Mildef Group AB Beneish M-Score Historical Data
The historical data trend for Mildef 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.
Mildef Group AB Beneish M-Score Chart
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Mildef Group AB Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
0.91 |
-1.60 |
-2.24 |
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Mildef Group AB Quarterly Data
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Dec18 |
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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-1.26 |
-1.40 |
-1.81 |
-2.24 |
-2.55 |
Competitive Comparison of Mildef Group AB's Beneish M-Score
For the Aerospace & Defense subindustry, Mildef 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.
Mildef Group AB's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Mildef Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mildef Group AB's Beneish M-Score falls into.
Mildef 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 Mildef 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 * 0.7792 | + | 0.528 * 0.9569 | + | 0.404 * 0.9121 | + | 0.892 * 1.249 | + | 0.115 * 0.6949 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9936 | + | 4.679 * 0.002635 | - | 0.327 * 1.035 |
| = | -2.55 |
* 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 kr276 Mil.
Revenue was 231.9 + 352.8 + 226.5 + 288.8 = kr1,100 Mil.
Gross Profit was 112.3 + 170 + 113.3 + 144.8 = kr540 Mil.
Total Current Assets was kr705 Mil.
Total Assets was kr1,480 Mil.
Property, Plant and Equipment(Net PPE) was kr120 Mil.
Depreciation, Depletion and Amortization(DDA) was kr63 Mil.
Selling, General, & Admin. Expense(SGA) was kr377 Mil.
Total Current Liabilities was kr406 Mil.
Long-Term Debt & Capital Lease Obligation was kr200 Mil.
Net Income was -11.4 + 25.6 + 5.8 + 21.3 = kr41 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 23.4 + 36.1 + -30.6 + 8.5 = kr37 Mil.
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Total Receivables was kr283 Mil.
Revenue was 283.2 + 315.3 + 163.7 + 118.5 = kr881 Mil.
Gross Profit was 128.2 + 144.5 + 83.3 + 58 = kr414 Mil.
Total Current Assets was kr595 Mil.
Total Assets was kr1,384 Mil.
Property, Plant and Equipment(Net PPE) was kr118 Mil.
Depreciation, Depletion and Amortization(DDA) was kr37 Mil.
Selling, General, & Admin. Expense(SGA) was kr304 Mil.
Total Current Liabilities was kr316 Mil.
Long-Term Debt & Capital Lease Obligation was kr231 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) |
| = | (275.8 / 1100) | / | (283.4 / 880.7) |
| = | 0.250727 | / | 0.321789 |
| | = | 0.7792 |
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) |
| = | (414 / 880.7) | / | (540.4 / 1100) |
| = | 0.470081 | / | 0.491273 |
| | = | 0.9569 |
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 - (705.4 + 120) / 1479.9) | / | (1 - (595.2 + 117.5) / 1383.5) |
| = | 0.44226 | / | 0.484857 |
| | = | 0.9121 |
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 |
| = | 1100 | / | 880.7 |
| | = | 1.249 |
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)) |
| = | (37 / (37 + 117.5)) | / | (63.1 / (63.1 + 120)) |
| = | 0.239482 | / | 0.34462 |
| | = | 0.6949 |
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) |
| = | (376.9 / 1100) | / | (303.7 / 880.7) |
| = | 0.342636 | / | 0.344839 |
| | = | 0.9936 |
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) |
| = | ((199.7 + 406.2) / 1479.9) | / | ((230.9 + 316.4) / 1383.5) |
| = | 0.40942 | / | 0.395591 |
| | = | 1.035 |
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 |
| = | (41.3 - 0 | - | 37.4) | / | 1479.9 |
| | = | 0.002635 |
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.
Mildef Group AB has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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