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AS Ekspress Grupp (FRA:DYC) Beneish M-Score : -2.76 (As of Apr. 29, 2024)


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What is AS Ekspress Grupp 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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for AS Ekspress Grupp's Beneish M-Score or its related term are showing as below:

FRA:DYC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12   Med: -2.54   Max: -2.31
Current: -2.76

During the past 13 years, the highest Beneish M-Score of AS Ekspress Grupp was -2.31. The lowest was -3.12. And the median was -2.54.


AS Ekspress Grupp Beneish M-Score Historical Data

The historical data trend for AS Ekspress Grupp'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.

AS Ekspress Grupp Beneish M-Score Chart

AS Ekspress Grupp 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 -2.51 -3.12 -2.92 -2.46 -2.76

AS Ekspress Grupp Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 -2.46 -2.55 -2.35 -2.77 -2.76

Competitive Comparison of AS Ekspress Grupp's Beneish M-Score

For the Advertising Agencies subindustry, AS Ekspress Grupp'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.


AS Ekspress Grupp's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, AS Ekspress Grupp's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where AS Ekspress Grupp's Beneish M-Score falls into.



AS Ekspress Grupp 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 AS Ekspress Grupp 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 * 1.0209+0.528 * 1.0079+0.404 * 0.9523+0.892 * 1.1395+0.115 * 1.0197
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.985+4.679 * -0.084044-0.327 * 1.0467
=-2.76

* 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 €12.11 Mil.
Revenue was 21.313 + 16.49 + 18.528 + 16.755 = €73.09 Mil.
Gross Profit was 6.398 + 4.107 + 4.422 + 3.114 = €18.04 Mil.
Total Current Assets was €23.09 Mil.
Total Assets was €105.77 Mil.
Property, Plant and Equipment(Net PPE) was €10.38 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.72 Mil.
Selling, General, & Admin. Expense(SGA) was €4.96 Mil.
Total Current Liabilities was €27.44 Mil.
Long-Term Debt & Capital Lease Obligation was €21.77 Mil.
Net Income was 2.521 + 0.949 + 0.613 + -0.733 = €3.35 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 5.363 + 2.456 + 2.04 + 2.38 = €12.24 Mil.
Total Receivables was €10.41 Mil.
Revenue was 19.185 + 15.12 + 16.409 + 13.426 = €64.14 Mil.
Gross Profit was 5.713 + 3.849 + 4.002 + 2.393 = €15.96 Mil.
Total Current Assets was €19.44 Mil.
Total Assets was €99.84 Mil.
Property, Plant and Equipment(Net PPE) was €8.74 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.08 Mil.
Selling, General, & Admin. Expense(SGA) was €4.42 Mil.
Total Current Liabilities was €22.42 Mil.
Long-Term Debt & Capital Lease Obligation was €21.95 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)
=(12.111 / 73.086) / (10.411 / 64.14)
=0.165709 / 0.162317
=1.0209

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)
=(15.957 / 64.14) / (18.041 / 73.086)
=0.248784 / 0.246846
=1.0079

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 - (23.094 + 10.383) / 105.766) / (1 - (19.444 + 8.735) / 99.836)
=0.683481 / 0.717747
=0.9523

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
=73.086 / 64.14
=1.1395

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))
=(4.084 / (4.084 + 8.735)) / (4.718 / (4.718 + 10.383))
=0.31859 / 0.31243
=1.0197

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)
=(4.962 / 73.086) / (4.421 / 64.14)
=0.067893 / 0.068927
=0.985

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)
=((21.765 + 27.438) / 105.766) / ((21.948 + 22.422) / 99.836)
=0.465206 / 0.444429
=1.0467

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
=(3.35 - 0 - 12.239) / 105.766
=-0.084044

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.

AS Ekspress Grupp has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.


AS Ekspress Grupp Beneish M-Score Related Terms

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AS Ekspress Grupp (FRA:DYC) Business Description

Traded in Other Exchanges
Address
Narva maantee 13, Tallinn, EST, 10151
AS Ekspress Grupp is a media company whose key activities include web media content production as well as the publishing of newspapers, magazines, and books. The business activities of the group function through the Media segment. The media segment comprises the operations of online news portals and classified portals, advertising sales in own portals in the Baltics and publishing of newspapers, magazines, customer and advertising fliers, publishing, and publication of books as well as the sale of digital outdoor advertising in Estonia and Latvia. The group also operates an electronic ticket sales platform and ticket offices and provides an outdoor screen service in Estonia and Latvia.

AS Ekspress Grupp (FRA:DYC) Headlines

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