Societa Sportiva Lazio SPA (Societa Sportiva Lazio SPA) Beneish M-Score : -3.14 (As of Apr. 27, 2024)

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What is Societa Sportiva Lazio 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 -3.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Societa Sportiva Lazio SPA's Beneish M-Score or its related term are showing as below:

SSLZF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.03 Med: -2.54 Max: -0.66
Current: -3.14

During the past 13 years, the highest Beneish M-Score of Societa Sportiva Lazio SPA was -0.66. The lowest was -4.03. And the median was -2.54.

Societa Sportiva Lazio SPA Beneish M-Score Historical Data

The historical data trend for Societa Sportiva Lazio 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.

* Premium members only.

Societa Sportiva Lazio SPA Beneish M-Score Chart

Societa Sportiva Lazio SPA Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-3.05

-3.32

-3.63

-2.29

-3.14

Societa Sportiva Lazio SPA Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-	-2.29	-	-3.14	-

Competitive Comparison of Societa Sportiva Lazio SPA's Beneish M-Score

For the Entertainment subindustry, Societa Sportiva Lazio 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.

Societa Sportiva Lazio SPA's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Societa Sportiva Lazio SPA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Societa Sportiva Lazio SPA's Beneish M-Score falls into.

Societa Sportiva Lazio 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 Societa Sportiva Lazio 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 * 1.0729

0.528 * 1.0132

0.404 * 0.9102

0.892 * 1.1155

0.115 * 1.3406

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.209647

0.327 * 1.0219

-3.12

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was $47.0 Mil.
Revenue was $158.5 Mil.
Gross Profit was $125.5 Mil.
Total Current Assets was $65.4 Mil.
Total Assets was $287.9 Mil.
Property, Plant and Equipment(Net PPE) was $104.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.2 Mil.
Selling, General, & Admin. Expense(SGA) was $0.0 Mil.
Total Current Liabilities was $178.8 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was $-32.0 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $28.4 Mil.

Total Receivables was $39.3 Mil.
Revenue was $142.1 Mil.
Gross Profit was $114.0 Mil.
Total Current Assets was $60.8 Mil.
Total Assets was $283.1 Mil.
Property, Plant and Equipment(Net PPE) was $94.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $45.2 Mil.
Selling, General, & Admin. Expense(SGA) was $2.0 Mil.
Total Current Liabilities was $172.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 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)
	=	(46.979 / 158.531)	/	(39.256 / 142.121)
	=	0.29634	/	0.276215
	=	1.0729

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)
	=	(113.968 / 142.121)	/	(125.476 / 158.531)
	=	0.801908	/	0.791492
	=	1.0132

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 - (65.35 + 104.286) / 287.941)	/	(1 - (60.77 + 94.552) / 283.127)
	=	0.410865	/	0.451405
	=	0.9102

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
	=	158.531	/	142.121
	=	1.1155

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))
	=	(45.216 / (45.216 + 94.552))	/	(33.17 / (33.17 + 104.286))
	=	0.323508	/	0.241314
	=	1.3406

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 / 158.531)	/	(2.008 / 142.121)
	=	0	/	0.014129
	=	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 + 178.787) / 287.941)	/	((0 + 172.027) / 283.127)
	=	0.620915	/	0.607597
	=	1.0219

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
	=	(-32.005 - 0	-	28.361)	/	287.941
	=	-0.209647

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.

Societa Sportiva Lazio SPA has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.

Societa Sportiva Lazio SPA Beneish M-Score Related Terms

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Societa Sportiva Lazio SPA (Societa Sportiva Lazio SPA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Societa Sportiva Lazio SPA (GREY:SSLZF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

SSL:Italy LZO1:Germany

Address

Via di Santa Cornelia, Rome, ITA, 1000

Website

http://www.sslazio.it

Societa Sportiva Lazio SPA is a professional soccer club which belongs to the Italian Serie A division. The team is controlled by the food company Cirio S.p.A.

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