Smiths News Beneish M-Score Historical Data
The historical data trend for Smiths News'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.
Smiths News Beneish M-Score Chart
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Smiths News Annual Data
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Trend |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-3.96 |
-3.09 |
-3.06 |
-3.23 |
-2.62 |
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Smiths News Semi-Annual Data
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Aug14 |
Feb15 |
Aug15 |
Feb16 |
Aug16 |
Feb17 |
Aug17 |
Feb18 |
Aug18 |
Feb19 |
Aug19 |
Feb20 |
Aug20 |
Feb21 |
Aug21 |
Feb22 |
Aug22 |
Feb23 |
Aug23 |
Feb24 |
| Beneish M-Score |
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-3.23 |
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-2.62 |
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Competitive Comparison of Smiths News's Beneish M-Score
For the Publishing subindustry, Smiths News'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.
Smiths News's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Smiths News's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Smiths News's Beneish M-Score falls into.
Smiths News 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 Smiths News 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 * 1.0534 | + | 0.528 * 1.0052 | + | 0.404 * 1.1083 | + | 0.892 * 1.0024 | + | 0.115 * 1.0005 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9606 | + | 4.679 * -0.05786 | - | 0.327 * 0.9226 |
| = | -2.62 |
* 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 (Aug23) TTM: | Last Year (Aug22) TTM: |
Total Receivables was £100 Mil.
Revenue was £1,092 Mil.
Gross Profit was £73 Mil.
Total Current Assets was £157 Mil.
Total Assets was £195 Mil.
Property, Plant and Equipment(Net PPE) was £31 Mil.
Depreciation, Depletion and Amortization(DDA) was £9 Mil.
Selling, General, & Admin. Expense(SGA) was £34 Mil.
Total Current Liabilities was £159 Mil.
Long-Term Debt & Capital Lease Obligation was £49 Mil.
Net Income was £25 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £36 Mil.
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Total Receivables was £95 Mil.
Revenue was £1,089 Mil.
Gross Profit was £73 Mil.
Total Current Assets was £148 Mil.
Total Assets was £189 Mil.
Property, Plant and Equipment(Net PPE) was £35 Mil.
Depreciation, Depletion and Amortization(DDA) was £11 Mil.
Selling, General, & Admin. Expense(SGA) was £35 Mil.
Total Current Liabilities was £157 Mil.
Long-Term Debt & Capital Lease Obligation was £61 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) |
| = | (100 / 1091.9) | / | (94.7 / 1089.3) |
| = | 0.091583 | / | 0.086937 |
| | = | 1.0534 |
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) |
| = | (72.7 / 1089.3) | / | (72.5 / 1091.9) |
| = | 0.06674 | / | 0.066398 |
| | = | 1.0052 |
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 - (156.7 + 30.6) / 195.3) | / | (1 - (147.5 + 34.9) / 189.4) |
| = | 0.040963 | / | 0.036959 |
| | = | 1.1083 |
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 |
| = | 1091.9 | / | 1089.3 |
| | = | 1.0024 |
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)) |
| = | (10.5 / (10.5 + 34.9)) | / | (9.2 / (9.2 + 30.6)) |
| = | 0.231278 | / | 0.231156 |
| | = | 1.0005 |
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) |
| = | (33.7 / 1091.9) | / | (35 / 1089.3) |
| = | 0.030864 | / | 0.032131 |
| | = | 0.9606 |
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) |
| = | ((48.5 + 158.9) / 195.3) | / | ((60.8 + 157.2) / 189.4) |
| = | 1.061956 | / | 1.151003 |
| | = | 0.9226 |
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 |
| = | (25.1 - 0 | - | 36.4) | / | 195.3 |
| | = | -0.05786 |
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.
Smiths News has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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