CTC Media (CTC Media) Beneish M-Score : 0.00 (As of May. 12, 2024)

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What is CTC Media 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.

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

During the past 13 years, the highest Beneish M-Score of CTC Media was 0.00. The lowest was 0.00. And the median was 0.00.

CTC Media Beneish M-Score Historical Data

The historical data trend for CTC Media'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.

CTC Media Beneish M-Score Chart

CTC Media Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Beneish M-Score

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-3.58

-2.63

-2.56

-2.94

CTC Media Quarterly Data
	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15
Beneish M-Score	Get a 7-Day Free Trial															-2.94	-2.97	-3.09	-2.80	-

Competitive Comparison of CTC Media's Beneish M-Score

For the Broadcasting subindustry, CTC Media'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.

CTC Media's Beneish M-Score Distribution in the Media - Diversified Industry

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

* The bar in red indicates where CTC Media's Beneish M-Score falls into.

CTC Media 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 CTC Media for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec15) TTM:

Last Year (Dec14) TTM:

Total Receivables was $45.58 Mil.
Revenue was -248.663 + 77.246 + 92.279 + 79.138 = $-0.00 Mil.
Gross Profit was -224.46 + 69.507 + 83.333 + 71.62 = $0.00 Mil.
Total Current Assets was $255.93 Mil.
Total Assets was $378.74 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.32 Mil.
Selling, General, & Admin. Expense(SGA) was $197.21 Mil.
Total Current Liabilities was $44.01 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -547.55 + 44.16 + 4.696 + 8.417 = $-490.28 Mil.
Non Operating Income was -5.21 + 1.524 + -0.823 + 0.919 = $-3.59 Mil.
Cash Flow from Operations was 23.891 + 5.587 + -1.326 + -3.326 = $24.83 Mil.

Total Receivables was $4.77 Mil.
Revenue was -529.126 + 158.567 + 184.312 + 186.247 = $0.00 Mil.
Gross Profit was -494.383 + 148.436 + 171.353 + 174.594 = $0.00 Mil.
Total Current Assets was $358.08 Mil.
Total Assets was $609.05 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.08 Mil.
Selling, General, & Admin. Expense(SGA) was $376.30 Mil.
Total Current Liabilities was $184.70 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
	=	(45.581 / -0)	/	(4.771 / 0)
	=		/	83932319617909
	=

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)
	=	(0 / 0)	/	(0 / -0)
	=	0	/
	=

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 - (255.926 + 0) / 378.742)	/	(1 - (358.078 + 0) / 609.053)
	=	0.324274	/	0.412074
	=

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
	=	-0	/	0
	=

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))
	=	(26.082 / (26.082 + 0))	/	(14.315 / (14.315 + 0))
	=	1	/	1
	=

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)
	=	(197.208 / -0)	/	(376.301 / 0)
	=		/	6.6199572006998E+15
	=

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)
	=	((0 + 44.014) / 378.742)	/	((0 + 184.701) / 609.053)
	=	0.116211	/	0.303259
	=

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
	=	(-490.277 - -3.59	-	24.826)	/	378.742
	=	-1.350558

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.

CTC Media Beneish M-Score Related Terms

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CTC Media (CTC Media) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » CTC Media Inc (NAS:CTCM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.ctcmedia.ru

CTC Media Inc was incorporated in 1989 and commenced television operations in May 1994, initially broadcasting from its first owned-and-operated station in St. Petersburg to 22 cities across Russia as a superstation a single station that retransmits its signal to remote locations. In December 1996, the Company launched CTC, a national network broadcasting by satellite from its center in Moscow. The Company launched Domashny in March 2005 and acquired DTV in April 2008.Its TV channels are currently distributed by means of free-to-air terrestrial broadcasting in analog format. Its signals are broadcasted by the owned-and-operated stations and unmanned repeater transmitters according to local analog broadcast licenses and universal licenses for analog frequencies in the respective regions, as well as by its independent affiliate stations and local cable operators. In exchange for the right to broadcast its signal, the company allows its affiliates to broadcast local advertising during designated time windows, from which they derive revenues. At CTC's Domashny and DTV Networks it also pays fees to some independent affiliates of these networks for broadcasting the Domashny or DTV signal. The Company has four reportable segments: CTC Network, Domashny Network, Peretz Network, and Channel 31. The Company competes with other broadcasters and other forms of media for advertising spending, and with other broadcasters for audience share, programming rights, affiliate stations and broadcast frequencies in particular VHF frequencies in key markets. The Company has registered trademarks for the "CTC", "Domashny", "DTV" and "CTC Media" name and logo in the Russian Federation.

Executives

Mathias Hermansson	director	CTC MEDIA, INC. 15A PRAVDA STREET MOSCOW 1Z 125124
Wick Myron A Iii	director	50 OSGOOD PLACE, SAN FRANCISCO CA 94133
Charles J Burdick	director	27 PRINCES GATE COURT, LONDON X0 SW72QJ