Ework Group AB Beneish M-Score Historical Data
The historical data trend for Ework 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.
Ework Group AB Beneish M-Score Chart
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Ework Group 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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-2.10 |
-2.83 |
-2.33 |
-2.23 |
-2.38 |
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Ework Group 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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-2.23 |
-2.33 |
-2.29 |
-2.38 |
-2.20 |
Competitive Comparison of Ework Group AB's Beneish M-Score
For the Staffing & Employment Services subindustry, Ework 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.
Ework Group AB's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Ework Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ework Group AB's Beneish M-Score falls into.
Ework 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 Ework 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 * 0.9036 | + | 0.528 * 1.032 | + | 0.404 * 1.1148 | + | 0.892 * 1.0121 | + | 0.115 * 0.8635 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.027506 | - | 0.327 * 0.9842 |
| = | -2.20 |
* 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 kr3,930 Mil.
Revenue was 4225.269 + 4657.111 + 3639.853 + 4383.89 = kr16,906 Mil.
Gross Profit was 82.036 + 193.484 + 77.558 + 81.821 = kr435 Mil.
Total Current Assets was kr3,939 Mil.
Total Assets was kr4,067 Mil.
Property, Plant and Equipment(Net PPE) was kr51 Mil.
Depreciation, Depletion and Amortization(DDA) was kr44 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr3,724 Mil.
Long-Term Debt & Capital Lease Obligation was kr23 Mil.
Net Income was 36.53 + 34.871 + 21.658 + 31.782 = kr125 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -69.176 + 52.428 + -10.722 + 40.448 = kr13 Mil.
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Total Receivables was kr4,298 Mil.
Revenue was 4558.09 + 4686.865 + 3492.277 + 3966.751 = kr16,704 Mil.
Gross Profit was 100.384 + 185.767 + 84.179 + 73.114 = kr443 Mil.
Total Current Assets was kr4,561 Mil.
Total Assets was kr4,687 Mil.
Property, Plant and Equipment(Net PPE) was kr47 Mil.
Depreciation, Depletion and Amortization(DDA) was kr31 Mil.
Selling, General, & Admin. Expense(SGA) was kr64 Mil.
Total Current Liabilities was kr4,373 Mil.
Long-Term Debt & Capital Lease Obligation was kr14 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) |
| = | (3930.401 / 16906.123) | / | (4297.536 / 16703.983) |
| = | 0.232484 | / | 0.257276 |
| | = | 0.9036 |
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) |
| = | (443.444 / 16703.983) | / | (434.899 / 16906.123) |
| = | 0.026547 | / | 0.025724 |
| | = | 1.032 |
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 - (3938.964 + 50.925) / 4066.804) | / | (1 - (4560.59 + 46.72) / 4686.822) |
| = | 0.018913 | / | 0.016965 |
| | = | 1.1148 |
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 |
| = | 16906.123 | / | 16703.983 |
| | = | 1.0121 |
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)) |
| = | (30.865 / (30.865 + 46.72)) | / | (43.509 / (43.509 + 50.925)) |
| = | 0.397822 | / | 0.460734 |
| | = | 0.8635 |
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 / 16906.123) | / | (63.939 / 16703.983) |
| = | 0 | / | 0.003828 |
| | = | 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) |
| = | ((23.05 + 3723.652) / 4066.804) | / | ((13.935 + 4373.247) / 4686.822) |
| = | 0.921289 | / | 0.936068 |
| | = | 0.9842 |
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 |
| = | (124.841 - 0 | - | 12.978) | / | 4066.804 |
| | = | 0.027506 |
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.
Ework Group AB has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
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