Vario Secure Beneish M-Score Historical Data
The historical data trend for Vario Secure'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.
Vario Secure Beneish M-Score Chart
|
Vario Secure Annual Data
|
|
Trend |
Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
Feb24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
- |
- |
-2.45 |
-2.50 |
-2.48 |
|
Vario Secure Quarterly Data
|
|
Feb18 |
Feb19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.50 |
-2.56 |
-2.51 |
-2.44 |
-2.48 |
Competitive Comparison of Vario Secure's Beneish M-Score
For the Software - Infrastructure subindustry, Vario Secure'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.
Vario Secure's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Vario Secure's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vario Secure's Beneish M-Score falls into.
Vario Secure 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 Vario Secure 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 * 1.0299 | + | 0.528 * 0.9524 | + | 0.404 * 1.0358 | + | 0.892 * 1.0023 | + | 0.115 * 1.1759 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1602 | + | 4.679 * -0.008797 | - | 0.327 * 0.9139 |
| = | -2.48 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was 円458 Mil.
Revenue was 665.905 + 668.48 + 662.228 + 643.809 = 円2,640 Mil.
Gross Profit was 321.21 + 369.337 + 385.326 + 387.765 = 円1,464 Mil.
Total Current Assets was 円1,609 Mil.
Total Assets was 円7,650 Mil.
Property, Plant and Equipment(Net PPE) was 円228 Mil.
Depreciation, Depletion and Amortization(DDA) was 円185 Mil.
Selling, General, & Admin. Expense(SGA) was 円943 Mil.
Total Current Liabilities was 円776 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,129 Mil.
Net Income was 59.033 + 97.973 + 92.292 + 98.305 = 円348 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 187.961 + 99.779 + 71.872 + 55.291 = 円415 Mil.
|
Total Receivables was 円444 Mil.
Revenue was 649.572 + 647.587 + 667.143 + 670.074 = 円2,634 Mil.
Gross Profit was 209.635 + 383.221 + 387.321 + 410.656 = 円1,391 Mil.
Total Current Assets was 円1,925 Mil.
Total Assets was 円7,826 Mil.
Property, Plant and Equipment(Net PPE) was 円159 Mil.
Depreciation, Depletion and Amortization(DDA) was 円177 Mil.
Selling, General, & Admin. Expense(SGA) was 円811 Mil.
Total Current Liabilities was 円833 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,300 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) |
| = | (458.218 / 2640.422) | / | (443.904 / 2634.376) |
| = | 0.17354 | / | 0.168504 |
| | = | 1.0299 |
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) |
| = | (1390.833 / 2634.376) | / | (1463.638 / 2640.422) |
| = | 0.527955 | / | 0.55432 |
| | = | 0.9524 |
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 - (1608.758 + 227.667) / 7649.933) | / | (1 - (1925.292 + 158.905) / 7826.19) |
| = | 0.759942 | / | 0.733689 |
| | = | 1.0358 |
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 |
| = | 2640.422 | / | 2634.376 |
| | = | 1.0023 |
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)) |
| = | (177.443 / (177.443 + 158.905)) | / | (185.257 / (185.257 + 227.667)) |
| = | 0.527558 | / | 0.448647 |
| | = | 1.1759 |
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) |
| = | (943.014 / 2640.422) | / | (810.921 / 2634.376) |
| = | 0.357145 | / | 0.307823 |
| | = | 1.1602 |
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) |
| = | ((1128.841 + 776.41) / 7649.933) | / | ((1300 + 832.674) / 7826.19) |
| = | 0.249055 | / | 0.272505 |
| | = | 0.9139 |
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 |
| = | (347.603 - 0 | - | 414.903) | / | 7649.933 |
| | = | -0.008797 |
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.
Vario Secure has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSE:4494 has been successfully added to your