CDV Software Entertainment AG (LTS:0NEQ) Beneish M-Score : 0.00 (As of Sep. 22, 2024)

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What is CDV Software Entertainment AG 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 CDV Software Entertainment AG's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of CDV Software Entertainment AG was 0.00. The lowest was 0.00. And the median was 0.00.

CDV Software Entertainment AG Beneish M-Score Historical Data

The historical data trend for CDV Software Entertainment AG'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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CDV Software Entertainment AG Beneish M-Score Chart

CDV Software Entertainment AG Annual Data

Trend

Dec02

Dec03

Dec04

Dec05

Dec06

Dec07

Beneish M-Score

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CDV Software Entertainment AG Semi-Annual Data
	Dec02	Dec03	Dec04	Dec05	Dec06	Dec07
Beneish M-Score	Get a 7-Day Free Trial			-	-	-	-	-

Competitive Comparison of CDV Software Entertainment AG's Beneish M-Score

For the Leisure subindustry, CDV Software Entertainment AG'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.

CDV Software Entertainment AG's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, CDV Software Entertainment AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CDV Software Entertainment AG's Beneish M-Score falls into.

CDV Software Entertainment AG 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 CDV Software Entertainment AG 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 * 1.6279

0.528 * 0.8418

0.404 * 1.3783

0.892 * 1.4604

0.115 * 1.0741

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5286

4.679 * 0.097362

0.327 * 0.3906

-0.68

This Year (Dec07) TTM:

Last Year (Dec06) TTM:

Total Receivables was €8.76 Mil.
Revenue was €14.88 Mil.
Gross Profit was €9.35 Mil.
Total Current Assets was €14.35 Mil.
Total Assets was €29.95 Mil.
Property, Plant and Equipment(Net PPE) was €0.22 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.55 Mil.
Selling, General, & Admin. Expense(SGA) was €2.77 Mil.
Total Current Liabilities was €9.18 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €1.06 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-1.85 Mil.

Total Receivables was €3.68 Mil.
Revenue was €10.19 Mil.
Gross Profit was €5.39 Mil.
Total Current Assets was €5.27 Mil.
Total Assets was €8.71 Mil.
Property, Plant and Equipment(Net PPE) was €0.20 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.15 Mil.
Selling, General, & Admin. Expense(SGA) was €3.59 Mil.
Total Current Liabilities was €6.84 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
	=	(8.756 / 14.877)	/	(3.683 / 10.187)
	=	0.58856	/	0.361539
	=	1.6279

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)
	=	(5.387 / 10.187)	/	(9.346 / 14.877)
	=	0.528811	/	0.628218
	=	0.8418

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 - (14.35 + 0.218) / 29.95)	/	(1 - (5.271 + 0.196) / 8.714)
	=	0.513589	/	0.372619
	=	1.3783

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
	=	14.877	/	10.187
	=	1.4604

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))
	=	(3.147 / (3.147 + 0.196))	/	(1.546 / (1.546 + 0.218))
	=	0.94137	/	0.876417
	=	1.0741

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)
	=	(2.768 / 14.877)	/	(3.586 / 10.187)
	=	0.186059	/	0.352017
	=	0.5286

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)
	=	((0 + 9.178) / 29.95)	/	((0 + 6.836) / 8.714)
	=	0.306444	/	0.784485
	=	0.3906

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
	=	(1.063 - 0	-	-1.853)	/	29.95
	=	0.097362

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.

CDV Software Entertainment AG has a M-score of -0.68 signals that the company is likely to be a manipulator.

CDV Software Entertainment AG Beneish M-Score Related Terms

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CDV Software Entertainment AG Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » CDV Software Entertainment AG (LTS:0NEQ) » Definitions » Beneish M-Score

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Address

Website

http://www.cdv.de

CDV Software Entertainment AG is a wholly-owned subsidiary engaged in the publishing and distribution of computer and video games. The Company filed for insolvency in June 2010.

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