Verbio SE Beneish M-Score Historical Data
The historical data trend for Verbio SE'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.
Verbio SE Beneish M-Score Chart
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Verbio SE Annual Data
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Jun14 |
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Jun19 |
Jun20 |
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Jun22 |
Jun23 |
| Beneish M-Score |
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-2.42 |
-2.49 |
-2.73 |
0.30 |
-2.03 |
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Verbio SE Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.03 |
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Competitive Comparison of Verbio SE's Beneish M-Score
For the Specialty Chemicals subindustry, Verbio SE'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.
Verbio SE's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Verbio SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Verbio SE's Beneish M-Score falls into.
Verbio SE 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 Verbio SE 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 * 0.7373 | + | 0.528 * 1.7826 | + | 0.404 * 0.677 | + | 0.892 * 1.086 | + | 0.115 * 1.1731 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2003 | + | 4.679 * 0.081661 | - | 0.327 * 1.1087 |
| = | -2.03 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was €90 Mil.
Revenue was €1,968 Mil.
Gross Profit was €382 Mil.
Total Current Assets was €627 Mil.
Total Assets was €1,297 Mil.
Property, Plant and Equipment(Net PPE) was €622 Mil.
Depreciation, Depletion and Amortization(DDA) was €42 Mil.
Selling, General, & Admin. Expense(SGA) was €32 Mil.
Total Current Liabilities was €242 Mil.
Long-Term Debt & Capital Lease Obligation was €135 Mil.
Net Income was €132 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €26 Mil.
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Total Receivables was €113 Mil.
Revenue was €1,812 Mil.
Gross Profit was €627 Mil.
Total Current Assets was €656 Mil.
Total Assets was €1,129 Mil.
Property, Plant and Equipment(Net PPE) was €410 Mil.
Depreciation, Depletion and Amortization(DDA) was €33 Mil.
Selling, General, & Admin. Expense(SGA) was €24 Mil.
Total Current Liabilities was €252 Mil.
Long-Term Debt & Capital Lease Obligation was €44 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) |
| = | (90.243 / 1968.281) | / | (112.714 / 1812.477) |
| = | 0.045849 | / | 0.062188 |
| | = | 0.7373 |
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) |
| = | (626.925 / 1812.477) | / | (381.913 / 1968.281) |
| = | 0.345894 | / | 0.194034 |
| | = | 1.7826 |
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 - (626.754 + 622.332) / 1297.187) | / | (1 - (656.334 + 410.472) / 1128.619) |
| = | 0.037081 | / | 0.054769 |
| | = | 0.677 |
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 |
| = | 1968.281 | / | 1812.477 |
| | = | 1.086 |
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)) |
| = | (32.541 / (32.541 + 410.472)) | / | (41.57 / (41.57 + 622.332)) |
| = | 0.073454 | / | 0.062615 |
| | = | 1.1731 |
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) |
| = | (31.523 / 1968.281) | / | (24.183 / 1812.477) |
| = | 0.016015 | / | 0.013343 |
| | = | 1.2003 |
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) |
| = | ((135.423 + 242.474) / 1297.187) | / | ((44.419 + 252.136) / 1128.619) |
| = | 0.29132 | / | 0.262759 |
| | = | 1.1087 |
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 |
| = | (132.024 - 0 | - | 26.094) | / | 1297.187 |
| | = | 0.081661 |
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.
Verbio SE has a M-score of -2.03 suggests that the company is unlikely to be a manipulator.
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