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Compagnie de l`Odet (STU:49F) Beneish M-Score : -2.59 (As of Dec. 15, 2024)


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What is Compagnie de l`Odet 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Compagnie de l`Odet's Beneish M-Score or its related term are showing as below:

STU:49F' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75   Med: -2.6   Max: -1.81
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Compagnie de l`Odet was -1.81. The lowest was -2.75. And the median was -2.60.


Compagnie de l`Odet Beneish M-Score Historical Data

The historical data trend for Compagnie de l`Odet'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.

Compagnie de l`Odet Beneish M-Score Chart

Compagnie de l`Odet Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.75 -2.58 -2.06 -2.56 -2.59

Compagnie de l`Odet Semi-Annual Data
Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -2.56 - -2.59 -

Competitive Comparison of Compagnie de l`Odet's Beneish M-Score

For the Entertainment subindustry, Compagnie de l`Odet'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.


Compagnie de l`Odet's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Compagnie de l`Odet's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Compagnie de l`Odet's Beneish M-Score falls into.



Compagnie de l`Odet 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 Compagnie de l`Odet 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 * 0.9825+0.528 * 0.9892+0.404 * 1.0289+0.892 * 1.0032+0.115 * 1.2583
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.021323-0.327 * 1.1104
=-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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was €6,368 Mil.
Revenue was €13,678 Mil.
Gross Profit was €4,253 Mil.
Total Current Assets was €18,565 Mil.
Total Assets was €59,981 Mil.
Property, Plant and Equipment(Net PPE) was €3,168 Mil.
Depreciation, Depletion and Amortization(DDA) was €639 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €18,323 Mil.
Long-Term Debt & Capital Lease Obligation was €3,666 Mil.
Net Income was €122 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €1,401 Mil.
Total Receivables was €6,461 Mil.
Revenue was €13,634 Mil.
Gross Profit was €4,193 Mil.
Total Current Assets was €17,959 Mil.
Total Assets was €54,006 Mil.
Property, Plant and Equipment(Net PPE) was €2,576 Mil.
Depreciation, Depletion and Amortization(DDA) was €690 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €12,132 Mil.
Long-Term Debt & Capital Lease Obligation was €5,698 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)
=(6367.5 / 13677.9) / (6460.5 / 13634.4)
=0.465532 / 0.473838
=0.9825

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)
=(4193.1 / 13634.4) / (4252.6 / 13677.9)
=0.307538 / 0.31091
=0.9892

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 - (18565 + 3168.3) / 59981.2) / (1 - (17959.4 + 2576) / 54005.6)
=0.637665 / 0.619754
=1.0289

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
=13677.9 / 13634.4
=1.0032

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))
=(689.9 / (689.9 + 2576)) / (639.2 / (639.2 + 3168.3))
=0.211243 / 0.167879
=1.2583

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 / 13677.9) / (0 / 13634.4)
=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)
=((3665.9 + 18323.3) / 59981.2) / ((5698.2 + 12132.1) / 54005.6)
=0.366602 / 0.330157
=1.1104

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
=(122.4 - 0 - 1401.4) / 59981.2
=-0.021323

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.

Compagnie de l`Odet has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.


Compagnie de l`Odet Beneish M-Score Related Terms

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Compagnie de l`Odet Business Description

Traded in Other Exchanges
Address
51, Boulevard de Montmorency, Paris, FRA, 75016
Compagnie de l`Odet is a France-based holding company with a major interest in the Bollore Group. The Bollore Group's operations are based on four areas: Transportation and logistics, Oil logistics, Communication, and Electricity storage and systems. Alongside these businesses, the group also manages several investments including plantations, real estate assets, and a portfolio of equity investments. It derives key revenue from the Communication business area and has operations in France, other parts of Europe, Africa, Asia-Pacific, and the United States.

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