Viva Energy Group Beneish M-Score Historical Data
The historical data trend for Viva Energy Group'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.
Viva Energy Group Beneish M-Score Chart
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Viva Energy Group Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-3.31 |
-2.38 |
-2.33 |
-3.13 |
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Viva Energy Group Semi-Annual Data
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Dec17 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.38 |
- |
-2.33 |
- |
-3.13 |
Competitive Comparison of Viva Energy Group's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Viva Energy Group'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.
Viva Energy Group's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Viva Energy Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Viva Energy Group's Beneish M-Score falls into.
Viva Energy Group 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 Viva Energy Group 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 * 1.0114 | + | 0.528 * 1.7396 | + | 0.404 * 0.8544 | + | 0.892 * 0.9778 | + | 0.115 * 0.9899 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0238 | + | 4.679 * -0.201557 | - | 0.327 * 1.0873 |
| = | -3.13 |
* 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 A$1,980 Mil.
Revenue was A$25,615 Mil.
Gross Profit was A$1,225 Mil.
Total Current Assets was A$4,125 Mil.
Total Assets was A$9,082 Mil.
Property, Plant and Equipment(Net PPE) was A$4,056 Mil.
Depreciation, Depletion and Amortization(DDA) was A$444 Mil.
Selling, General, & Admin. Expense(SGA) was A$1,049 Mil.
Total Current Liabilities was A$4,120 Mil.
Long-Term Debt & Capital Lease Obligation was A$2,789 Mil.
Net Income was A$4 Mil.
Gross Profit was A$1,155 Mil.
Cash Flow from Operations was A$679 Mil.
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Total Receivables was A$2,002 Mil.
Revenue was A$26,197 Mil.
Gross Profit was A$2,180 Mil.
Total Current Assets was A$3,889 Mil.
Total Assets was A$8,624 Mil.
Property, Plant and Equipment(Net PPE) was A$3,732 Mil.
Depreciation, Depletion and Amortization(DDA) was A$404 Mil.
Selling, General, & Admin. Expense(SGA) was A$1,048 Mil.
Total Current Liabilities was A$3,749 Mil.
Long-Term Debt & Capital Lease Obligation was A$2,284 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) |
| = | (1979.7 / 25615.4) | / | (2001.8 / 26196.5) |
| = | 0.077286 | / | 0.076415 |
| | = | 1.0114 |
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) |
| = | (2179.6 / 26196.5) | / | (1225.1 / 25615.4) |
| = | 0.083202 | / | 0.047827 |
| | = | 1.7396 |
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 - (4125 + 4055.7) / 9082.3) | / | (1 - (3889.4 + 3732.2) / 8623.6) |
| = | 0.09927 | / | 0.116193 |
| | = | 0.8544 |
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 |
| = | 25615.4 | / | 26196.5 |
| | = | 0.9778 |
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)) |
| = | (404.2 / (404.2 + 3732.2)) | / | (444.2 / (444.2 + 4055.7)) |
| = | 0.097718 | / | 0.098713 |
| | = | 0.9899 |
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) |
| = | (1048.6 / 25615.4) | / | (1047.5 / 26196.5) |
| = | 0.040936 | / | 0.039986 |
| | = | 1.0238 |
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) |
| = | ((2788.5 + 4120.4) / 9082.3) | / | ((2284.4 + 3749) / 8623.6) |
| = | 0.760699 | / | 0.699638 |
| | = | 1.0873 |
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 |
| = | (3.8 - 1155.4 | - | 679) | / | 9082.3 |
| | = | -0.201557 |
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.
Viva Energy Group has a M-score of -3.13 suggests that the company is unlikely to be a manipulator.
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