VEON Beneish M-Score Historical Data
The historical data trend for VEON'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.
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VEON Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-3.09 |
-3.08 |
-3.13 |
-2.90 |
-2.89 |
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VEON Quarterly Data
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Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
| Beneish M-Score |
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-0.02 |
-2.90 |
-2.33 |
-2.89 |
-1.92 |
Competitive Comparison
For the Telecom Services subindustry, VEON'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.
VEON Beneish M-Score Distribution
For the Telecommunication Services industry and Communication Services sector, VEON's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VEON's Beneish M-Score falls into.
VEON 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 VEON 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 * 3.0473 | + | 0.528 * 0.4898 | + | 0.404 * 0.6974 | + | 0.892 * 0.2367 | + | 0.115 * 0.4957 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0835 | + | 4.679 * 0.016294 | - | 0.327 * 1.0242 |
| = | -1.67 |
* 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 (Sep21) TTM: |
Total Receivables was $510 Mil.
Revenue was 916 + 940 + 957 + -1886 = $927 Mil.
Gross Profit was 806 + 940 + 837 + -988 = $1,595 Mil.
Total Current Assets was $8,116 Mil.
Total Assets was $13,011 Mil.
Property, Plant and Equipment(Net PPE) was $2,726 Mil.
Depreciation, Depletion and Amortization(DDA) was $43 Mil.
Selling, General, & Admin. Expense(SGA) was $375 Mil.
Total Current Liabilities was $8,140 Mil.
Long-Term Debt & Capital Lease Obligation was $3,791 Mil.
Net Income was 250 + 200 + 136 + 299 = $885 Mil.
Non Operating Income was 80 + 0 + -18 + -25 = $37 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 636 = $636 Mil.
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Total Receivables was $707 Mil.
Revenue was 2005 + 1902 + 1989 + -1980 = $3,916 Mil.
Gross Profit was 1519 + 1433 + 1522 + -1174 = $3,300 Mil.
Total Current Assets was $4,985 Mil.
Total Assets was $15,022 Mil.
Property, Plant and Equipment(Net PPE) was $6,446 Mil.
Depreciation, Depletion and Amortization(DDA) was $50 Mil.
Selling, General, & Admin. Expense(SGA) was $1,462 Mil.
Total Current Liabilities was $4,833 Mil.
Long-Term Debt & Capital Lease Obligation was $8,616 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) |
| = | (510 / 927) | / | (707 / 3916) |
| = | 0.550162 | / | 0.180541 |
| | = | 3.0473 |
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) |
| = | (3300 / 3916) | / | (1595 / 927) |
| = | 0.842697 | / | 1.720604 |
| | = | 0.4898 |
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 - (8116 + 2726) / 13011) | / | (1 - (4985 + 6446) / 15022) |
| = | 0.166705 | / | 0.239049 |
| | = | 0.6974 |
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 |
| = | 927 | / | 3916 |
| | = | 0.2367 |
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)) |
| = | (50 / (50 + 6446)) | / | (43 / (43 + 2726)) |
| = | 0.007697 | / | 0.015529 |
| | = | 0.4957 |
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) |
| = | (375 / 927) | / | (1462 / 3916) |
| = | 0.404531 | / | 0.37334 |
| | = | 1.0835 |
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) |
| = | ((3791 + 8140) / 13011) | / | ((8616 + 4833) / 15022) |
| = | 0.916993 | / | 0.895287 |
| | = | 1.0242 |
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 |
| = | (885 - 37 | - | 636) | / | 13011 |
| | = | 0.016294 |
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.
VEON has a M-score of -1.67 signals that the company is likely to be a manipulator.
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