Moberg Pharma AB (OSTO:MOB) Beneish M-Score : 0.07 (As of May. 28, 2024)

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What is Moberg Pharma AB Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 0.07 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Moberg Pharma AB's Beneish M-Score or its related term are showing as below:

OSTO:MOB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.49 Med: -2.17 Max: 0.07
Current: 0.07

During the past 13 years, the highest Beneish M-Score of Moberg Pharma AB was 0.07. The lowest was -3.49. And the median was -2.17.

Moberg Pharma AB Beneish M-Score Historical Data

The historical data trend for Moberg Pharma 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.

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Moberg Pharma AB Beneish M-Score Chart

Moberg Pharma AB Annual Data

Trend

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Dec23

Beneish M-Score

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Moberg Pharma AB Quarterly Data
	Mar19	Jun19	Sep19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	0.07

Competitive Comparison of Moberg Pharma AB's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Moberg Pharma 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.

Moberg Pharma AB's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Moberg Pharma AB's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Moberg Pharma AB's Beneish M-Score falls into.

Moberg Pharma 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 Moberg Pharma AB for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.2869

0.528 * 1.6667

0.404 * 1.1013

0.892 * 3.9614

0.115 * 1.1401

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3144

4.679 * 0.013064

0.327 * 1.0702

0.07

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was kr3.07 Mil.
Revenue was 0.82 + 0 + 0 + 0 = kr0.82 Mil.
Gross Profit was 0.492 + 0 + 0 + 0 = kr0.49 Mil.
Total Current Assets was kr48.28 Mil.
Total Assets was kr632.03 Mil.
Property, Plant and Equipment(Net PPE) was kr4.61 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1.82 Mil.
Selling, General, & Admin. Expense(SGA) was kr27.18 Mil.
Total Current Liabilities was kr24.04 Mil.
Long-Term Debt & Capital Lease Obligation was kr3.14 Mil.
Net Income was -6.497 + -6.445 + -5.766 + -3.852 = kr-22.56 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -3.79 + -7.348 + -11.465 + -8.214 = kr-30.82 Mil.

Total Receivables was kr2.70 Mil.
Revenue was 0 + 0 + 0.207 + 0 = kr0.21 Mil.
Gross Profit was 0 + 0 + 0.207 + 0 = kr0.21 Mil.
Total Current Assets was kr87.24 Mil.
Total Assets was kr551.30 Mil.
Property, Plant and Equipment(Net PPE) was kr5.37 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2.55 Mil.
Selling, General, & Admin. Expense(SGA) was kr21.82 Mil.
Total Current Liabilities was kr19.03 Mil.
Long-Term Debt & Capital Lease Obligation was kr3.12 Mil.

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)
	=	(3.071 / 0.82)	/	(2.702 / 0.207)
	=	3.745122	/	13.05314
	=	0.2869

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)
	=	(0.207 / 0.207)	/	(0.492 / 0.82)
	=	1	/	0.6
	=	1.6667

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 - (48.281 + 4.613) / 632.029)	/	(1 - (87.242 + 5.371) / 551.296)
	=	0.916311	/	0.832009
	=	1.1013

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
	=	0.82	/	0.207
	=	3.9614

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))
	=	(2.55 / (2.55 + 5.371))	/	(1.815 / (1.815 + 4.613))
	=	0.321929	/	0.282358
	=	1.1401

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)
	=	(27.176 / 0.82)	/	(21.822 / 0.207)
	=	33.141463	/	105.42029
	=	0.3144

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)
	=	((3.139 + 24.041) / 632.029)	/	((3.121 + 19.031) / 551.296)
	=	0.043004	/	0.040182
	=	1.0702

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
	=	(-22.56 - 0	-	-30.817)	/	632.029
	=	0.013064

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.

Moberg Pharma AB has a M-score of 0.07 signals that the company is likely to be a manipulator.

Moberg Pharma AB Beneish M-Score Related Terms

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Moberg Pharma AB (OSTO:MOB) Business Description

Industry

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MB8:Germany

Address

Gustavslundsvagen 42, 5th Floor, Bromma, Stockholm, SWE, SE-167 51

Website

https://www.mobergpharma.se

Moberg Pharma AB is a Swedish pharmaceutical company focused on commercializing proprietary innovations based on drug delivery of proven compounds. The company develops and markets consumer healthcare products that relieve pain and treat skin conditions, mainly nail fungus. The Company's main product, MOB-015, is a novel topical treatment for onychomycosis It has a single operating segment, the development, and commercialization of medical products. Moberg Pharma has commercial agreements with partners in Europe and Canada, among others.