Sky Beneish M-Score Historical Data
The historical data trend for Sky'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.
Sky Beneish M-Score Chart
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Sky Annual Data
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Trend |
Jun09 |
Jun10 |
Jun11 |
Jun12 |
Jun13 |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
| Beneish M-Score |
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-2.21 |
-1.58 |
-2.54 |
-2.60 |
-2.73 |
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Sky Semi-Annual Data
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Dec08 |
Jun09 |
Dec09 |
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Dec10 |
Jun11 |
Dec11 |
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Dec12 |
Jun13 |
Dec13 |
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Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
| Beneish M-Score |
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-2.54 |
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-2.60 |
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-2.73 |
Competitive Comparison of Sky's Beneish M-Score
For the Broadcasting subindustry, Sky'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.
Sky's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Sky's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sky's Beneish M-Score falls into.
Sky 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 Sky 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 * 0.9208 | + | 0.528 * 1.011 | + | 0.404 * 1.0133 | + | 0.892 * 1.0518 | + | 0.115 * 1.0102 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9712 | + | 4.679 * -0.052827 | - | 0.327 * 0.9734 |
| = | -2.73 |
* 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 (Jun18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was £400 Mil.
Revenue was £13,585 Mil.
Gross Profit was £6,006 Mil.
Total Current Assets was £4,738 Mil.
Total Assets was £18,002 Mil.
Property, Plant and Equipment(Net PPE) was £2,548 Mil.
Depreciation, Depletion and Amortization(DDA) was £1,074 Mil.
Selling, General, & Admin. Expense(SGA) was £4,455 Mil.
Total Current Liabilities was £5,321 Mil.
Long-Term Debt & Capital Lease Obligation was £7,754 Mil.
Net Income was £815 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £1,766 Mil.
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Total Receivables was £413 Mil.
Revenue was £12,916 Mil.
Gross Profit was £5,773 Mil.
Total Current Assets was £5,334 Mil.
Total Assets was £18,438 Mil.
Property, Plant and Equipment(Net PPE) was £2,273 Mil.
Depreciation, Depletion and Amortization(DDA) was £972 Mil.
Selling, General, & Admin. Expense(SGA) was £4,361 Mil.
Total Current Liabilities was £5,550 Mil.
Long-Term Debt & Capital Lease Obligation was £8,207 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) |
| = | (400 / 13585) | / | (413 / 12916) |
| = | 0.029444 | / | 0.031976 |
| | = | 0.9208 |
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) |
| = | (5773 / 12916) | / | (6006 / 13585) |
| = | 0.446965 | / | 0.442105 |
| | = | 1.011 |
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 - (4738 + 2548) / 18002) | / | (1 - (5334 + 2273) / 18438) |
| = | 0.595267 | / | 0.587428 |
| | = | 1.0133 |
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 |
| = | 13585 | / | 12916 |
| | = | 1.0518 |
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)) |
| = | (972 / (972 + 2273)) | / | (1074 / (1074 + 2548)) |
| = | 0.299538 | / | 0.296521 |
| | = | 1.0102 |
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) |
| = | (4455 / 13585) | / | (4361 / 12916) |
| = | 0.327935 | / | 0.337643 |
| | = | 0.9712 |
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) |
| = | ((7754 + 5321) / 18002) | / | ((8207 + 5550) / 18438) |
| = | 0.726308 | / | 0.746122 |
| | = | 0.9734 |
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 |
| = | (815 - 0 | - | 1766) | / | 18002 |
| | = | -0.052827 |
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.
Sky has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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