NIBE Industrier AB Beneish M-Score Historical Data
The historical data trend for NIBE Industrier 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.
NIBE Industrier AB Beneish M-Score Chart
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NIBE Industrier 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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-2.45 |
-2.83 |
-2.28 |
-1.95 |
-2.58 |
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NIBE Industrier AB Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.95 |
-2.09 |
-2.27 |
-2.19 |
-2.58 |
Competitive Comparison of NIBE Industrier AB's Beneish M-Score
For the Building Products & Equipment subindustry, NIBE Industrier 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.
NIBE Industrier AB's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, NIBE Industrier AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NIBE Industrier AB's Beneish M-Score falls into.
NIBE Industrier 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 NIBE Industrier 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 * 0.7689 | + | 0.528 * 0.9396 | + | 0.404 * 1.0878 | + | 0.892 * 1.1642 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0752 | + | 4.679 * 0.014023 | - | 0.327 * 1.2798 |
| = | -2.58 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was kr6,256 Mil.
Revenue was 11656 + 11514 + 11833 + 11646 = kr46,649 Mil.
Gross Profit was 3883 + 3886 + 3956 + 3898 = kr15,623 Mil.
Total Current Assets was kr24,198 Mil.
Total Assets was kr68,104 Mil.
Property, Plant and Equipment(Net PPE) was kr11,568 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr9,474 Mil.
Total Current Liabilities was kr15,565 Mil.
Long-Term Debt & Capital Lease Obligation was kr16,621 Mil.
Net Income was 980 + 1216 + 1319 + 1270 = kr4,785 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 2244 + 163 + 1031 + 392 = kr3,830 Mil.
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Total Receivables was kr6,989 Mil.
Revenue was 11667 + 9999 + 9656 + 8749 = kr40,071 Mil.
Gross Profit was 3903 + 3105 + 3025 + 2576 = kr12,609 Mil.
Total Current Assets was kr22,152 Mil.
Total Assets was kr53,994 Mil.
Property, Plant and Equipment(Net PPE) was kr8,273 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr7,569 Mil.
Total Current Liabilities was kr13,753 Mil.
Long-Term Debt & Capital Lease Obligation was kr6,185 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) |
| = | (6256 / 46649) | / | (6989 / 40071) |
| = | 0.134108 | / | 0.174415 |
| | = | 0.7689 |
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) |
| = | (12609 / 40071) | / | (15623 / 46649) |
| = | 0.314666 | / | 0.334905 |
| | = | 0.9396 |
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 - (24198 + 11568) / 68104) | / | (1 - (22152 + 8273) / 53994) |
| = | 0.474833 | / | 0.436511 |
| | = | 1.0878 |
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 |
| = | 46649 | / | 40071 |
| | = | 1.1642 |
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)) |
| = | (0 / (0 + 8273)) | / | (0 / (0 + 11568)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (9474 / 46649) | / | (7569 / 40071) |
| = | 0.203091 | / | 0.18889 |
| | = | 1.0752 |
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) |
| = | ((16621 + 15565) / 68104) | / | ((6185 + 13753) / 53994) |
| = | 0.472601 | / | 0.369263 |
| | = | 1.2798 |
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 |
| = | (4785 - 0 | - | 3830) | / | 68104 |
| | = | 0.014023 |
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.
NIBE Industrier AB has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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