Grupo Clarin (BUE:GCLA) Beneish M-Score : -0.07 (As of May. 28, 2024)

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What is Grupo Clarin 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.

Warning Sign:

Beneish M-Score -0.07 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BUE:GCLA' s Beneish M-Score Range Over the Past 10 Years
Min: -5.94 Med: -2.82 Max: -0.07
Current: -0.07

During the past 13 years, the highest Beneish M-Score of Grupo Clarin was -0.07. The lowest was -5.94. And the median was -2.82.

Grupo Clarin Beneish M-Score Historical Data

The historical data trend for Grupo Clarin'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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Grupo Clarin Beneish M-Score Chart

Grupo Clarin Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.13

-2.28

-2.06

-0.97

-3.10

Grupo Clarin Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.38	-1.95	-2.07	-3.10	-0.07

Competitive Comparison of Grupo Clarin's Beneish M-Score

For the Entertainment subindustry, Grupo Clarin'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.

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

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

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

Grupo Clarin 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 Grupo Clarin 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 * 3.5838

0.528 * 1.1789

0.404 * 1.1581

0.892 * 0.8064

0.115 * 3.6501

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6317

4.679 * -0.072182

0.327 * 0.9595

-0.07

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ARS56,662 Mil.
Revenue was 49901.152 + 106824.374 + 35061.671 + 27144.56 = ARS218,932 Mil.
Gross Profit was 13853.772 + 34764.245 + 11273.152 + 9592.292 = ARS69,483 Mil.
Total Current Assets was ARS107,391 Mil.
Total Assets was ARS267,427 Mil.
Property, Plant and Equipment(Net PPE) was ARS83,250 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS8,879 Mil.
Selling, General, & Admin. Expense(SGA) was ARS38,649 Mil.
Total Current Liabilities was ARS78,252 Mil.
Long-Term Debt & Capital Lease Obligation was ARS2,874 Mil.
Net Income was -7262.82 + -9169.806 + -2719.972 + -316.275 = ARS-19,469 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was -2611.053 + 7039.589 + 4246.518 + -8840.444 = ARS-165 Mil.

Total Receivables was ARS19,605 Mil.
Revenue was 88286.303 + 116897.708 + 37313.235 + 28980.47 = ARS271,478 Mil.
Gross Profit was 32046.798 + 43580.658 + 15115.966 + 10830.995 = ARS101,574 Mil.
Total Current Assets was ARS41,433 Mil.
Total Assets was ARS84,412 Mil.
Property, Plant and Equipment(Net PPE) was ARS22,050 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS11,967 Mil.
Selling, General, & Admin. Expense(SGA) was ARS75,871 Mil.
Total Current Liabilities was ARS24,217 Mil.
Long-Term Debt & Capital Lease Obligation was ARS2,471 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)
	=	(56662.345 / 218931.757)	/	(19605.215 / 271477.716)
	=	0.258813	/	0.072217
	=	3.5838

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)
	=	(101574.417 / 271477.716)	/	(69483.461 / 218931.757)
	=	0.374154	/	0.317375
	=	1.1789

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 - (107390.898 + 83249.836) / 267426.956)	/	(1 - (41433.01 + 22050.268) / 84411.982)
	=	0.28713	/	0.247935
	=	1.1581

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
	=	218931.757	/	271477.716
	=	0.8064

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))
	=	(11967.489 / (11967.489 + 22050.268))	/	(8879.459 / (8879.459 + 83249.836))
	=	0.351801	/	0.09638
	=	3.6501

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)
	=	(38649.296 / 218931.757)	/	(75870.874 / 271477.716)
	=	0.176536	/	0.279474
	=	0.6317

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)
	=	((2873.754 + 78251.684) / 267426.956)	/	((2470.812 + 24216.949) / 84411.982)
	=	0.303356	/	0.316161
	=	0.9595

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
	=	(-19468.873 - 0	-	-165.39)	/	267426.956
	=	-0.072182

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.

Grupo Clarin has a M-score of -0.07 signals that the company is likely to be a manipulator.

Grupo Clarin Beneish M-Score Related Terms

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Grupo Clarin (BUE:GCLA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Grupo Clarin SA (BUE:GCLA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Piedras 1743, Buenos Aires, ARG, C1140ABK

Website

https://www.grupoclarin.com

Grupo Clarin SA is a holding company that operates in the Media industry in Argentina. Its operations include newspaper and other printing, publishing, and advertising activities, broadcast television, radio operations, television content production, online and new media services, and other media-related activities. Its business segments include Printing and Publishing, Broadcasting and Programming, and Others. Print and Digital Publications segments include national and regional newspapers, a sports daily, magazine publishing, editing and distribution, and commercial printing.

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