Nanoform Finland (OSTO:NANOFS) Beneish M-Score : -2.87 (As of May. 17, 2024)

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What is Nanoform Finland 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.

Good Sign:

Beneish M-Score -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSTO:NANOFS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -1.49 Max: -0.46
Current: -2.87

During the past 8 years, the highest Beneish M-Score of Nanoform Finland was -0.46. The lowest was -2.87. And the median was -1.49.

Nanoform Finland Beneish M-Score Historical Data

The historical data trend for Nanoform Finland'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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Nanoform Finland Beneish M-Score Chart

Nanoform Finland Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.46

-1.39

-1.58

-2.87

Nanoform Finland Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.58	-1.98	-2.58	-2.64	-2.87

Competitive Comparison of Nanoform Finland's Beneish M-Score

For the Biotechnology subindustry, Nanoform Finland'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.

Nanoform Finland's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Nanoform Finland's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nanoform Finland's Beneish M-Score falls into.

Nanoform Finland 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 Nanoform Finland 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 * 0.7687

0.528 * 1.3527

0.404 * 1.1828

0.892 * 0.7872

0.115 * 0.7938

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1761

4.679 * -0.035649

0.327 * 1.0731

-2.87

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was kr12.13 Mil.
Revenue was 4.474 + 7.583 + 9.101 + 8.345 = kr29.50 Mil.
Gross Profit was 3.3 + 4.022 + 5.81 + 6.539 = kr19.67 Mil.
Total Current Assets was kr548.68 Mil.
Total Assets was kr874.02 Mil.
Property, Plant and Equipment(Net PPE) was kr298.70 Mil.
Depreciation, Depletion and Amortization(DDA) was kr33.03 Mil.
Selling, General, & Admin. Expense(SGA) was kr21.71 Mil.
Total Current Liabilities was kr66.95 Mil.
Long-Term Debt & Capital Lease Obligation was kr58.20 Mil.
Net Income was -59.722 + -48.764 + -79.386 + -50.374 = kr-238.25 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -50.751 + -63.256 + -52.69 + -40.391 = kr-207.09 Mil.

Total Receivables was kr20.04 Mil.
Revenue was 10.84 + 9.193 + 9.441 + 8.006 = kr37.48 Mil.
Gross Profit was 8.938 + 8.804 + 8.698 + 7.364 = kr33.80 Mil.
Total Current Assets was kr779.67 Mil.
Total Assets was kr1,106.41 Mil.
Property, Plant and Equipment(Net PPE) was kr298.23 Mil.
Depreciation, Depletion and Amortization(DDA) was kr25.60 Mil.
Selling, General, & Admin. Expense(SGA) was kr23.45 Mil.
Total Current Liabilities was kr82.82 Mil.
Long-Term Debt & Capital Lease Obligation was kr64.82 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)
	=	(12.126 / 29.503)	/	(20.041 / 37.48)
	=	0.411009	/	0.534712
	=	0.7687

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)
	=	(33.804 / 37.48)	/	(19.671 / 29.503)
	=	0.901921	/	0.666746
	=	1.3527

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 - (548.675 + 298.701) / 874.021)	/	(1 - (779.669 + 298.225) / 1106.411)
	=	0.030486	/	0.025774
	=	1.1828

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
	=	29.503	/	37.48
	=	0.7872

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))
	=	(25.596 / (25.596 + 298.225))	/	(33.031 / (33.031 + 298.701))
	=	0.079044	/	0.099571
	=	0.7938

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)
	=	(21.712 / 29.503)	/	(23.453 / 37.48)
	=	0.735925	/	0.625747
	=	1.1761

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)
	=	((58.201 + 66.948) / 874.021)	/	((64.819 + 82.815) / 1106.411)
	=	0.143188	/	0.133435
	=	1.0731

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
	=	(-238.246 - 0	-	-207.088)	/	874.021
	=	-0.035649

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.

Nanoform Finland has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.

Nanoform Finland Beneish M-Score Related Terms

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Nanoform Finland (OSTO:NANOFS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Nanoform Finland PLC (OSTO:NANOFS) » Definitions » Beneish M-Score

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NANOFH:Finland 4YL:Germany

Address

Cultivator II, Viikinkaari 4, Helsinki, FIN, 00790

Website

https://www.nanoform.com

Nanoform Finland PLC is a nanoparticle medicine-enabling company. The company works together with pharma and biotech partners to reduce attrition in clinical trials and enhance their molecules' formulation performance through its nano-forming services. Its patented and scalable Controlled Expansion of Supercritical Solutions (CESS) technology produces nano-formed API particles as small as 10nm. This enables poorly soluble molecules in the pharmaceutical pipeline to progress into clinical development by increasing their rate of dissolution and by improving their bioavailability. Its technology provides novel opportunities in many value-enhancing drug delivery applications.

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