Valbiotis (XPAR:ALVAL) Beneish M-Score : 1.88 (As of May. 16, 2024)

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What is Valbiotis Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 1.88 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Valbiotis's Beneish M-Score or its related term are showing as below:

XPAR:ALVAL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.48 Med: 3.56 Max: 24.41
Current: 1.88

During the past 9 years, the highest Beneish M-Score of Valbiotis was 24.41. The lowest was -2.48. And the median was 3.56.

Valbiotis Beneish M-Score Historical Data

The historical data trend for Valbiotis'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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Valbiotis Beneish M-Score Chart

Valbiotis Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.48

24.41

5.24

-2.06

1.88

Valbiotis Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial											5.24	-	-2.06	-	1.88

Competitive Comparison of Valbiotis's Beneish M-Score

For the Biotechnology subindustry, Valbiotis'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.

Valbiotis's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Valbiotis's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Valbiotis's Beneish M-Score falls into.

Valbiotis 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 Valbiotis for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.1201

0.528 * 1.7333

0.404 * 0.9279

0.892 * 6.0293

0.115 * 0.931

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * 0.020655

0.327 * 0.808

1.88

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €2.01 Mil.
Revenue was €4.73 Mil.
Gross Profit was €2.67 Mil.
Total Current Assets was €30.65 Mil.
Total Assets was €33.31 Mil.
Property, Plant and Equipment(Net PPE) was €1.41 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.74 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €8.77 Mil.
Long-Term Debt & Capital Lease Obligation was €4.77 Mil.
Net Income was €-7.37 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-8.06 Mil.

Total Receivables was €2.78 Mil.
Revenue was €0.79 Mil.
Gross Profit was €0.77 Mil.
Total Current Assets was €24.30 Mil.
Total Assets was €27.22 Mil.
Property, Plant and Equipment(Net PPE) was €1.82 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.85 Mil.
Selling, General, & Admin. Expense(SGA) was €1.50 Mil.
Total Current Liabilities was €8.11 Mil.
Long-Term Debt & Capital Lease Obligation was €5.59 Mil.

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)
	=	(2.012 / 4.733)	/	(2.779 / 0.785)
	=	0.4251	/	3.540127
	=	0.1201

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)
	=	(0.767 / 0.785)	/	(2.668 / 4.733)
	=	0.97707	/	0.563702
	=	1.7333

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 - (30.649 + 1.413) / 33.309)	/	(1 - (24.297 + 1.82) / 27.215)
	=	0.037437	/	0.040345
	=	0.9279

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
	=	4.733	/	0.785
	=	6.0293

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))
	=	(0.852 / (0.852 + 1.82))	/	(0.736 / (0.736 + 1.413))
	=	0.318862	/	0.342485
	=	0.931

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)
	=	(0 / 4.733)	/	(1.502 / 0.785)
	=	0	/	1.913376
	=	0

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)
	=	((4.773 + 8.774) / 33.309)	/	((5.588 + 8.11) / 27.215)
	=	0.406707	/	0.503325
	=	0.808

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
	=	(-7.368 - 0	-	-8.056)	/	33.309
	=	0.020655

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.

Valbiotis has a M-score of 1.88 signals that the company is likely to be a manipulator.

Valbiotis Beneish M-Score Related Terms

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Valbiotis (XPAR:ALVAL) Business Description

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8JD:Germany

Address

12F rue Paul VATINE, Perigny, La Rochelle, FRA, 17180

Website

http://www.valbiotis.com

Valbiotis SA is a research & development company. It is engaged in scientific innovation for preventing and combating metabolic diseases. Valbiotis has adopted an approach, aiming to revolutionize healthcare by developing a new class of Nutrition Health products designed to reduce the risk of major metabolic diseases, based on a multi-target approach by the use of plant-based ingredients.

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