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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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nuvei's Beneish M-Score or its related term are showing as below:
During the past 7 years, the highest Beneish M-Score of Nuvei was -1.84. The lowest was -2.64. And the median was -2.31.
The historical data trend for Nuvei'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.
Nuvei Annual Data | ||||||||||||||||
Trend | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | -2.22 | -2.44 | -2.45 | -2.16 |
Nuvei Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.99 | -2.10 | -2.16 | -2.14 | -2.41 |
For the Software - Infrastructure subindustry, Nuvei'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.
For the Software industry and Technology sector, Nuvei's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nuvei's Beneish M-Score falls into.
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 Nuvei 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 * 1.0998 | + | 0.528 * 0.9854 | + | 0.404 * 0.8376 | + | 0.892 * 1.3007 | + | 0.115 * 0.9597 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.921 | + | 4.679 * -0.046595 | - | 0.327 * 1.1244 | |||||||
= | -2.44 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was €138 Mil. Revenue was 320.949 + 308.3 + 294.831 + 285.646 = €1,210 Mil. Gross Profit was 257.741 + 248.749 + 240.972 + 233.502 = €981 Mil. Total Current Assets was €1,769 Mil. Total Assets was €4,888 Mil. Property, Plant and Equipment(Net PPE) was €37 Mil. Depreciation, Depletion and Amortization(DDA) was €137 Mil. Selling, General, & Admin. Expense(SGA) was €725 Mil. Total Current Liabilities was €1,665 Mil. Long-Term Debt & Capital Lease Obligation was €1,156 Mil. Net Income was 3.219 + -6.314 + 10.852 + -18.566 = €-11 Mil. Non Operating Income was -7.948 + -8.234 + 9.739 + -12.212 = €-19 Mil. Cash Flow from Operations was 85.812 + 14.472 + 74.028 + 61.31 = €236 Mil. |
Total Receivables was €96 Mil. Revenue was 283.385 + 239.569 + 208 + 199.117 = €930 Mil. Gross Profit was 233.611 + 188.576 + 160.643 + 160.371 = €743 Mil. Total Current Assets was €987 Mil. Total Assets was €4,132 Mil. Property, Plant and Equipment(Net PPE) was €34 Mil. Depreciation, Depletion and Amortization(DDA) was €106 Mil. Selling, General, & Admin. Expense(SGA) was €605 Mil. Total Current Liabilities was €982 Mil. Long-Term Debt & Capital Lease Obligation was €1,139 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) |
= | (137.881 / 1209.726) | / | (96.383 / 930.071) | |
= | 0.113977 | / | 0.10363 | |
= | 1.0998 |
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) | |
= | (743.201 / 930.071) | / | (980.964 / 1209.726) | |
= | 0.79908 | / | 0.810898 | |
= | 0.9854 |
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 - (1768.705 + 36.96) / 4888.395) | / | (1 - (986.686 + 34.324) / 4132.464) | |
= | 0.630622 | / | 0.752929 | |
= | 0.8376 |
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 | |
= | 1209.726 | / | 930.071 | |
= | 1.3007 |
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)) |
= | (106.039 / (106.039 + 34.324)) | / | (136.718 / (136.718 + 36.96)) | |
= | 0.755463 | / | 0.787192 | |
= | 0.9597 |
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) |
= | (724.616 / 1209.726) | / | (604.894 / 930.071) | |
= | 0.598992 | / | 0.650374 | |
= | 0.921 |
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) |
= | ((1155.691 + 1664.93) / 4888.395) | / | ((1139.076 + 981.575) / 4132.464) | |
= | 0.577003 | / | 0.513169 | |
= | 1.1244 |
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 | |
= | (-10.809 - -18.655 | - | 235.622) | / | 4888.395 | |
= | -0.046595 |
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.
Nuvei has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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