Munters Group AB Beneish M-Score Historical Data
The historical data trend for Munters 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.
Munters Group AB Beneish M-Score Chart
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Munters Group 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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-2.82 |
-2.63 |
-2.58 |
-2.07 |
-2.48 |
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Munters Group 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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-2.02 |
-2.04 |
-2.24 |
-2.48 |
-2.72 |
Competitive Comparison of Munters Group AB's Beneish M-Score
For the Pollution & Treatment Controls subindustry, Munters 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.
Munters Group AB's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Munters Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Munters Group AB's Beneish M-Score falls into.
Munters 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 Munters 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 * 0.8595 | + | 0.528 * 0.9048 | + | 0.404 * 0.9912 | + | 0.892 * 1.2494 | + | 0.115 * 0.9495 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9991 | + | 4.679 * -0.056051 | - | 0.327 * 1.0434 |
| = | -2.72 |
* 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 kr3,346 Mil.
Revenue was 3538 + 3659 + 3560 + 3536 = kr14,293 Mil.
Gross Profit was 1193 + 1191 + 1142 + 1122 = kr4,648 Mil.
Total Current Assets was kr6,902 Mil.
Total Assets was kr17,823 Mil.
Property, Plant and Equipment(Net PPE) was kr1,891 Mil.
Depreciation, Depletion and Amortization(DDA) was kr503 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,519 Mil.
Total Current Liabilities was kr5,100 Mil.
Long-Term Debt & Capital Lease Obligation was kr5,641 Mil.
Net Income was 218 + 54 + 260 + 256 = kr788 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 553 + 670 + 554 + 10 = kr1,787 Mil.
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Total Receivables was kr3,116 Mil.
Revenue was 3175 + 3011 + 2644 + 2610 = kr11,440 Mil.
Gross Profit was 967 + 880 + 774 + 745 = kr3,366 Mil.
Total Current Assets was kr5,866 Mil.
Total Assets was kr15,316 Mil.
Property, Plant and Equipment(Net PPE) was kr1,621 Mil.
Depreciation, Depletion and Amortization(DDA) was kr404 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,018 Mil.
Total Current Liabilities was kr4,435 Mil.
Long-Term Debt & Capital Lease Obligation was kr4,411 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) |
| = | (3346 / 14293) | / | (3116 / 11440) |
| = | 0.234101 | / | 0.272378 |
| | = | 0.8595 |
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) |
| = | (3366 / 11440) | / | (4648 / 14293) |
| = | 0.294231 | / | 0.325194 |
| | = | 0.9048 |
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 - (6902 + 1891) / 17823) | / | (1 - (5866 + 1621) / 15316) |
| = | 0.506649 | / | 0.511165 |
| | = | 0.9912 |
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 |
| = | 14293 | / | 11440 |
| | = | 1.2494 |
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)) |
| = | (404 / (404 + 1621)) | / | (503 / (503 + 1891)) |
| = | 0.199506 | / | 0.210109 |
| | = | 0.9495 |
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) |
| = | (2519 / 14293) | / | (2018 / 11440) |
| = | 0.17624 | / | 0.176399 |
| | = | 0.9991 |
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) |
| = | ((5641 + 5100) / 17823) | / | ((4411 + 4435) / 15316) |
| = | 0.602648 | / | 0.577566 |
| | = | 1.0434 |
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 |
| = | (788 - 0 | - | 1787) | / | 17823 |
| | = | -0.056051 |
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.
Munters Group AB has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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