DSV AS Beneish M-Score Historical Data
The historical data trend for DSV AS'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.
DSV AS Beneish M-Score Chart
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DSV AS Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.98 |
-2.57 |
-1.80 |
-2.80 |
-2.66 |
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DSV AS 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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-3.01 |
-3.07 |
-3.02 |
-2.66 |
-2.24 |
Competitive Comparison of DSV AS's Beneish M-Score
For the Integrated Freight & Logistics subindustry, DSV AS'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.
DSV AS's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, DSV AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DSV AS's Beneish M-Score falls into.
DSV AS 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 DSV AS 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 * 1.3859 | + | 0.528 * 0.8169 | + | 0.404 * 1.0177 | + | 0.892 * 0.6876 | + | 0.115 * 1.8912 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.004387 | - | 0.327 * 1.0087 |
| = | -2.24 |
* 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 kr34,792 Mil.
Revenue was 38340 + 36528 + 35576 + 37727 = kr148,171 Mil.
Gross Profit was 8874 + 14361 + 9321 + 10014 = kr42,570 Mil.
Total Current Assets was kr46,410 Mil.
Total Assets was kr152,023 Mil.
Property, Plant and Equipment(Net PPE) was kr22,856 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2,645 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr41,819 Mil.
Long-Term Debt & Capital Lease Obligation was kr35,599 Mil.
Net Income was 2377 + 2909 + 2778 + 3362 = kr11,426 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1756 + 1959 + 3750 + 4628 = kr12,093 Mil.
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Total Receivables was kr36,511 Mil.
Revenue was 40954 + 51231 + 60560 + 62749 = kr215,494 Mil.
Gross Profit was 10122 + 15352 + 12270 + 12830 = kr50,574 Mil.
Total Current Assets was kr50,840 Mil.
Total Assets was kr154,772 Mil.
Property, Plant and Equipment(Net PPE) was kr21,145 Mil.
Depreciation, Depletion and Amortization(DDA) was kr5,160 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,338 Mil.
Total Current Liabilities was kr43,470 Mil.
Long-Term Debt & Capital Lease Obligation was kr34,669 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) |
| = | (34792 / 148171) | / | (36511 / 215494) |
| = | 0.23481 | / | 0.169429 |
| | = | 1.3859 |
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) |
| = | (50574 / 215494) | / | (42570 / 148171) |
| = | 0.234689 | / | 0.287303 |
| | = | 0.8169 |
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 - (46410 + 22856) / 152023) | / | (1 - (50840 + 21145) / 154772) |
| = | 0.544372 | / | 0.534896 |
| | = | 1.0177 |
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 |
| = | 148171 | / | 215494 |
| | = | 0.6876 |
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)) |
| = | (5160 / (5160 + 21145)) | / | (2645 / (2645 + 22856)) |
| = | 0.19616 | / | 0.103721 |
| | = | 1.8912 |
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 / 148171) | / | (1338 / 215494) |
| = | 0 | / | 0.006209 |
| | = | 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) |
| = | ((35599 + 41819) / 152023) | / | ((34669 + 43470) / 154772) |
| = | 0.509252 | / | 0.504865 |
| | = | 1.0087 |
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 |
| = | (11426 - 0 | - | 12093) | / | 152023 |
| | = | -0.004387 |
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.
DSV AS has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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