WilLak AB (NGM:WIL) Beneish M-Score : -3.70 (As of May. 25, 2024)

View and export this data going back to 2016. Start your Free Trial

What is WilLak 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.

Good Sign:

Beneish M-Score -3.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGM:WIL' s Beneish M-Score Range Over the Past 10 Years
Min: -5.13 Med: -3.7 Max: 403.82
Current: -3.7

During the past 9 years, the highest Beneish M-Score of WilLak AB was 403.82. The lowest was -5.13. And the median was -3.70.

WilLak AB Beneish M-Score Historical Data

The historical data trend for WilLak 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.

* Premium members only.

WilLak AB Beneish M-Score Chart

WilLak AB Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

Get a 7-Day Free Trial

-4.03

-1.83

-5.13

0.62

-3.70

WilLak AB Semi-Annual Data
	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23
Beneish M-Score	Get a 7-Day Free Trial												-	0.62	-	-3.70	-

Competitive Comparison of WilLak AB's Beneish M-Score

For the Building Products & Equipment subindustry, WilLak 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.

WilLak AB's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, WilLak AB's Beneish M-Score distribution charts can be found below:

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

WilLak 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 WilLak 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 * 0.3361

0.528 * 0.837

0.404 * 4.0271

0.892 * 0.8093

0.115 * 0.805

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.396305

0.327 * 0.616

-3.70

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was kr0.29 Mil.
Revenue was kr2.87 Mil.
Gross Profit was kr5.88 Mil.
Total Current Assets was kr0.68 Mil.
Total Assets was kr19.92 Mil.
Property, Plant and Equipment(Net PPE) was kr19.17 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2.78 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr10.19 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was kr-7.58 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr0.31 Mil.

Total Receivables was kr1.08 Mil.
Revenue was kr3.55 Mil.
Gross Profit was kr6.08 Mil.
Total Current Assets was kr1.73 Mil.
Total Assets was kr23.72 Mil.
Property, Plant and Equipment(Net PPE) was kr21.97 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2.49 Mil.
Selling, General, & Admin. Expense(SGA) was kr3.13 Mil.
Total Current Liabilities was kr19.69 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)
	=	(0.293 / 2.874)	/	(1.077 / 3.551)
	=	0.101949	/	0.303295
	=	0.3361

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)
	=	(6.081 / 3.551)	/	(5.88 / 2.874)
	=	1.712475	/	2.045929
	=	0.837

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 - (0.676 + 19.172) / 19.919)	/	(1 - (1.726 + 21.969) / 23.716)
	=	0.003564	/	0.000885
	=	4.0271

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
	=	2.874	/	3.551
	=	0.8093

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))
	=	(2.493 / (2.493 + 21.969))	/	(2.779 / (2.779 + 19.172))
	=	0.101913	/	0.1266
	=	0.805

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 / 2.874)	/	(3.129 / 3.551)
	=	0	/	0.88116
	=	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 + 10.187) / 19.919)	/	((0 + 19.691) / 23.716)
	=	0.511421	/	0.830283
	=	0.616

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
	=	(-7.583 - 0	-	0.311)	/	19.919
	=	-0.396305

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.

WilLak AB has a M-score of -3.70 suggests that the company is unlikely to be a manipulator.

WilLak AB Beneish M-Score Related Terms

Thank you for viewing the detailed overview of WilLak AB's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

WilLak AB (NGM:WIL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » WilLak AB (NGM:WIL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Northern Oskarsgatan 34, Linkoping, SWE, 582 73

Website

http://www.willak.se

WilLak AB provides smart building systems to construction companies in apartment buildings. It offers products including steel columns, building systems, curtain wall with wood or steel studs, fire insulation for steel columns and multi-storey structures.