Vintage Energy (ASX:VEN) Beneish M-Score : 0.00 (As of Jun. 06, 2024)

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What is Vintage Energy 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.

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

During the past 5 years, the highest Beneish M-Score of Vintage Energy was 0.00. The lowest was 0.00. And the median was 0.00.

Vintage Energy Beneish M-Score Historical Data

The historical data trend for Vintage Energy'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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Vintage Energy Beneish M-Score Chart

Vintage Energy Annual Data

Trend

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

Vintage Energy Semi-Annual Data
	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial						-	-	-	-	-

Competitive Comparison of Vintage Energy's Beneish M-Score

For the Oil & Gas E&P subindustry, Vintage Energy'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.

Vintage Energy's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Vintage Energy's Beneish M-Score distribution charts can be found below:

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

Vintage Energy 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 Vintage Energy 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was A$1.08 Mil.
Revenue was A$0.95 Mil.
Gross Profit was A$-0.54 Mil.
Total Current Assets was A$8.59 Mil.
Total Assets was A$66.83 Mil.
Property, Plant and Equipment(Net PPE) was A$58.06 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.56 Mil.
Selling, General, & Admin. Expense(SGA) was A$5.36 Mil.
Total Current Liabilities was A$3.26 Mil.
Long-Term Debt & Capital Lease Obligation was A$7.70 Mil.
Net Income was A$-11.26 Mil.
Gross Profit was A$2.84 Mil.
Cash Flow from Operations was A$-7.49 Mil.

Total Receivables was A$2.44 Mil.
Revenue was A$0.00 Mil.
Gross Profit was A$0.00 Mil.
Total Current Assets was A$21.15 Mil.
Total Assets was A$70.73 Mil.
Property, Plant and Equipment(Net PPE) was A$49.57 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.24 Mil.
Selling, General, & Admin. Expense(SGA) was A$4.28 Mil.
Total Current Liabilities was A$5.37 Mil.
Long-Term Debt & Capital Lease Obligation was A$7.07 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)
	=	(1.079 / 0.949)	/	(2.441 / 0)
	=	1.136986	/
	=

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 / 0)	/	(-0.543 / 0.949)
	=		/	-0.572181
	=

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 - (8.586 + 58.064) / 66.826)	/	(1 - (21.153 + 49.573) / 70.726)
	=	0.002634	/	0
	=

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
	=	0.949	/	0
	=

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))
	=	(0.242 / (0.242 + 49.573))	/	(0.561 / (0.561 + 58.064))
	=	0.004858	/	0.009569
	=

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)
	=	(5.364 / 0.949)	/	(4.276 / 0)
	=	5.652266	/
	=

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)
	=	((7.702 + 3.258) / 66.826)	/	((7.07 + 5.371) / 70.726)
	=	0.164008	/	0.175904
	=

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
	=	(-11.262 - 2.844	-	-7.494)	/	66.826
	=	-0.098944

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.

Vintage Energy Beneish M-Score Related Terms

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Vintage Energy (ASX:VEN) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

N/A

Address

58 King William Road, Goodwood, SA, AUS, 5034

Website

https://www.vintageenergy.com.au

Vintage Energy Ltd is an oil and gas exploration company. The company has an interest in Galilee Basin, Cooper/Eromanga Basins, Otway Basin, Perth Basin, and Bonaparte Basin.

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