Sigma AB Beneish M-Score Historical Data
The historical data trend for Sigma 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.
Sigma AB Beneish M-Score Chart
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Sigma AB Annual Data
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Sigma AB Quarterly Data
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Competitive Comparison of Sigma AB's Beneish M-Score
For the Information Technology Services subindustry, Sigma 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.
Sigma AB's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Sigma AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sigma AB's Beneish M-Score falls into.
Sigma 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 Sigma 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 * 1 | + | 0.528 * 0.9658 | + | 0.404 * 1.1191 | + | 0.892 * 0.9764 | + | 0.115 * 1.3175 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 3.2052 | + | 4.679 * -0.169887 | - | 0.327 * 0.9299 |
| = | -3.59 |
* 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 (Dec12) TTM: | Last Year (Dec11) TTM: |
Total Receivables was kr0 Mil.
Revenue was 341.2 + 291.3 + 352.8 + 382.5 = kr1,368 Mil.
Gross Profit was 273.2 + 234.8 + 288.2 + 305.7 = kr1,102 Mil.
Total Current Assets was kr374 Mil.
Total Assets was kr828 Mil.
Property, Plant and Equipment(Net PPE) was kr33 Mil.
Depreciation, Depletion and Amortization(DDA) was kr12 Mil.
Selling, General, & Admin. Expense(SGA) was kr109 Mil.
Total Current Liabilities was kr371 Mil.
Long-Term Debt & Capital Lease Obligation was kr0 Mil.
Net Income was -34.6 + 10.5 + 15.1 + 20.4 = kr11 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 28.5 + -3.1 + 93.8 + 32.9 = kr152 Mil.
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Total Receivables was kr0 Mil.
Revenue was 377.5 + 295.4 + 366.5 + 361.4 = kr1,401 Mil.
Gross Profit was 303.1 + 236 + 278 + 272.8 = kr1,090 Mil.
Total Current Assets was kr482 Mil.
Total Assets was kr940 Mil.
Property, Plant and Equipment(Net PPE) was kr32 Mil.
Depreciation, Depletion and Amortization(DDA) was kr17 Mil.
Selling, General, & Admin. Expense(SGA) was kr35 Mil.
Total Current Liabilities was kr395 Mil.
Long-Term Debt & Capital Lease Obligation was kr58 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) |
| = | (0 / 1367.8) | / | (0 / 1400.8) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1089.9 / 1400.8) | / | (1101.9 / 1367.8) |
| = | 0.778055 | / | 0.8056 |
| | = | 0.9658 |
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 - (374.4 + 33.3) / 828.2) | / | (1 - (482 + 31.7) / 940.3) |
| = | 0.507728 | / | 0.453685 |
| | = | 1.1191 |
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 |
| = | 1367.8 | / | 1400.8 |
| | = | 0.9764 |
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)) |
| = | (17.315 / (17.315 + 31.7)) | / | (12.2 / (12.2 + 33.3)) |
| = | 0.353259 | / | 0.268132 |
| | = | 1.3175 |
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) |
| = | (108.6 / 1367.8) | / | (34.7 / 1400.8) |
| = | 0.079398 | / | 0.024772 |
| | = | 3.2052 |
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) |
| = | ((0 + 370.7) / 828.2) | / | ((58.1 + 394.5) / 940.3) |
| = | 0.447597 | / | 0.481336 |
| | = | 0.9299 |
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 |
| = | (11.4 - 0 | - | 152.1) | / | 828.2 |
| | = | -0.169887 |
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.
Sigma AB has a M-score of -3.59 suggests that the company is unlikely to be a manipulator.
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