Verbund AG Beneish M-Score Historical Data
The historical data trend for Verbund AG'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.
Verbund AG Beneish M-Score Chart
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Verbund AG Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.11 |
-3.59 |
-0.90 |
-1.69 |
-3.42 |
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Verbund AG Quarterly Data
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Dec19 |
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| Beneish M-Score |
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-3.42 |
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Competitive Comparison of Verbund AG's Beneish M-Score
For the Utilities - Renewable subindustry, Verbund AG'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.
Verbund AG's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Verbund AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Verbund AG's Beneish M-Score falls into.
Verbund AG 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 Verbund AG 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 * 0.8516 | + | 0.528 * 0.6355 | + | 0.404 * 0.9238 | + | 0.892 * 1.01 | + | 0.115 * 0.5966 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8093 | + | 4.679 * -0.144561 | - | 0.327 * 0.6923 |
| = | -3.42 |
* 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 €1,329 Mil.
Revenue was €10,449 Mil.
Gross Profit was €4,704 Mil.
Total Current Assets was €3,590 Mil.
Total Assets was €19,485 Mil.
Property, Plant and Equipment(Net PPE) was €12,868 Mil.
Depreciation, Depletion and Amortization(DDA) was €989 Mil.
Selling, General, & Admin. Expense(SGA) was €63 Mil.
Total Current Liabilities was €3,161 Mil.
Long-Term Debt & Capital Lease Obligation was €1,690 Mil.
Net Income was €2,266 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €5,083 Mil.
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Total Receivables was €1,546 Mil.
Revenue was €10,346 Mil.
Gross Profit was €2,960 Mil.
Total Current Assets was €3,912 Mil.
Total Assets was €19,157 Mil.
Property, Plant and Equipment(Net PPE) was €12,023 Mil.
Depreciation, Depletion and Amortization(DDA) was €534 Mil.
Selling, General, & Admin. Expense(SGA) was €77 Mil.
Total Current Liabilities was €4,145 Mil.
Long-Term Debt & Capital Lease Obligation was €2,744 Mil.
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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) |
| = | (1329.4 / 10449.484) | / | (1545.7 / 10346.076) |
| = | 0.127222 | / | 0.1494 |
| | = | 0.8516 |
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) |
| = | (2959.984 / 10346.076) | / | (4704.261 / 10449.484) |
| = | 0.286097 | / | 0.450191 |
| | = | 0.6355 |
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 - (3590.264 + 12867.8) / 19485.316) | / | (1 - (3911.835 + 12023.2) / 19156.644) |
| = | 0.155361 | / | 0.168172 |
| | = | 0.9238 |
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 |
| = | 10449.484 | / | 10346.076 |
| | = | 1.01 |
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)) |
| = | (534.483 / (534.483 + 12023.2)) | / | (988.516 / (988.516 + 12867.8)) |
| = | 0.042562 | / | 0.07134 |
| | = | 0.5966 |
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) |
| = | (63.1 / 10449.484) | / | (77.2 / 10346.076) |
| = | 0.006039 | / | 0.007462 |
| | = | 0.8093 |
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) |
| = | ((1690.4 + 3161.29) / 19485.316) | / | ((2744.1 + 4145.411) / 19156.644) |
| = | 0.248992 | / | 0.359641 |
| | = | 0.6923 |
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 |
| = | (2266.145 - 0 | - | 5082.969) | / | 19485.316 |
| | = | -0.144561 |
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.
Verbund AG has a M-score of -3.42 suggests that the company is unlikely to be a manipulator.
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