv 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 * 0.9082 | + | 0.528 * 0.9065 | + | 0.404 * 1.0008 | + | 0.892 * 1.1505 | + | 0.115 * 1.0072 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9556 | + | 4.679 * -0.073642 | - | 0.327 * 1.0516 | |||||||
= | -2.83 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $2,374 Mil. Revenue was 2615 + 2751 + 2596 + 2635 = $10,597 Mil. Gross Profit was 443 + 531 + 465 + 447 = $1,886 Mil. Total Current Assets was $4,011 Mil. Total Assets was $8,324 Mil. Property, Plant and Equipment(Net PPE) was $2,369 Mil. Depreciation, Depletion and Amortization(DDA) was $382 Mil. Selling, General, & Admin. Expense(SGA) was $498 Mil. Total Current Liabilities was $3,658 Mil. Long-Term Debt & Capital Lease Obligation was $1,964 Mil. Net Income was 126 + 227 + 134 + 53 = $540 Mil. Non Operating Income was 1 + 4 + -10 + 8 = $3 Mil. Cash Flow from Operations was 122 + 447 + 201 + 380 = $1,150 Mil. |
Total Receivables was $2,272 Mil. Revenue was 2493 + 2335 + 2302 + 2081 = $9,211 Mil. Gross Profit was 379 + 398 + 383 + 326 = $1,486 Mil. Total Current Assets was $4,061 Mil. Total Assets was $8,185 Mil. Property, Plant and Equipment(Net PPE) was $2,214 Mil. Depreciation, Depletion and Amortization(DDA) was $360 Mil. Selling, General, & Admin. Expense(SGA) was $453 Mil. Total Current Liabilities was $3,529 Mil. Long-Term Debt & Capital Lease Obligation was $1,728 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) |
= | (2374 / 10597) | / | (2272 / 9211) | |
= | 0.224026 | / | 0.246662 | |
= | 0.9082 |
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) | |
= | (1486 / 9211) | / | (1886 / 10597) | |
= | 0.161329 | / | 0.177975 | |
= | 0.9065 |
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 - (4011 + 2369) / 8324) | / | (1 - (4061 + 2214) / 8185) | |
= | 0.233542 | / | 0.233354 | |
= | 1.0008 |
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 | |
= | 10597 | / | 9211 | |
= | 1.1505 |
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)) |
= | (360 / (360 + 2214)) | / | (382 / (382 + 2369)) | |
= | 0.13986 | / | 0.138859 | |
= | 1.0072 |
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) |
= | (498 / 10597) | / | (453 / 9211) | |
= | 0.046994 | / | 0.04918 | |
= | 0.9556 |
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) |
= | ((1964 + 3658) / 8324) | / | ((1728 + 3529) / 8185) | |
= | 0.675396 | / | 0.642272 | |
= | 1.0516 |
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 | |
= | (540 - 3 | - | 1150) | / | 8324 | |
= | -0.073642 |
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.
Autoliv has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Autoliv's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Leif Johansson | director | C/O AB VOLVO, SE 4050B, GOTEBORG, SWEDEN V7 4050B |
Jan Carlson | director, officer: President and CEO | C/O AUTOLIV, INC., KLARABERGSVIADUKTEN 70, SECTION B7, STOCKHOLM V7 SE-111 64 |
Fredrik Westin | officer: See Remarks | C/O AUTOLIV, INC. KLABERGSVIADUKTEN 70, SECTION B7, STOCKHOLM V7 11 64 |
Frithjof Oldorff | officer: President, Autoliv Europe | 21680 HAGGERTY ROAD, SUITE 101, NORTHVILLE MI 48167 |
Christian Swahn | officer: EVP, Supply Chain Management | C/O AUTOLIV, INC. KLARABERGSVIADUKTEN 70, SECTION B7, STOCKHOLM V7 111 64 |
Mikael Bratt | officer: President, Passive Safety | C/O AUTOLIV, INC., KLARABERGSVIADUKTEN 70, SECTION B7, STOCKHOLM V7 SE-111 64 |
Magnus Jarlegren | officer: EVP, Operations | C/O AUTOLIV, INC.,KLARABERGSVIADUKTEN 70, SECTION B7, STOCKHOLM V7 111 64 |
Jordi Lombarte | officer: Chief Technology Officer | C/O AUTOLIV, INC., BOX 70381, STOCKHOLM V7 SE 107 24 |
Naughton Colin | officer: President, Asia | C/O AUTOLIV, INC. KLARABERGSVIADUKTEN 70, STOCKHOLM V7 11164 |
Per Jonas Jademyr | officer: See Remarks | C/O AUTOLIV, INC. KLARABERGSVIADUKTEN 70, STOCKHOLM V7 11164 |
Svante Mogefors | officer: Group VP, Quality | C/O AUTOLIV, INC., KLARABERGSVIADUKTEN 70, SECTION B7, STOCKHOLM V7 SE-111 64 |
Cevian Capital Ii Gp Ltd | 10 percent owner | C/O HIGHVERN FUND ADMINISTRATORS LIMITED, WHITELEY CHAMBERS, DON STREET, St. Helier Y9 JE2 4TR |
Gustav Lundgren | director | RINGVAGEN 32, LIDINGO V7 181 51 |
Sng Yih | officer: President, Autoliv China | C/O AUTOLIV, INC. KLARABERGSVIADUKTEN 70, STOCKHOLM V7 11164 |
Martin Lundstedt | director | NORRSKOGSGATAN 14, STOCKHOLM V7 11264 |
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