GPI SpA (MIL:GPI) Beneish M-Score : -1.74 (As of Apr. 05, 2025)

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What is GPI 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.

Warning Sign:

Beneish M-Score -1.74 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MIL:GPI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.47 Med: -2.2 Max: -1.59
Current: -1.74

During the past 11 years, the highest Beneish M-Score of GPI SpA was -1.59. The lowest was -2.47. And the median was -2.20.

GPI SpA Beneish M-Score Historical Data

The historical data trend for GPI 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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GPI SpA Beneish M-Score Chart

GPI SpA Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.47

-2.26

-2.20

-2.25

-1.74

GPI SpA Semi-Annual Data
	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial														-2.20	-	-2.25	-	-1.74

Competitive Comparison of GPI SpA's Beneish M-Score

For the Health Information Services subindustry, GPI 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.

GPI SpA's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, GPI SpA's Beneish M-Score distribution charts can be found below:

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

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GPI 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 GPI 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 * 1.0159

0.528 * 0.9256

0.404 * 0.9372

0.892 * 1.1692

0.115 * 0.9395

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * 0.07142

0.327 * 0.5764

-1.74

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €369.4 Mil.
Revenue was €496.5 Mil.
Gross Profit was €99.2 Mil.
Total Current Assets was €474.2 Mil.
Total Assets was €953.9 Mil.
Property, Plant and Equipment(Net PPE) was €57.7 Mil.
Depreciation, Depletion and Amortization(DDA) was €53.1 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €346.7 Mil.
Long-Term Debt & Capital Lease Obligation was €0.0 Mil.
Net Income was €104.0 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €35.9 Mil.

Total Receivables was €311.0 Mil.
Revenue was €424.6 Mil.
Gross Profit was €78.5 Mil.
Total Current Assets was €403.1 Mil.
Total Assets was €855.1 Mil.
Property, Plant and Equipment(Net PPE) was €48.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €39.6 Mil.
Selling, General, & Admin. Expense(SGA) was €1.4 Mil.
Total Current Liabilities was €292.7 Mil.
Long-Term Debt & Capital Lease Obligation was €246.5 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)
	=	(369.382 / 496.469)	/	(310.962 / 424.615)
	=	0.744018	/	0.732339
	=	1.0159

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)
	=	(78.511 / 424.615)	/	(99.176 / 496.469)
	=	0.184899	/	0.199763
	=	0.9256

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 - (474.214 + 57.736) / 953.908)	/	(1 - (403.123 + 48.396) / 855.129)
	=	0.442347	/	0.471987
	=	0.9372

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
	=	496.469	/	424.615
	=	1.1692

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))
	=	(39.583 / (39.583 + 48.396))	/	(53.062 / (53.062 + 57.736))
	=	0.449914	/	0.478908
	=	0.9395

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 / 496.469)	/	(1.398 / 424.615)
	=	0	/	0.003292
	=	0

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 + 346.701) / 953.908)	/	((246.458 + 292.719) / 855.129)
	=	0.363453	/	0.630521
	=	0.5764

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
	=	(104.041 - 0	-	35.913)	/	953.908
	=	0.07142

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.

GPI SpA has a M-score of -1.74 signals that the company is likely to be a manipulator.

GPI SpA Beneish M-Score Related Terms

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GPI SpA Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » GPI SpA (MIL:GPI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Via Ragazzi del 99, 13, Trento, ITA, 38123

Website

https://www.gpi.it

GPI SpA operates in the field of social-healthcare IT services and hi-tech services for health. It provides services in the areas of IT systems, healthcare, pharmacy logistics, electronic payment solutions, and ICT infrastructures and systemic services.