Strax AB Beneish M-Score Historical Data
The historical data trend for Strax 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.
Strax AB Beneish M-Score Chart
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Strax AB Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-1.60 |
-2.56 |
-2.61 |
-1.32 |
-4.28 |
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Strax AB Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-2.76 |
-4.28 |
-4.60 |
-4.81 |
-6.81 |
Competitive Comparison of Strax AB's Beneish M-Score
For the Communication Equipment subindustry, Strax 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.
Strax AB's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Strax AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Strax AB's Beneish M-Score falls into.
Strax 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 Strax 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 * 0.2759 | + | 0.528 * 1.0475 | + | 0.404 * 1.3398 | + | 0.892 * 1.2196 | + | 0.115 * 1.131 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0468 | + | 4.679 * -0.814555 | - | 0.327 * 1.6559 |
| = | -6.81 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was kr101 Mil.
Revenue was 70.921 + 184.988 + 216.996 + 862.352 = kr1,335 Mil.
Gross Profit was -46.847 + 59.329 + 69.644 + 140.444 = kr223 Mil.
Total Current Assets was kr381 Mil.
Total Assets was kr683 Mil.
Property, Plant and Equipment(Net PPE) was kr9 Mil.
Depreciation, Depletion and Amortization(DDA) was kr9 Mil.
Selling, General, & Admin. Expense(SGA) was kr291 Mil.
Total Current Liabilities was kr1,055 Mil.
Long-Term Debt & Capital Lease Obligation was kr6 Mil.
Net Income was -238.14 + -37.079 + -37.026 + -145.435 = kr-458 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -67.136 + 46.285 + 11.06 + 108.133 = kr98 Mil.
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Total Receivables was kr300 Mil.
Revenue was 73.249 + 307.953 + 336.489 + 377.131 = kr1,095 Mil.
Gross Profit was 31.877 + 49.432 + 64.47 + 45.386 = kr191 Mil.
Total Current Assets was kr817 Mil.
Total Assets was kr1,220 Mil.
Property, Plant and Equipment(Net PPE) was kr13 Mil.
Depreciation, Depletion and Amortization(DDA) was kr17 Mil.
Selling, General, & Admin. Expense(SGA) was kr228 Mil.
Total Current Liabilities was kr1,132 Mil.
Long-Term Debt & Capital Lease Obligation was kr14 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) |
| = | (100.804 / 1335.257) | / | (299.52 / 1094.822) |
| = | 0.075494 | / | 0.273579 |
| | = | 0.2759 |
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) |
| = | (191.165 / 1094.822) | / | (222.57 / 1335.257) |
| = | 0.174608 | / | 0.166687 |
| | = | 1.0475 |
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 - (381.118 + 9.239) / 682.608) | / | (1 - (816.842 + 13.157) / 1219.803) |
| = | 0.428139 | / | 0.319563 |
| | = | 1.3398 |
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 |
| = | 1335.257 | / | 1094.822 |
| | = | 1.2196 |
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)) |
| = | (16.782 / (16.782 + 13.157)) | / | (9.078 / (9.078 + 9.239)) |
| = | 0.56054 | / | 0.495605 |
| | = | 1.131 |
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) |
| = | (291.095 / 1335.257) | / | (228.004 / 1094.822) |
| = | 0.218007 | / | 0.208257 |
| | = | 1.0468 |
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) |
| = | ((6.14 + 1055.091) / 682.608) | / | ((13.513 + 1131.723) / 1219.803) |
| = | 1.554671 | / | 0.93887 |
| | = | 1.6559 |
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 |
| = | (-457.68 - 0 | - | 98.342) | / | 682.608 |
| | = | -0.814555 |
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.
Strax AB has a M-score of -6.81 suggests that the company is unlikely to be a manipulator.
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