Burst Media (LSE:BRST) Beneish M-Score : 0.00 (As of Jun. 14, 2024)

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What is Burst Media 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.

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

During the past 5 years, the highest Beneish M-Score of Burst Media was 0.00. The lowest was 0.00. And the median was 0.00.

Burst Media Beneish M-Score Historical Data

The historical data trend for Burst Media'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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Burst Media Beneish M-Score Chart

Burst Media Annual Data

Trend

Dec05

Dec06

Dec07

Dec08

Dec09

Beneish M-Score

Burst Media Quarterly Data

Beneish M-Score

Competitive Comparison of Burst Media's Beneish M-Score

For the Advertising Agencies subindustry, Burst Media'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.

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

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

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

Burst Media 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 Burst Media 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 * 1.4717

0.528 * 1

0.404 * 2.3754

0.892 * 1.0393

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.029849

0.327 * 1.5672

-1.78

This Year (Dec09) TTM:

Last Year (Dec08) TTM:

Total Receivables was £8.46 Mil.
Revenue was £19.43 Mil.
Gross Profit was £19.43 Mil.
Total Current Assets was £12.00 Mil.
Total Assets was £15.14 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.39 Mil.
Selling, General, & Admin. Expense(SGA) was £5.03 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £0.20 Mil.
Net Income was £-0.49 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-0.04 Mil.

Total Receivables was £5.53 Mil.
Revenue was £18.69 Mil.
Gross Profit was £18.69 Mil.
Total Current Assets was £12.80 Mil.
Total Assets was £14.03 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.32 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £0.12 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)
	=	(8.463 / 19.427)	/	(5.533 / 18.692)
	=	0.435631	/	0.296009
	=	1.4717

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)
	=	(18.692 / 18.692)	/	(19.427 / 19.427)
	=	1	/	1
	=	1

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 - (11.997 + 0) / 15.143)	/	(1 - (12.802 + 0) / 14.029)
	=	0.207753	/	0.087462
	=	2.3754

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
	=	19.427	/	18.692
	=	1.0393

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))
	=	(0.32 / (0.32 + 0))	/	(0.385 / (0.385 + 0))
	=	1	/	1
	=	1

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)
	=	(5.026 / 19.427)	/	(0 / 18.692)
	=	0.258712	/	0
	=	1

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)
	=	((0.203 + 0) / 15.143)	/	((0.12 + 0) / 14.029)
	=	0.013406	/	0.008554
	=	1.5672

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
	=	(-0.494 - 0	-	-0.042)	/	15.143
	=	-0.029849

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.

Burst Media has a M-score of -1.78 suggests that the company is unlikely to be a manipulator.

Burst Media Beneish M-Score Related Terms

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