VC Beneish M-Score Historical Data
The historical data trend for VC'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.
VC Beneish M-Score Chart
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VC Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.35 |
-3.57 |
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VC Quarterly Data
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-0.35 |
-0.71 |
-1.56 |
-1.61 |
-3.57 |
Competitive Comparison of VC's Beneish M-Score
For the Leisure subindustry, VC'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.
VC's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, VC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VC's Beneish M-Score falls into.
VC 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 VC 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 * 0.7213 | + | 0.528 * 1.1752 | + | 0.404 * 1.1075 | + | 0.892 * 0.685 | + | 0.115 * 0.706 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6431 | + | 4.679 * -0.105573 | - | 0.327 * 1.1411 |
| = | -3.57 |
* 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 ₩3,841 Mil.
Revenue was 4695.136 + 11126.82 + 13353.415 + 8049.023 = ₩37,224 Mil.
Gross Profit was 1125.272 + 5377.091 + 6514.651 + 4421.803 = ₩17,439 Mil.
Total Current Assets was ₩29,356 Mil.
Total Assets was ₩86,899 Mil.
Property, Plant and Equipment(Net PPE) was ₩35,551 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,302 Mil.
Selling, General, & Admin. Expense(SGA) was ₩20,540 Mil.
Total Current Liabilities was ₩25,357 Mil.
Long-Term Debt & Capital Lease Obligation was ₩20,042 Mil.
Net Income was -5455.048 + -2040.253 + -1923.381 + -2550.59 = ₩-11,969 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -526.945 + 2000.955 + -127.7 + -4141.389 = ₩-2,795 Mil.
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Total Receivables was ₩7,774 Mil.
Revenue was 11853.553 + 14380.683 + 17713.703 + 10395.612 = ₩54,344 Mil.
Gross Profit was 6458.65 + 8050.008 + 9567.409 + 5842.459 = ₩29,919 Mil.
Total Current Assets was ₩35,997 Mil.
Total Assets was ₩96,043 Mil.
Property, Plant and Equipment(Net PPE) was ₩38,100 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,143 Mil.
Selling, General, & Admin. Expense(SGA) was ₩18,250 Mil.
Total Current Liabilities was ₩39,898 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,076 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) |
| = | (3841.289 / 37224.394) | / | (7774.229 / 54343.551) |
| = | 0.103193 | / | 0.143057 |
| | = | 0.7213 |
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) |
| = | (29918.526 / 54343.551) | / | (17438.817 / 37224.394) |
| = | 0.550544 | / | 0.468478 |
| | = | 1.1752 |
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 - (29355.566 + 35551.392) / 86899.367) | / | (1 - (35997.174 + 38099.508) / 96043.376) |
| = | 0.253079 | / | 0.228508 |
| | = | 1.1075 |
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 |
| = | 37224.394 | / | 54343.551 |
| | = | 0.685 |
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)) |
| = | (3143.179 / (3143.179 + 38099.508)) | / | (4302.408 / (4302.408 + 35551.392)) |
| = | 0.076212 | / | 0.107955 |
| | = | 0.706 |
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) |
| = | (20539.863 / 37224.394) | / | (18249.767 / 54343.551) |
| = | 0.551785 | / | 0.335822 |
| | = | 1.6431 |
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) |
| = | ((20042.427 + 25357.477) / 86899.367) | / | ((4076.107 + 39897.579) / 96043.376) |
| = | 0.522442 | / | 0.457852 |
| | = | 1.1411 |
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 |
| = | (-11969.272 - 0 | - | -2795.079) | / | 86899.367 |
| | = | -0.105573 |
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.
VC has a M-score of -3.57 suggests that the company is unlikely to be a manipulator.
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