Cnova NV Beneish M-Score Historical Data
The historical data trend for Cnova NV'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.
Cnova NV Beneish M-Score Chart
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Cnova NV Annual Data
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Dec15 |
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Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.16 |
-3.03 |
-3.53 |
-2.70 |
-3.70 |
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Cnova NV Semi-Annual Data
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Dec24 |
| Beneish M-Score |
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-3.53 |
0.00 |
-2.70 |
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-3.70 |
CNVAF vs AMZN, BABA, PDD: Beneish M-Score Comparison
For the Internet Retail subindustry, Cnova NV'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.
Cnova NV Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Cnova NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cnova NV's Beneish M-Score falls into.
Cnova NV 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 Cnova NV 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 * 0.943 | + | 0.528 * 0.8631 | + | 0.404 * 0.9779 | + | 0.892 * 0.8338 | + | 0.115 * 0.9821 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3508 | + | 4.679 * -0.178239 | - | 0.327 * 1.1229 |
| = | -3.70 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $119 Mil.
Revenue was $1,088 Mil.
Gross Profit was $381 Mil.
Total Current Assets was $347 Mil.
Total Assets was $704 Mil.
Property, Plant and Equipment(Net PPE) was $82 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $85 Mil.
Total Current Liabilities was $546 Mil.
Long-Term Debt & Capital Lease Obligation was $768 Mil.
Net Income was $-99 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $27 Mil.
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Total Receivables was $151 Mil.
Revenue was $1,305 Mil.
Gross Profit was $395 Mil.
Total Current Assets was $383 Mil.
Total Assets was $796 Mil.
Property, Plant and Equipment(Net PPE) was $96 Mil.
Depreciation, Depletion and Amortization(DDA) was $105 Mil.
Selling, General, & Admin. Expense(SGA) was $76 Mil.
Total Current Liabilities was $799 Mil.
Long-Term Debt & Capital Lease Obligation was $525 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) |
| = | (118.587 / 1088.062) | / | (150.819 / 1304.969) |
| = | 0.108989 | / | 0.115573 |
| | = | 0.943 |
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) |
| = | (394.891 / 1304.969) | / | (381.494 / 1088.062) |
| = | 0.302606 | / | 0.350618 |
| | = | 0.8631 |
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 - (346.98 + 82.235) / 703.787) | / | (1 - (382.735 + 95.791) / 796.156) |
| = | 0.390135 | / | 0.398954 |
| | = | 0.9779 |
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 |
| = | 1088.062 | / | 1304.969 |
| | = | 0.8338 |
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)) |
| = | (104.889 / (104.889 + 95.791)) | / | (93.554 / (93.554 + 82.235)) |
| = | 0.522668 | / | 0.532195 |
| | = | 0.9821 |
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) |
| = | (85.461 / 1088.062) | / | (75.881 / 1304.969) |
| = | 0.078544 | / | 0.058148 |
| | = | 1.3508 |
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) |
| = | ((767.578 + 546.214) / 703.787) | / | ((524.881 + 798.672) / 796.156) |
| = | 1.866747 | / | 1.662429 |
| | = | 1.1229 |
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 |
| = | (-98.624 - 0 | - | 26.818) | / | 703.787 |
| | = | -0.178239 |
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.
Cnova NV has a M-score of -3.70 suggests that the company is unlikely to be a manipulator.
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