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Vivopower International (FRA:51J) Beneish M-Score : -3.93 (As of Oct. 31, 2024)


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What is Vivopower International 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.

Good Sign:

Beneish M-Score -3.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:51J' s Beneish M-Score Range Over the Past 10 Years
Min: -3.93   Med: -2.27   Max: 4.15
Current: -3.93

During the past 9 years, the highest Beneish M-Score of Vivopower International was 4.15. The lowest was -3.93. And the median was -2.27.


Vivopower International Beneish M-Score Historical Data

The historical data trend for Vivopower International'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.

* Premium members only.

Vivopower International Beneish M-Score Chart

Vivopower International Annual Data
Trend Feb15 Feb16 Mar17 Mar18 Mar19 Jun20 Jun21 Jun22 Jun23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.72 -1.99 -2.55 4.15 -3.93

Vivopower International Semi-Annual Data
Feb15 Aug15 Feb16 Aug16 Mar17 Sep17 Mar18 Sep18 Mar19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - 4.15 - -3.93 -

Competitive Comparison of Vivopower International's Beneish M-Score

For the Solar subindustry, Vivopower International'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.


Vivopower International's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Vivopower International's Beneish M-Score distribution charts can be found below:

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



Vivopower International 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 Vivopower International 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 * 1.2894+0.528 * -0.0768+0.404 * 1.2145+0.892 * 0.6545+0.115 * 1.1502
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8224+4.679 * -0.198582-0.327 * 1.1868
=-3.95

* 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 (Jun23) TTM:Last Year (Jun22) TTM:
Total Receivables was €6.23 Mil.
Revenue was €13.90 Mil.
Gross Profit was €-2.09 Mil.
Total Current Assets was €9.50 Mil.
Total Assets was €56.69 Mil.
Property, Plant and Equipment(Net PPE) was €3.45 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.46 Mil.
Selling, General, & Admin. Expense(SGA) was €7.03 Mil.
Total Current Liabilities was €17.46 Mil.
Long-Term Debt & Capital Lease Obligation was €27.69 Mil.
Net Income was €-22.48 Mil.
Gross Profit was €-3.33 Mil.
Cash Flow from Operations was €-7.89 Mil.
Total Receivables was €7.38 Mil.
Revenue was €21.24 Mil.
Gross Profit was €0.25 Mil.
Total Current Assets was €20.50 Mil.
Total Assets was €65.90 Mil.
Property, Plant and Equipment(Net PPE) was €3.54 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.84 Mil.
Selling, General, & Admin. Expense(SGA) was €13.07 Mil.
Total Current Liabilities was €22.04 Mil.
Long-Term Debt & Capital Lease Obligation was €22.19 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)
=(6.225 / 13.9) / (7.376 / 21.236)
=0.447842 / 0.347335
=1.2894

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)
=(0.245 / 21.236) / (-2.088 / 13.9)
=0.011537 / -0.150216
=-0.0768

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 - (9.504 + 3.454) / 56.687) / (1 - (20.499 + 3.541) / 65.896)
=0.771411 / 0.635183
=1.2145

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
=13.9 / 21.236
=0.6545

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))
=(1.837 / (1.837 + 3.541)) / (1.459 / (1.459 + 3.454))
=0.341577 / 0.296967
=1.1502

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)
=(7.033 / 13.9) / (13.065 / 21.236)
=0.505971 / 0.615229
=0.8224

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)
=((27.694 + 17.459) / 56.687) / ((22.186 + 22.041) / 65.896)
=0.796532 / 0.671164
=1.1868

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
=(-22.48 - -3.33 - -7.893) / 56.687
=-0.198582

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.

Vivopower International has a M-score of -3.95 suggests that the company is unlikely to be a manipulator.


Vivopower International Beneish M-Score Related Terms

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Vivopower International Business Description

Traded in Other Exchanges
Address
52 Lime Street, 18th Floor, The Scalpel, London, GBR, EC3M 7AF
Vivopower International PLC is a solar power company. The company provides energy infrastructure generation, and distribution solutions and is also engaged in the development, construction, and sale of photovoltaic(PV) solar projects. Its operating segments include Solar Development, Critical Power Services, Sustainable Energy Solutions Electric Vehicles, and Corporate Office. The majority of the firm's revenue is generated from the Critical Power Services segment which consists of the design, supply, installation, and maintenance of power and control systems. It provides its solutions to government, commercial, and industrial customers. Nearly all of the revenue derives from Australia.

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