Cineworld Group Beneish M-Score Historical Data
The historical data trend for Cineworld 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.
Cineworld Group Beneish M-Score Chart
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Cineworld Group Annual Data
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Dec12 |
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Dec18 |
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Dec20 |
Dec21 |
| Beneish M-Score |
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-2.63 |
-0.21 |
-3.67 |
-10.53 |
-1.83 |
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Cineworld Group Semi-Annual Data
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| Beneish M-Score |
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-10.53 |
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-1.83 |
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Competitive Comparison of Cineworld Group's Beneish M-Score
For the Entertainment subindustry, Cineworld 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.
Cineworld Group's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Cineworld Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cineworld Group's Beneish M-Score falls into.
Cineworld 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 Cineworld 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 * 1.6813 | + | 0.528 * -0.14 | + | 0.404 * 1.0224 | + | 0.892 * 2.1177 | + | 0.115 * 1.1339 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.3588 | + | 4.679 * -0.108083 | - | 0.327 * 1.0698 |
| = | -1.85 |
* 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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was $115 Mil.
Revenue was $1,805 Mil.
Gross Profit was $542 Mil.
Total Current Assets was $533 Mil.
Total Assets was $10,371 Mil.
Property, Plant and Equipment(Net PPE) was $3,932 Mil.
Depreciation, Depletion and Amortization(DDA) was $535 Mil.
Selling, General, & Admin. Expense(SGA) was $668 Mil.
Total Current Liabilities was $1,562 Mil.
Long-Term Debt & Capital Lease Obligation was $8,512 Mil.
Net Income was $-566 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $555 Mil.
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Total Receivables was $32 Mil.
Revenue was $852 Mil.
Gross Profit was $-36 Mil.
Total Current Assets was $613 Mil.
Total Assets was $10,625 Mil.
Property, Plant and Equipment(Net PPE) was $4,095 Mil.
Depreciation, Depletion and Amortization(DDA) was $643 Mil.
Selling, General, & Admin. Expense(SGA) was $880 Mil.
Total Current Liabilities was $1,664 Mil.
Long-Term Debt & Capital Lease Obligation was $7,984 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) |
| = | (115 / 1804.9) | / | (32.3 / 852.3) |
| = | 0.063715 | / | 0.037897 |
| | = | 1.6813 |
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) |
| = | (-35.8 / 852.3) | / | (541.7 / 1804.9) |
| = | -0.042004 | / | 0.300127 |
| | = | -0.14 |
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 - (533.2 + 3932.2) / 10370.7) | / | (1 - (613.1 + 4094.6) / 10625.2) |
| = | 0.569422 | / | 0.556931 |
| | = | 1.0224 |
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 |
| = | 1804.9 | / | 852.3 |
| | = | 2.1177 |
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)) |
| = | (643.3 / (643.3 + 4094.6)) | / | (534.9 / (534.9 + 3932.2)) |
| = | 0.135777 | / | 0.119742 |
| | = | 1.1339 |
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) |
| = | (668.4 / 1804.9) | / | (879.7 / 852.3) |
| = | 0.370325 | / | 1.032148 |
| | = | 0.3588 |
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) |
| = | ((8512.4 + 1561.6) / 10370.7) | / | ((7983.6 + 1663.8) / 10625.2) |
| = | 0.971391 | / | 0.907973 |
| | = | 1.0698 |
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 |
| = | (-565.8 - 0 | - | 555.1) | / | 10370.7 |
| | = | -0.108083 |
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.
Cineworld Group has a M-score of -1.85 suggests that the company is unlikely to be a manipulator.
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