Coloplast A/S Beneish M-Score Historical Data
The historical data trend for Coloplast A/S'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.
Coloplast A/S Beneish M-Score Chart
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Coloplast A/S Annual Data
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Trend |
Sep14 |
Sep15 |
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Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.59 |
-2.73 |
-2.48 |
-1.99 |
-2.30 |
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Coloplast A/S Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.46 |
-2.45 |
-2.30 |
-2.24 |
-1.98 |
Competitive Comparison of Coloplast A/S's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Coloplast A/S'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.
Coloplast A/S's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Coloplast A/S's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Coloplast A/S's Beneish M-Score falls into.
Coloplast A/S 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 Coloplast A/S 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 * 1.0751 | + | 0.528 * 1.0142 | + | 0.404 * 1.1319 | + | 0.892 * 1.0603 | + | 0.115 * 1.0086 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0204 | + | 4.679 * 0.055816 | - | 0.327 * 0.8211 |
| = | -1.98 |
* 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 kr4,995 Mil.
Revenue was 6586 + 6606 + 6226 + 6108 = kr25,526 Mil.
Gross Profit was 4477 + 4504 + 4132 + 4023 = kr17,136 Mil.
Total Current Assets was kr10,391 Mil.
Total Assets was kr48,140 Mil.
Property, Plant and Equipment(Net PPE) was kr6,319 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,167 Mil.
Selling, General, & Admin. Expense(SGA) was kr9,253 Mil.
Total Current Liabilities was kr17,305 Mil.
Long-Term Debt & Capital Lease Obligation was kr12,340 Mil.
Net Income was 1252 + 1212 + 1229 + 1272 = kr4,965 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -2560 + 1788 + 1881 + 1169 = kr2,278 Mil.
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Total Receivables was kr4,382 Mil.
Revenue was 6061 + 6105 + 6059 + 5849 = kr24,074 Mil.
Gross Profit was 4027 + 4146 + 4170 + 4048 = kr16,391 Mil.
Total Current Assets was kr9,323 Mil.
Total Assets was kr35,302 Mil.
Property, Plant and Equipment(Net PPE) was kr5,617 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,048 Mil.
Selling, General, & Admin. Expense(SGA) was kr8,552 Mil.
Total Current Liabilities was kr9,433 Mil.
Long-Term Debt & Capital Lease Obligation was kr17,042 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) |
| = | (4995 / 25526) | / | (4382 / 24074) |
| = | 0.195683 | / | 0.182022 |
| | = | 1.0751 |
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) |
| = | (16391 / 24074) | / | (17136 / 25526) |
| = | 0.680859 | / | 0.671316 |
| | = | 1.0142 |
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 - (10391 + 6319) / 48140) | / | (1 - (9323 + 5617) / 35302) |
| = | 0.652887 | / | 0.576795 |
| | = | 1.1319 |
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 |
| = | 25526 | / | 24074 |
| | = | 1.0603 |
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)) |
| = | (1048 / (1048 + 5617)) | / | (1167 / (1167 + 6319)) |
| = | 0.157239 | / | 0.155891 |
| | = | 1.0086 |
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) |
| = | (9253 / 25526) | / | (8552 / 24074) |
| = | 0.362493 | / | 0.355238 |
| | = | 1.0204 |
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) |
| = | ((12340 + 17305) / 48140) | / | ((17042 + 9433) / 35302) |
| = | 0.615808 | / | 0.749958 |
| | = | 0.8211 |
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 |
| = | (4965 - 0 | - | 2278) | / | 48140 |
| | = | 0.055816 |
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.
Coloplast A/S has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.
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