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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.
Good Sign:
Beneish M-Score -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Live Nation Entertainment's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Live Nation Entertainment was 3.79. The lowest was -3.47. And the median was -2.55.
The historical data trend for Live Nation Entertainment'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.
Live Nation Entertainment Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.42 | -2.24 | -1.54 | -1.75 | -2.25 |
Live Nation Entertainment 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 | -1.89 | -2.38 | -2.45 | -2.25 | -2.26 |
For the Entertainment subindustry, Live Nation Entertainment'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.
For the Media - Diversified industry and Communication Services sector, Live Nation Entertainment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Live Nation Entertainment's Beneish M-Score falls into.
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 Live Nation Entertainment 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 * 1.1159 | + | 0.528 * 1.0713 | + | 0.404 * 1.0493 | + | 0.892 * 1.1351 | + | 0.115 * 0.9763 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9645 | + | 4.679 * -0.034918 | - | 0.327 * 0.968 | |||||||
= | -2.34 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was MXN37,838 Mil. Revenue was 63057.952 + 99111.633 + 141999.179 + 96532.552 = MXN400,701 Mil. Gross Profit was 19136.677 + 19652.054 + 31729.462 + 25132.015 = MXN95,650 Mil. Total Current Assets was MXN173,062 Mil. Total Assets was MXN332,426 Mil. Property, Plant and Equipment(Net PPE) was MXN61,309 Mil. Depreciation, Depletion and Amortization(DDA) was MXN9,099 Mil. Selling, General, & Admin. Expense(SGA) was MXN65,528 Mil. Total Current Liabilities was MXN188,009 Mil. Long-Term Debt & Capital Lease Obligation was MXN111,603 Mil. Net Income was -775.593 + -3576.949 + 8421.95 + 5034.855 = MXN9,104 Mil. Non Operating Income was 1291.006 + -443.775 + -214.009 + 328.649 = MXN962 Mil. Cash Flow from Operations was 16411.539 + 10326.335 + -15405.412 + 8417.672 = MXN19,750 Mil. |
Total Receivables was MXN29,871 Mil. Revenue was 56371.205 + 83652.209 + 123778.356 + 89206.713 = MXN353,008 Mil. Gross Profit was 18237.713 + 19478.571 + 29079.994 + 23480.744 = MXN90,277 Mil. Total Current Assets was MXN182,001 Mil. Total Assets was MXN340,124 Mil. Property, Plant and Equipment(Net PPE) was MXN62,511 Mil. Depreciation, Depletion and Amortization(DDA) was MXN9,026 Mil. Selling, General, & Admin. Expense(SGA) was MXN59,852 Mil. Total Current Liabilities was MXN168,968 Mil. Long-Term Debt & Capital Lease Obligation was MXN147,706 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) |
= | (37837.901 / 400701.316) | / | (29871.21 / 353008.483) | |
= | 0.094429 | / | 0.084619 | |
= | 1.1159 |
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) | |
= | (90277.022 / 353008.483) | / | (95650.208 / 400701.316) | |
= | 0.255736 | / | 0.238707 | |
= | 1.0713 |
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 - (173062.096 + 61308.591) / 332426.125) | / | (1 - (182000.606 + 62510.502) / 340124.378) | |
= | 0.294969 | / | 0.281113 | |
= | 1.0493 |
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 | |
= | 400701.316 | / | 353008.483 | |
= | 1.1351 |
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)) |
= | (9025.501 / (9025.501 + 62510.502)) | / | (9098.88 / (9098.88 + 61308.591)) | |
= | 0.126167 | / | 0.129232 | |
= | 0.9763 |
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) |
= | (65528.18 / 400701.316) | / | (59852.161 / 353008.483) | |
= | 0.163534 | / | 0.169549 | |
= | 0.9645 |
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) |
= | ((111602.977 + 188009.181) / 332426.125) | / | ((147706.493 + 168967.918) / 340124.378) | |
= | 0.901289 | / | 0.931055 | |
= | 0.968 |
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 | |
= | (9104.263 - 961.871 | - | 19750.134) | / | 332426.125 | |
= | -0.034918 |
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.
Live Nation Entertainment has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Live Nation Entertainment's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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