Gaumont (XPAR:GAM) Beneish M-Score : -3.80 (As of May. 23, 2024)

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What is Gaumont 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 -3.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XPAR:GAM' s Beneish M-Score Range Over the Past 10 Years
Min: -4.3 Med: -3.47 Max: -2.74
Current: -3.8

During the past 13 years, the highest Beneish M-Score of Gaumont was -2.74. The lowest was -4.30. And the median was -3.47.

Gaumont Beneish M-Score Historical Data

The historical data trend for Gaumont'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.

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Gaumont Beneish M-Score Chart

Gaumont Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.50

-3.69

-3.34

-4.30

-3.80

Gaumont Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-3.34	-	-4.30	-	-3.80

Competitive Comparison of Gaumont's Beneish M-Score

For the Entertainment subindustry, Gaumont'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.

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

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

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

Gaumont 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 Gaumont 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 * 0.9214

0.528 * 1.0145

0.404 * 1.021

0.892 * 0.7906

0.115 * 1.0439

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1724

4.679 * -0.233996

0.327 * 0.8745

-3.80

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €97.7 Mil.
Revenue was €172.2 Mil.
Gross Profit was €159.9 Mil.
Total Current Assets was €235.7 Mil.
Total Assets was €399.6 Mil.
Property, Plant and Equipment(Net PPE) was €24.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €82.4 Mil.
Selling, General, & Admin. Expense(SGA) was €17.9 Mil.
Total Current Liabilities was €158.3 Mil.
Long-Term Debt & Capital Lease Obligation was €38.4 Mil.
Net Income was €-3.7 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €89.8 Mil.

Total Receivables was €134.1 Mil.
Revenue was €217.9 Mil.
Gross Profit was €205.1 Mil.
Total Current Assets was €283.7 Mil.
Total Assets was €470.6 Mil.
Property, Plant and Equipment(Net PPE) was €26.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €107.8 Mil.
Selling, General, & Admin. Expense(SGA) was €19.3 Mil.
Total Current Liabilities was €178.2 Mil.
Long-Term Debt & Capital Lease Obligation was €86.7 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)
	=	(97.661 / 172.248)	/	(134.056 / 217.859)
	=	0.566979	/	0.615334
	=	0.9214

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)
	=	(205.107 / 217.859)	/	(159.853 / 172.248)
	=	0.941467	/	0.92804
	=	1.0145

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 - (235.739 + 24.578) / 399.592)	/	(1 - (283.65 + 26.282) / 470.577)
	=	0.348543	/	0.341379
	=	1.021

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
	=	172.248	/	217.859
	=	0.7906

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))
	=	(107.813 / (107.813 + 26.282))	/	(82.37 / (82.37 + 24.578))
	=	0.804005	/	0.770187
	=	1.0439

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)
	=	(17.859 / 172.248)	/	(19.267 / 217.859)
	=	0.103682	/	0.088438
	=	1.1724

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)
	=	((38.426 + 158.325) / 399.592)	/	((86.692 + 178.249) / 470.577)
	=	0.49238	/	0.563013
	=	0.8745

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
	=	(-3.683 - 0	-	89.82)	/	399.592
	=	-0.233996

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.

Gaumont has a M-score of -3.80 suggests that the company is unlikely to be a manipulator.

Gaumont Beneish M-Score Related Terms

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Gaumont (XPAR:GAM) Business Description

Industry

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Traded in Other Exchanges

N/A

Address

30 Avenue Charles de Gaulle, Neuilly-sur-Seine, FRA, 92200

Website

http://www.gaumont.fr

Gaumont is producer and distributor of motion films. The company produces television programs, cartoon films and series produced by Alphanim; and television drams and series produced by Leonis Productions, Gaumont Television, and Gaumont International Television. The Gaumont group operates in two business sectors which constitute its operating segments: Movie production and distribution, which includes the various distribution phases of movies: release in theaters, sales to television channels; Production and distribution of animated feature films and cartoon as well as drama series via its subsidiaries in France and in the United States; and Operation of movie theaters through its stake in Les Cinemas Gaumont Pathe.