Adtraction Group AB Beneish M-Score Historical Data
The historical data trend for Adtraction Group 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.
Adtraction Group AB Beneish M-Score Chart
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Adtraction Group AB Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.45 |
-1.66 |
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Adtraction Group AB Quarterly Data
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Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.48 |
-1.56 |
-1.69 |
-1.66 |
-2.70 |
Competitive Comparison of Adtraction Group AB's Beneish M-Score
For the Advertising Agencies subindustry, Adtraction Group 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.
Adtraction Group AB's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Adtraction Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Adtraction Group AB's Beneish M-Score falls into.
Adtraction Group 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 Adtraction Group 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 * 0.7509 | + | 0.528 * 0.9583 | + | 0.404 * 0.9253 | + | 0.892 * 1.3206 | + | 0.115 * 0.9888 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.095183 | - | 0.327 * 0.8467 |
| = | -2.70 |
* 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 kr191 Mil.
Revenue was 289.822 + 375.158 + 353.693 + 323.526 = kr1,342 Mil.
Gross Profit was 58.068 + 72.693 + 67.642 + 60.763 = kr259 Mil.
Total Current Assets was kr313 Mil.
Total Assets was kr573 Mil.
Property, Plant and Equipment(Net PPE) was kr1 Mil.
Depreciation, Depletion and Amortization(DDA) was kr72 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr221 Mil.
Long-Term Debt & Capital Lease Obligation was kr0 Mil.
Net Income was 0.354 + 5.053 + 2.652 + -4.421 = kr4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 2.67 + 34.351 + 11.189 + 10 = kr58 Mil.
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Total Receivables was kr193 Mil.
Revenue was 291.944 + 265.994 + 240.593 + 217.786 = kr1,016 Mil.
Gross Profit was 53.472 + 51.418 + 43.308 + 39.865 = kr188 Mil.
Total Current Assets was kr328 Mil.
Total Assets was kr644 Mil.
Property, Plant and Equipment(Net PPE) was kr1 Mil.
Depreciation, Depletion and Amortization(DDA) was kr25 Mil.
Selling, General, & Admin. Expense(SGA) was kr8 Mil.
Total Current Liabilities was kr293 Mil.
Long-Term Debt & Capital Lease Obligation was kr0 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) |
| = | (190.945 / 1342.199) | / | (192.556 / 1016.317) |
| = | 0.142263 | / | 0.189465 |
| | = | 0.7509 |
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) |
| = | (188.063 / 1016.317) | / | (259.166 / 1342.199) |
| = | 0.185044 | / | 0.193091 |
| | = | 0.9583 |
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 - (312.554 + 0.773) / 573.337) | / | (1 - (327.906 + 0.554) / 644.181) |
| = | 0.453503 | / | 0.490112 |
| | = | 0.9253 |
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 |
| = | 1342.199 | / | 1016.317 |
| | = | 1.3206 |
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)) |
| = | (25.011 / (25.011 + 0.554)) | / | (72.427 / (72.427 + 0.773)) |
| = | 0.97833 | / | 0.98944 |
| | = | 0.9888 |
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 / 1342.199) | / | (7.651 / 1016.317) |
| = | 0 | / | 0.007528 |
| | = | 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 + 220.692) / 573.337) | / | ((0 + 292.856) / 644.181) |
| = | 0.384925 | / | 0.454618 |
| | = | 0.8467 |
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 |
| = | (3.638 - 0 | - | 58.21) | / | 573.337 |
| | = | -0.095183 |
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.
Adtraction Group AB has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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