Eros Media World Beneish M-Score Historical Data
The historical data trend for Eros Media World'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.
Eros Media World Beneish M-Score Chart
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Eros Media World Annual Data
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Trend |
Mar11 |
Mar12 |
Mar13 |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
| Beneish M-Score |
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-3.36 |
-2.53 |
-2.77 |
-3.08 |
-4.02 |
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Eros Media World Quarterly Data
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Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Sep19 |
Dec19 |
Mar20 |
Sep20 |
| Beneish M-Score |
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-3.08 |
-3.10 |
-3.09 |
-4.02 |
-3.48 |
Competitive Comparison of Eros Media World's Beneish M-Score
For the Entertainment subindustry, Eros Media World'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.
Eros Media World's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Eros Media World's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eros Media World's Beneish M-Score falls into.
Eros Media World 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 Eros Media World 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 * 0.9495 | + | 0.528 * 1.0168 | + | 0.404 * 1.2435 | + | 0.892 * 0.4144 | + | 0.115 * 1.1009 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 3.2776 | + | 4.679 * 0.006887 | - | 0.327 * 1.5839 |
| = | -3.48 |
* 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 (Sep20) TTM: | Last Year (Mar19) TTM: |
Total Receivables was $80.7 Mil.
Revenue was 0 + 28.815 + 50.752 + 32.374 = $111.9 Mil.
Gross Profit was 0 + 2.666 + 28.639 + 15.455 = $46.8 Mil.
Total Current Assets was $182.7 Mil.
Total Assets was $1,119.3 Mil.
Property, Plant and Equipment(Net PPE) was $8.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $42.4 Mil.
Selling, General, & Admin. Expense(SGA) was $118.3 Mil.
Total Current Liabilities was $352.1 Mil.
Long-Term Debt & Capital Lease Obligation was $283.8 Mil.
Net Income was 0 + -378.233 + -18.971 + -27.9 = $-425.1 Mil.
Non Operating Income was 0 + -411.419 + -19.822 + -11.326 = $-442.6 Mil.
Cash Flow from Operations was 0 + 12.491 + -2.736 + 0 = $9.8 Mil.
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Total Receivables was $205.1 Mil.
Revenue was 69.745 + 76.744 + 63.425 + 60.212 = $270.1 Mil.
Gross Profit was 33.493 + 32.285 + 25.311 + 23.641 = $114.7 Mil.
Total Current Assets was $351.6 Mil.
Total Assets was $1,088.9 Mil.
Property, Plant and Equipment(Net PPE) was $10.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $132.4 Mil.
Selling, General, & Admin. Expense(SGA) was $87.1 Mil.
Total Current Liabilities was $318.7 Mil.
Long-Term Debt & Capital Lease Obligation was $71.9 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) |
| = | (80.718 / 111.941) | / | (205.145 / 270.126) |
| = | 0.721076 | / | 0.759442 |
| | = | 0.9495 |
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) |
| = | (114.73 / 270.126) | / | (46.76 / 111.941) |
| = | 0.424728 | / | 0.41772 |
| | = | 1.0168 |
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 - (182.706 + 8.12) / 1119.251) | / | (1 - (351.597 + 10.921) / 1088.902) |
| = | 0.829506 | / | 0.667079 |
| | = | 1.2435 |
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 |
| = | 111.941 | / | 270.126 |
| | = | 0.4144 |
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)) |
| = | (132.418 / (132.418 + 10.921)) | / | (42.351 / (42.351 + 8.12)) |
| = | 0.92381 | / | 0.839116 |
| | = | 1.1009 |
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) |
| = | (118.349 / 111.941) | / | (87.134 / 270.126) |
| = | 1.057244 | / | 0.322568 |
| | = | 3.2776 |
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) |
| = | ((283.826 + 352.077) / 1119.251) | / | ((71.92 + 318.672) / 1088.902) |
| = | 0.56815 | / | 0.358703 |
| | = | 1.5839 |
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 |
| = | (-425.104 - -442.567 | - | 9.755) | / | 1119.251 |
| | = | 0.006887 |
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.
Eros Media World has a M-score of -3.48 suggests that the company is unlikely to be a manipulator.
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