Unieuro SpA (LTS:0ROF) Beneish M-Score : -2.92 (As of Dec. 11, 2024)

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What is Unieuro SpA 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 -2.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0ROF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.54 Med: -2.84 Max: -2.48
Current: -2.92

During the past 11 years, the highest Beneish M-Score of Unieuro SpA was -2.48. The lowest was -3.54. And the median was -2.84.

Unieuro SpA Beneish M-Score Historical Data

The historical data trend for Unieuro SpA'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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Unieuro SpA Beneish M-Score Chart

Unieuro SpA Annual Data

Trend

Feb15

Feb16

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Beneish M-Score

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-2.48

-2.84

-3.05

-2.48

-2.92

Unieuro SpA Quarterly Data
	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-2.92	-	-

Competitive Comparison of Unieuro SpA's Beneish M-Score

For the Specialty Retail subindustry, Unieuro SpA'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.

Unieuro SpA's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Unieuro SpA's Beneish M-Score distribution charts can be found below:

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

Unieuro SpA 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 Unieuro SpA 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 * 0.8938

0.528 * 0.9978

0.404 * 1.2386

0.892 * 0.9373

0.115 * 0.9284

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8699

4.679 * -0.085156

0.327 * 0.9967

-2.92

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was €68 Mil.
Revenue was €2,635 Mil.
Gross Profit was €471 Mil.
Total Current Assets was €622 Mil.
Total Assets was €1,471 Mil.
Property, Plant and Equipment(Net PPE) was €461 Mil.
Depreciation, Depletion and Amortization(DDA) was €108 Mil.
Selling, General, & Admin. Expense(SGA) was €114 Mil.
Total Current Liabilities was €975 Mil.
Long-Term Debt & Capital Lease Obligation was €341 Mil.
Net Income was €-17 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €108 Mil.

Total Receivables was €82 Mil.
Revenue was €2,811 Mil.
Gross Profit was €501 Mil.
Total Current Assets was €667 Mil.
Total Assets was €1,482 Mil.
Property, Plant and Equipment(Net PPE) was €500 Mil.
Depreciation, Depletion and Amortization(DDA) was €106 Mil.
Selling, General, & Admin. Expense(SGA) was €140 Mil.
Total Current Liabilities was €950 Mil.
Long-Term Debt & Capital Lease Obligation was €380 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)
	=	(68.338 / 2634.934)	/	(81.573 / 2811.169)
	=	0.025935	/	0.029017
	=	0.8938

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)
	=	(501.469 / 2811.169)	/	(471.067 / 2634.934)
	=	0.178385	/	0.178778
	=	0.9978

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 - (621.815 + 461.429) / 1471.06)	/	(1 - (666.705 + 499.738) / 1481.846)
	=	0.26363	/	0.212845
	=	1.2386

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
	=	2634.934	/	2811.169
	=	0.9373

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))
	=	(106.431 / (106.431 + 499.738))	/	(107.623 / (107.623 + 461.429))
	=	0.17558	/	0.189127
	=	0.9284

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)
	=	(114.371 / 2634.934)	/	(140.272 / 2811.169)
	=	0.043406	/	0.049898
	=	0.8699

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)
	=	((341.051 + 974.77) / 1471.06)	/	((379.521 + 950.285) / 1481.846)
	=	0.894471	/	0.897398
	=	0.9967

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
	=	(-17.395 - 0	-	107.875)	/	1471.06
	=	-0.085156

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.

Unieuro SpA has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.

Unieuro SpA Beneish M-Score Related Terms

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Unieuro SpA Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Unieuro SpA (LTS:0ROF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

UNIR:Italy 1UI:Germany

Address

Via Piero Maroncelli, 10, Palazzo Hercolani, Forli, ITA, 47121

Website

https://www.unieurospa.com

Unieuro SpA is engaged in the computer and electronics retailers industry. The company product categories include Grey, White, Brown, and Other products. Its products and services include mobile devices, video games, electrical scopes, notebooks, washing machines, tablets, refrigerators, soundbars, robot vacuum cleaners, cameras, navigation systems, home cinemas, consoles, air conditioning, camcorders, hobs, sports watches, monitors, screens, multifunctional lasers, steam generators and dishwashers and others. The company's ancillary services such as delivery and installation, extended warranties, and consumer financing. It generates maximum revenue from the retail channel. Geographically, it derives a majority of its revenue from Italy.

Unieuro SpA Headlines

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