Vivendi SE Beneish M-Score Historical Data
The historical data trend for Vivendi 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.
Vivendi SE Beneish M-Score Chart
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Vivendi SE Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.40 |
-2.09 |
0.65 |
-2.75 |
-2.31 |
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Vivendi SE Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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0.65 |
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-2.75 |
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-2.31 |
Competitive Comparison of Vivendi SE's Beneish M-Score
For the Entertainment subindustry, Vivendi 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.
Vivendi SE's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Vivendi SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vivendi SE's Beneish M-Score falls into.
Vivendi 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 Vivendi 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 * 1.1592 | + | 0.528 * 0.9651 | + | 0.404 * 0.9284 | + | 0.892 * 1.1276 | + | 0.115 * 2.2492 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0357 | + | 4.679 * -0.014274 | - | 0.327 * 1.2695 |
| = | -2.28 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $6,766 Mil.
Revenue was $11,461 Mil.
Gross Profit was $5,253 Mil.
Total Current Assets was $12,231 Mil.
Total Assets was $41,713 Mil.
Property, Plant and Equipment(Net PPE) was $5,019 Mil.
Depreciation, Depletion and Amortization(DDA) was $697 Mil.
Selling, General, & Admin. Expense(SGA) was $4,418 Mil.
Total Current Liabilities was $16,035 Mil.
Long-Term Debt & Capital Lease Obligation was $4,848 Mil.
Net Income was $442 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,037 Mil.
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Total Receivables was $5,176 Mil.
Revenue was $10,164 Mil.
Gross Profit was $4,496 Mil.
Total Current Assets was $10,530 Mil.
Total Assets was $33,136 Mil.
Property, Plant and Equipment(Net PPE) was $1,674 Mil.
Depreciation, Depletion and Amortization(DDA) was $632 Mil.
Selling, General, & Admin. Expense(SGA) was $3,783 Mil.
Total Current Liabilities was $9,490 Mil.
Long-Term Debt & Capital Lease Obligation was $3,577 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) |
| = | (6765.54 / 11461.287) | / | (5175.847 / 10164.195) |
| = | 0.590295 | / | 0.509224 |
| | = | 1.1592 |
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) |
| = | (4495.763 / 10164.195) | / | (5252.999 / 11461.287) |
| = | 0.442314 | / | 0.458325 |
| | = | 0.9651 |
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 - (12231.189 + 5018.539) / 41713.195) | / | (1 - (10529.661 + 1673.729) / 33135.593) |
| = | 0.586468 | / | 0.631714 |
| | = | 0.9284 |
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 |
| = | 11461.287 | / | 10164.195 |
| | = | 1.1276 |
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)) |
| = | (632.415 / (632.415 + 1673.729)) | / | (696.838 / (696.838 + 5018.539)) |
| = | 0.27423 | / | 0.121923 |
| | = | 2.2492 |
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) |
| = | (4417.666 / 11461.287) | / | (3782.839 / 10164.195) |
| = | 0.385442 | / | 0.372173 |
| | = | 1.0357 |
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) |
| = | ((4848.419 + 16034.896) / 41713.195) | / | ((3577.331 + 9490.466) / 33135.593) |
| = | 0.500641 | / | 0.394373 |
| | = | 1.2695 |
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 |
| = | (441.658 - 0 | - | 1037.077) | / | 41713.195 |
| | = | -0.014274 |
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.
Vivendi SE has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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