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Hoegh Autoliners ASA (OSL:HAUTO) Beneish M-Score : -2.74 (As of Jun. 03, 2024)


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What is Hoegh Autoliners ASA 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:HAUTO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12   Med: -2.79   Max: -2.4
Current: -2.74

During the past 6 years, the highest Beneish M-Score of Hoegh Autoliners ASA was -2.40. The lowest was -3.12. And the median was -2.79.


Hoegh Autoliners ASA Beneish M-Score Historical Data

The historical data trend for Hoegh Autoliners ASA'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.

Hoegh Autoliners ASA Beneish M-Score Chart

Hoegh Autoliners ASA Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - - - -2.90 -3.07

Hoegh Autoliners ASA Quarterly Data
Dec18 Dec19 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.73 -2.79 -3.12 -3.07 -2.74

Competitive Comparison of Hoegh Autoliners ASA's Beneish M-Score

For the Marine Shipping subindustry, Hoegh Autoliners ASA'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.


Hoegh Autoliners ASA's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Hoegh Autoliners ASA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hoegh Autoliners ASA's Beneish M-Score falls into.



Hoegh Autoliners ASA 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 Hoegh Autoliners ASA 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 * 1.2608+0.528 * 0.7005+0.404 * 0.9287+0.892 * 1.1031+0.115 * 1.0777
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2269+4.679 * -0.079536-0.327 * 1.0217
=-2.74

* 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 kr1,320 Mil.
Revenue was 3482.764 + 4028.858 + 3804.126 + 3841.424 = kr15,157 Mil.
Gross Profit was 1428.962 + 1794.959 + 1635.935 + 1604.118 = kr6,464 Mil.
Total Current Assets was kr3,991 Mil.
Total Assets was kr20,008 Mil.
Property, Plant and Equipment(Net PPE) was kr15,940 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,509 Mil.
Selling, General, & Admin. Expense(SGA) was kr86 Mil.
Total Current Liabilities was kr3,052 Mil.
Long-Term Debt & Capital Lease Obligation was kr4,167 Mil.
Net Income was 1221.516 + 2082.03 + 1524.795 + 1434.399 = kr6,263 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1749.468 + 2139.682 + 2150.989 + 1813.957 = kr7,854 Mil.
Total Receivables was kr949 Mil.
Revenue was 3724.832 + 3520.141 + 3390.89 + 3104.499 = kr13,740 Mil.
Gross Profit was 1450.445 + 1211.033 + 838.045 + 605.368 = kr4,105 Mil.
Total Current Assets was kr4,023 Mil.
Total Assets was kr19,184 Mil.
Property, Plant and Equipment(Net PPE) was kr15,081 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,550 Mil.
Selling, General, & Admin. Expense(SGA) was kr63 Mil.
Total Current Liabilities was kr2,437 Mil.
Long-Term Debt & Capital Lease Obligation was kr4,337 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)
=(1319.721 / 15157.172) / (948.918 / 13740.362)
=0.087069 / 0.069061
=1.2608

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)
=(4104.891 / 13740.362) / (6463.974 / 15157.172)
=0.298747 / 0.426463
=0.7005

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 - (3991.168 + 15940.117) / 20008.117) / (1 - (4023.044 + 15081.474) / 19183.847)
=0.00384 / 0.004135
=0.9287

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
=15157.172 / 13740.362
=1.1031

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))
=(1550.233 / (1550.233 + 15081.474)) / (1509.217 / (1509.217 + 15940.117))
=0.093209 / 0.086491
=1.0777

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)
=(85.888 / 15157.172) / (63.456 / 13740.362)
=0.005666 / 0.004618
=1.2269

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)
=((4166.639 + 3051.87) / 20008.117) / ((4336.843 + 2437.385) / 19183.847)
=0.360779 / 0.353121
=1.0217

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
=(6262.74 - 0 - 7854.096) / 20008.117
=-0.079536

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.

Hoegh Autoliners ASA has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.


Hoegh Autoliners ASA Beneish M-Score Related Terms

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Hoegh Autoliners ASA (OSL:HAUTO) Business Description

Traded in Other Exchanges
Address
Drammensveien 134, Oslo, NOR, N-0277
Hoegh Autoliners ASA is a provider of transportation services within the Roll-on Roll-off (RoRo) segment. The company's fleet of Pure Car and Truck Carriers sailing in trade systems combined with its local presence enable the company to cater for the specific needs of its customer. It offers deep sea transportation of RoRo cargo such as cars, high and heavy machinery and breakbulk. The company also offers tailor made logistics solutions through Autotrans Logistics, saving cost and time in their supply chain. The Group has two operating segments, Shipping services and Logistics services.

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