Global PVQ SE Beneish M-Score Historical Data
The historical data trend for Global PVQ SE'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.
Global PVQ SE Beneish M-Score Chart
|
Global PVQ SE Annual Data
|
|
Trend |
Dec04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
0.00 |
43.63 |
0.00 |
0.00 |
0.00 |
|
Global PVQ SE Quarterly Data
|
|
Dec04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Mar09 |
Jun09 |
Sep09 |
Dec09 |
Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
HAM:QCE vs BSRC, YGEHY: Beneish M-Score Comparison
For the Solar subindustry, Global PVQ SE'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.
Global PVQ SE Beneish M-Score vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Global PVQ SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Global PVQ SE's Beneish M-Score falls into.
Global PVQ SE 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 Global PVQ SE 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 * 1.2563 | + | 0.528 * 7.3331 | + | 0.404 * 1.0358 | + | 0.892 * 0.7555 | + | 0.115 * 0.2522 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.677743 | - | 0.327 * 1.6958 |
| = | -2.59 |
* 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 (Dec11) TTM: | Last Year (Dec10) TTM: |
Total Receivables was €153 Mil.
Revenue was €1,023 Mil.
Gross Profit was €38 Mil.
Total Current Assets was €658 Mil.
Total Assets was €1,216 Mil.
Property, Plant and Equipment(Net PPE) was €441 Mil.
Depreciation, Depletion and Amortization(DDA) was €496 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €590 Mil.
Long-Term Debt & Capital Lease Obligation was €531 Mil.
Net Income was €-846 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €-22 Mil.
|
Total Receivables was €161 Mil.
Revenue was €1,354 Mil.
Gross Profit was €367 Mil.
Total Current Assets was €1,096 Mil.
Total Assets was €2,179 Mil.
Property, Plant and Equipment(Net PPE) was €880 Mil.
Depreciation, Depletion and Amortization(DDA) was €136 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €476 Mil.
Long-Term Debt & Capital Lease Obligation was €710 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) |
| = | (153 / 1023.1) | / | (161.2 / 1354.2) |
| = | 0.149545 | / | 0.119037 |
| | = | 1.2563 |
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) |
| = | (366.9 / 1354.2) | / | (37.8 / 1023.1) |
| = | 0.270935 | / | 0.036947 |
| | = | 7.3331 |
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 - (657.7 + 440.8) / 1215.8) | / | (1 - (1096.2 + 880.2) / 2179.4) |
| = | 0.09648 | / | 0.093145 |
| | = | 1.0358 |
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 |
| = | 1023.1 | / | 1354.2 |
| | = | 0.7555 |
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)) |
| = | (135.6 / (135.6 + 880.2)) | / | (495.8 / (495.8 + 440.8)) |
| = | 0.133491 | / | 0.529362 |
| | = | 0.2522 |
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) |
| = | (0 / 1023.1) | / | (0 / 1354.2) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((531.4 + 589.7) / 1215.8) | / | ((709.5 + 475.6) / 2179.4) |
| = | 0.922109 | / | 0.543774 |
| | = | 1.6958 |
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 |
| = | (-845.8 - 0 | - | -21.8) | / | 1215.8 |
| | = | -0.677743 |
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.
Global PVQ SE has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
HAM:QCE has been successfully added to your