Liberty Braves Group Beneish M-Score Historical Data
The historical data trend for Liberty Braves Group'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.
Liberty Braves Group Beneish M-Score Chart
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Liberty Braves Group Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-1.69 |
-1.80 |
-0.99 |
-2.80 |
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Liberty Braves Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-0.99 |
-2.08 |
-2.16 |
-2.11 |
-2.80 |
Competitive Comparison of Liberty Braves Group's Beneish M-Score
For the Entertainment subindustry, Liberty Braves Group'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.
Liberty Braves Group's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Liberty Braves Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Liberty Braves Group's Beneish M-Score falls into.
Liberty Braves Group 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 Liberty Braves Group 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 * 0.8081 | + | 0.528 * 1.0348 | + | 0.404 * 1.0433 | + | 0.892 * 1.0356 | + | 0.115 * 1.0221 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0969 | + | 4.679 * -0.060473 | - | 0.327 * 1.0506 |
| = | -2.90 |
* 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 R$308 Mil.
Revenue was 331.952 + 1342.457 + 1311.096 + 161.467 = R$3,147 Mil.
Gross Profit was 65.648 + 352.534 + 351.369 + 161.467 = R$931 Mil.
Total Current Assets was R$1,068 Mil.
Total Assets was R$7,371 Mil.
Property, Plant and Equipment(Net PPE) was R$3,757 Mil.
Depreciation, Depletion and Amortization(DDA) was R$352 Mil.
Selling, General, & Admin. Expense(SGA) was R$614 Mil.
Total Current Liabilities was R$1,145 Mil.
Long-Term Debt & Capital Lease Obligation was R$3,090 Mil.
Net Income was -158.548 + -29.864 + -140.335 + -307.307 = R$-636 Mil.
Non Operating Income was 18.11 + -19.182 + -150.576 + -72.92 = R$-225 Mil.
Cash Flow from Operations was 112.362 + -282.484 + -238.355 + 442.731 = R$34 Mil.
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Total Receivables was R$368 Mil.
Revenue was 373.782 + 1287.026 + 1263.566 + 114.457 = R$3,039 Mil.
Gross Profit was 163.546 + 257.681 + 394.594 + 114.457 = R$930 Mil.
Total Current Assets was R$1,403 Mil.
Total Assets was R$7,819 Mil.
Property, Plant and Equipment(Net PPE) was R$3,828 Mil.
Depreciation, Depletion and Amortization(DDA) was R$368 Mil.
Selling, General, & Admin. Expense(SGA) was R$541 Mil.
Total Current Liabilities was R$1,264 Mil.
Long-Term Debt & Capital Lease Obligation was R$3,013 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) |
| = | (308.305 / 3146.972) | / | (368.405 / 3038.831) |
| = | 0.097969 | / | 0.121232 |
| | = | 0.8081 |
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) |
| = | (930.278 / 3038.831) | / | (931.018 / 3146.972) |
| = | 0.30613 | / | 0.295846 |
| | = | 1.0348 |
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 - (1068.249 + 3756.907) / 7370.916) | / | (1 - (1402.505 + 3828.077) / 7819.113) |
| = | 0.345379 | / | 0.331052 |
| | = | 1.0433 |
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 |
| = | 3146.972 | / | 3038.831 |
| | = | 1.0356 |
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)) |
| = | (367.76 / (367.76 + 3828.077)) | / | (352.375 / (352.375 + 3756.907)) |
| = | 0.087649 | / | 0.085751 |
| | = | 1.0221 |
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) |
| = | (614.36 / 3146.972) | / | (540.836 / 3038.831) |
| = | 0.195223 | / | 0.177975 |
| | = | 1.0969 |
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) |
| = | ((3090.314 + 1144.951) / 7370.916) | / | ((3012.853 + 1263.675) / 7819.113) |
| = | 0.574591 | / | 0.546933 |
| | = | 1.0506 |
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 |
| = | (-636.054 - -224.568 | - | 34.254) | / | 7370.916 |
| | = | -0.060473 |
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.
Liberty Braves Group has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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