DFDS A/S Beneish M-Score Historical Data
The historical data trend for DFDS A/S'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.
DFDS A/S Beneish M-Score Chart
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DFDS A/S Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-2.67 |
-2.59 |
-2.69 |
-2.55 |
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DFDS A/S 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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-2.83 |
-2.87 |
-2.81 |
-2.55 |
-2.33 |
Competitive Comparison of DFDS A/S's Beneish M-Score
For the Marine Shipping subindustry, DFDS A/S'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.
DFDS A/S's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, DFDS A/S's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DFDS A/S's Beneish M-Score falls into.
DFDS A/S 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 DFDS A/S 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 * 1.1572 | + | 0.528 * 1.2107 | + | 0.404 * 1.046 | + | 0.892 * 1.0585 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6079 | + | 4.679 * -0.051609 | - | 0.327 * 0.9743 |
| = | -2.32 |
* 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 $742 Mil.
Revenue was 1022.041 + 999.59 + 1028.951 + 1010.201 = $4,061 Mil.
Gross Profit was 28.281 + 116.316 + 134.379 + 104.92 = $384 Mil.
Total Current Assets was $1,006 Mil.
Total Assets was $5,394 Mil.
Property, Plant and Equipment(Net PPE) was $3,203 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $93 Mil.
Total Current Liabilities was $1,022 Mil.
Long-Term Debt & Capital Lease Obligation was $2,269 Mil.
Net Income was -7.289 + 26.043 + 94.165 + 77.999 = $191 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 68.224 + 90.273 + 158.135 + 152.651 = $469 Mil.
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Total Receivables was $606 Mil.
Revenue was 912.085 + 931.524 + 974.325 + 1018.379 = $3,836 Mil.
Gross Profit was 51.926 + 134.275 + 133.431 + 119.45 = $439 Mil.
Total Current Assets was $889 Mil.
Total Assets was $5,138 Mil.
Property, Plant and Equipment(Net PPE) was $3,171 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $145 Mil.
Total Current Liabilities was $1,197 Mil.
Long-Term Debt & Capital Lease Obligation was $2,020 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) |
| = | (742.296 / 4060.783) | / | (605.995 / 3836.313) |
| = | 0.182796 | / | 0.157963 |
| | = | 1.1572 |
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) |
| = | (439.082 / 3836.313) | / | (383.896 / 4060.783) |
| = | 0.114454 | / | 0.094537 |
| | = | 1.2107 |
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 - (1006.443 + 3203.3) / 5393.743) | / | (1 - (888.783 + 3170.651) / 5137.654) |
| = | 0.219514 | / | 0.209866 |
| | = | 1.046 |
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 |
| = | 4060.783 | / | 3836.313 |
| | = | 1.0585 |
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 + 3170.651)) | / | (0 / (0 + 3203.3)) |
| = | 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) |
| = | (93.072 / 4060.783) | / | (144.635 / 3836.313) |
| = | 0.02292 | / | 0.037702 |
| | = | 0.6079 |
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) |
| = | ((2269.017 + 1021.896) / 5393.743) | / | ((2020.224 + 1197.031) / 5137.654) |
| = | 0.610135 | / | 0.626211 |
| | = | 0.9743 |
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 |
| = | (190.918 - 0 | - | 469.283) | / | 5393.743 |
| | = | -0.051609 |
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.
DFDS A/S has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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