Arise AB Beneish M-Score Historical Data
The historical data trend for Arise 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.
Arise AB Beneish M-Score Chart
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Arise AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-4.47 |
-3.67 |
2.75 |
-0.70 |
-0.75 |
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Arise AB Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.35 |
-0.08 |
-2.68 |
-0.75 |
-3.86 |
Competitive Comparison of Arise AB's Beneish M-Score
For the Utilities - Renewable subindustry, Arise 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.
Arise AB's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Arise AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arise AB's Beneish M-Score falls into.
Arise 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 Arise 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 | + | 0.528 * 0.9471 | + | 0.404 * 0.8871 | + | 0.892 * 0.4294 | + | 0.115 * 1.7047 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.028247 | - | 0.327 * 0.9977 |
| = | -3.86 |
* 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 kr0.0 Mil.
Revenue was 112 + 190 + 96 + 110 = kr508.0 Mil.
Gross Profit was 116 + 144 + 99 + 113 = kr472.0 Mil.
Total Current Assets was kr1,354.0 Mil.
Total Assets was kr3,965.0 Mil.
Property, Plant and Equipment(Net PPE) was kr2,317.0 Mil.
Depreciation, Depletion and Amortization(DDA) was kr66.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.0 Mil.
Total Current Liabilities was kr214.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,218.0 Mil.
Net Income was 49 + 77 + 35 + 36 = kr197.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 117 + 179 + -47 + 60 = kr309.0 Mil.
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Total Receivables was kr309.0 Mil.
Revenue was 107 + 106 + 917 + 53 = kr1,183.0 Mil.
Gross Profit was 108 + 97 + 781 + 55 = kr1,041.0 Mil.
Total Current Assets was kr1,488.0 Mil.
Total Assets was kr2,967.0 Mil.
Property, Plant and Equipment(Net PPE) was kr1,231.0 Mil.
Depreciation, Depletion and Amortization(DDA) was kr61.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr21.0 Mil.
Total Current Liabilities was kr75.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr999.0 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) |
| = | (0 / 508) | / | (309 / 1183) |
| = | 0 | / | 0.2612 |
| | = | 0 |
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) |
| = | (1041 / 1183) | / | (472 / 508) |
| = | 0.879966 | / | 0.929134 |
| | = | 0.9471 |
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 - (1354 + 2317) / 3965) | / | (1 - (1488 + 1231) / 2967) |
| = | 0.074149 | / | 0.083586 |
| | = | 0.8871 |
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 |
| = | 508 | / | 1183 |
| | = | 0.4294 |
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)) |
| = | (61 / (61 + 1231)) | / | (66 / (66 + 2317)) |
| = | 0.047214 | / | 0.027696 |
| | = | 1.7047 |
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 / 508) | / | (21 / 1183) |
| = | 0 | / | 0.017751 |
| | = | 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) |
| = | ((1218 + 214) / 3965) | / | ((999 + 75) / 2967) |
| = | 0.36116 | / | 0.361982 |
| | = | 0.9977 |
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 |
| = | (197 - 0 | - | 309) | / | 3965 |
| | = | -0.028247 |
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.
Arise AB has a M-score of -3.86 suggests that the company is unlikely to be a manipulator.
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