Viterra Beneish M-Score Historical Data
The historical data trend for Viterra'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.
Viterra Beneish M-Score Chart
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Viterra Annual Data
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Trend |
Jul01 |
Jul02 |
Jul03 |
Jul04 |
Jul05 |
Jul06 |
Oct08 |
Oct09 |
Oct10 |
Oct11 |
| Beneish M-Score |
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-3.01 |
-2.32 |
-1.83 |
-2.81 |
-2.79 |
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Viterra Quarterly Data
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Apr07 |
Jan08 |
Apr08 |
Jul08 |
Oct08 |
Jan09 |
Apr09 |
Jul09 |
Oct09 |
Jan10 |
Apr10 |
Jul10 |
Oct10 |
Jan11 |
Apr11 |
Jul11 |
Oct11 |
Jan12 |
Apr12 |
Jul12 |
| Beneish M-Score |
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-2.74 |
-2.79 |
-3.02 |
-2.87 |
-3.26 |
Competitive Comparison of Viterra's Beneish M-Score
For the Farm Products subindustry, Viterra'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.
Viterra's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Viterra's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Viterra's Beneish M-Score falls into.
Viterra 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 Viterra 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 * 0.6451 | + | 0.528 * 1.2313 | + | 0.404 * 0.8907 | + | 0.892 * 1.2971 | + | 0.115 * 0.8992 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9657 | + | 4.679 * -0.041639 | - | 0.327 * 1.0993 |
| = | -2.70 |
* 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 (Jul12) TTM: | Last Year (Jul11) TTM: |
Total Receivables was A$1,042.34 Mil.
Revenue was 3643.037 + 3548.025 + 3562.971 + 3064 = A$13,818.03 Mil.
Gross Profit was 514.192 + 397.726 + 385.28 + 326.685 = A$1,623.88 Mil.
Total Current Assets was A$3,547.53 Mil.
Total Assets was A$7,107.81 Mil.
Property, Plant and Equipment(Net PPE) was A$2,539.68 Mil.
Depreciation, Depletion and Amortization(DDA) was A$229.41 Mil.
Selling, General, & Admin. Expense(SGA) was A$1,017.42 Mil.
Total Current Liabilities was A$2,144.03 Mil.
Long-Term Debt & Capital Lease Obligation was A$595.97 Mil.
Net Income was 111.064 + 67.113 + 77.69 + 9.462 = A$265.33 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = A$0.00 Mil.
Cash Flow from Operations was 600.008 + 220.208 + -387.764 + 128.842 = A$561.29 Mil.
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Total Receivables was A$1,245.73 Mil.
Revenue was 3554.061 + 2701.86 + 2470.537 + 1926.941 = A$10,653.40 Mil.
Gross Profit was 485.691 + 324.321 + 411.622 + 319.911 = A$1,541.55 Mil.
Total Current Assets was A$2,989.67 Mil.
Total Assets was A$6,592.27 Mil.
Property, Plant and Equipment(Net PPE) was A$2,539.87 Mil.
Depreciation, Depletion and Amortization(DDA) was A$204.44 Mil.
Selling, General, & Admin. Expense(SGA) was A$812.26 Mil.
Total Current Liabilities was A$1,243.07 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,068.74 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) |
| = | (1042.335 / 13818.033) | / | (1245.73 / 10653.399) |
| = | 0.075433 | / | 0.116933 |
| | = | 0.6451 |
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) |
| = | (1541.545 / 10653.399) | / | (1623.883 / 13818.033) |
| = | 0.1447 | / | 0.117519 |
| | = | 1.2313 |
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 - (3547.531 + 2539.684) / 7107.809) | / | (1 - (2989.673 + 2539.867) / 6592.266) |
| = | 0.143588 | / | 0.161208 |
| | = | 0.8907 |
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 |
| = | 13818.033 | / | 10653.399 |
| | = | 1.2971 |
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)) |
| = | (204.437 / (204.437 + 2539.867)) | / | (229.407 / (229.407 + 2539.684)) |
| = | 0.074495 | / | 0.082846 |
| | = | 0.8992 |
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) |
| = | (1017.419 / 13818.033) | / | (812.259 / 10653.399) |
| = | 0.07363 | / | 0.076244 |
| | = | 0.9657 |
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) |
| = | ((595.966 + 2144.031) / 7107.809) | / | ((1068.737 + 1243.066) / 6592.266) |
| = | 0.385491 | / | 0.350684 |
| | = | 1.0993 |
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 |
| = | (265.329 - 0 | - | 561.294) | / | 7107.809 |
| | = | -0.041639 |
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.
Viterra has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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