Intrum AB Beneish M-Score Historical Data
The historical data trend for Intrum 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.
Intrum AB Beneish M-Score Chart
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Intrum 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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-2.04 |
-3.20 |
-2.58 |
-3.11 |
-2.79 |
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Intrum 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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-3.09 |
-3.04 |
-3.01 |
-2.79 |
-2.64 |
Competitive Comparison of Intrum AB's Beneish M-Score
For the Credit Services subindustry, Intrum 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.
Intrum AB's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Intrum AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intrum AB's Beneish M-Score falls into.
Intrum 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 Intrum 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 * 0.9598 | + | 0.528 * 1.015 | + | 0.404 * 0.8505 | + | 0.892 * 1.1098 | + | 0.115 * 1.219 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.1918 | + | 4.679 * -0.068494 | - | 0.327 * 1.0315 |
| = | -2.64 |
* 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 kr4,185 Mil.
Revenue was 4260 + 3354 + 4908 + 4952 = kr17,474 Mil.
Gross Profit was 1957 + 673 + 2411 + 1912 = kr6,953 Mil.
Total Current Assets was kr21,958 Mil.
Total Assets was kr91,994 Mil.
Property, Plant and Equipment(Net PPE) was kr888 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,552 Mil.
Selling, General, & Admin. Expense(SGA) was kr586 Mil.
Total Current Liabilities was kr17,395 Mil.
Long-Term Debt & Capital Lease Obligation was kr52,877 Mil.
Net Income was -238 + 187 + -411 + 14 = kr-448 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1146 + 1300 + 1344 + 2063 = kr5,853 Mil.
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Total Receivables was kr3,929 Mil.
Revenue was 3748 + 2709 + 4455 + 4833 = kr15,745 Mil.
Gross Profit was 1842 + 360 + 2035 + 2122 = kr6,359 Mil.
Total Current Assets was kr9,402 Mil.
Total Assets was kr88,736 Mil.
Property, Plant and Equipment(Net PPE) was kr912 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3,148 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,753 Mil.
Total Current Liabilities was kr13,608 Mil.
Long-Term Debt & Capital Lease Obligation was kr52,107 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) |
| = | (4185 / 17474) | / | (3929 / 15745) |
| = | 0.239499 | / | 0.24954 |
| | = | 0.9598 |
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) |
| = | (6359 / 15745) | / | (6953 / 17474) |
| = | 0.403874 | / | 0.397905 |
| | = | 1.015 |
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 - (21958 + 888) / 91994) | / | (1 - (9402 + 912) / 88736) |
| = | 0.751658 | / | 0.883768 |
| | = | 0.8505 |
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 |
| = | 17474 | / | 15745 |
| | = | 1.1098 |
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)) |
| = | (3148 / (3148 + 912)) | / | (1552 / (1552 + 888)) |
| = | 0.775369 | / | 0.636066 |
| | = | 1.219 |
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) |
| = | (586 / 17474) | / | (2753 / 15745) |
| = | 0.033536 | / | 0.174849 |
| | = | 0.1918 |
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) |
| = | ((52877 + 17395) / 91994) | / | ((52107 + 13608) / 88736) |
| = | 0.763876 | / | 0.740568 |
| | = | 1.0315 |
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 |
| = | (-448 - 0 | - | 5853) | / | 91994 |
| | = | -0.068494 |
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.
Intrum AB has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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