Addtech AB Beneish M-Score Historical Data
The historical data trend for Addtech 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.
Addtech AB Beneish M-Score Chart
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Addtech AB Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.11 |
-2.57 |
-2.83 |
-2.22 |
-2.32 |
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Addtech AB Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.17 |
-2.32 |
-2.48 |
-2.62 |
-2.76 |
Competitive Comparison of Addtech AB's Beneish M-Score
For the Industrial Distribution subindustry, Addtech 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.
Addtech AB's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Addtech AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Addtech AB's Beneish M-Score falls into.
Addtech 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 Addtech AB 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 * 0.8905 | + | 0.528 * 0.9686 | + | 0.404 * 1.066 | + | 0.892 * 1.1179 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9941 | + | 4.679 * -0.064455 | - | 0.327 * 0.9415 |
| = | -2.75 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $327 Mil.
Revenue was 483.544 + 440.152 + 472.556 + 502.754 = $1,899 Mil.
Gross Profit was 153.155 + 138.929 + 145.88 + 152.917 = $591 Mil.
Total Current Assets was $729 Mil.
Total Assets was $1,566 Mil.
Property, Plant and Equipment(Net PPE) was $124 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $364 Mil.
Total Current Liabilities was $512 Mil.
Long-Term Debt & Capital Lease Obligation was $367 Mil.
Net Income was 37.728 + 39.153 + 35.1 + 42.19 = $154 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 72.532 + 54.399 + 50.793 + 77.413 = $255 Mil.
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Total Receivables was $328 Mil.
Revenue was 448.352 + 404.946 + 436.078 + 409.401 = $1,699 Mil.
Gross Profit was 136.346 + 119.706 + 129.548 + 126.396 = $512 Mil.
Total Current Assets was $711 Mil.
Total Assets was $1,432 Mil.
Property, Plant and Equipment(Net PPE) was $109 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $327 Mil.
Total Current Liabilities was $502 Mil.
Long-Term Debt & Capital Lease Obligation was $352 Mil.
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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) |
| = | (326.977 / 1899.006) | / | (328.483 / 1698.777) |
| = | 0.172183 | / | 0.193364 |
| | = | 0.8905 |
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) |
| = | (511.996 / 1698.777) | / | (590.881 / 1899.006) |
| = | 0.301391 | / | 0.311153 |
| | = | 0.9686 |
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 - (728.728 + 124.396) / 1566.448) | / | (1 - (711.216 + 108.884) / 1431.682) |
| = | 0.455377 | / | 0.427177 |
| | = | 1.066 |
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 |
| = | 1899.006 | / | 1698.777 |
| | = | 1.1179 |
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 / (0 + 108.884)) | / | (0 / (0 + 124.396)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (363.567 / 1899.006) | / | (327.172 / 1698.777) |
| = | 0.191451 | / | 0.192593 |
| | = | 0.9941 |
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) |
| = | ((367.142 + 511.816) / 1566.448) | / | ((351.513 + 501.734) / 1431.682) |
| = | 0.561115 | / | 0.595975 |
| | = | 0.9415 |
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 |
| = | (154.171 - 0 | - | 255.137) | / | 1566.448 |
| | = | -0.064455 |
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.
Addtech AB has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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