Regal Entertainment Group Beneish M-Score Historical Data
The historical data trend for Regal Entertainment 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.
Regal Entertainment Group Beneish M-Score Chart
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Regal Entertainment Group Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.64 |
-2.90 |
-2.90 |
-2.97 |
-2.87 |
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Regal Entertainment Group Quarterly Data
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Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
| Beneish M-Score |
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-2.97 |
-2.99 |
-2.61 |
-2.83 |
-2.87 |
Competitive Comparison of Regal Entertainment Group's Beneish M-Score
For the Broadcasting subindustry, Regal Entertainment 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.
Regal Entertainment Group's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Regal Entertainment Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Regal Entertainment Group's Beneish M-Score falls into.
Regal Entertainment 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 Regal Entertainment 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 * 1.1991 | + | 0.528 * 0.9888 | + | 0.404 * 0.997 | + | 0.892 * 0.9893 | + | 0.115 * 1.0049 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0131 | + | 4.679 * -0.119913 | - | 0.327 * 0.9876 |
| = | -2.87 |
* 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 (Dec17) TTM: | Last Year (Dec16) TTM: |
Total Receivables was $184 Mil.
Revenue was 861.6 + 716 + 764.2 + 821.2 = $3,163 Mil.
Gross Profit was 537.9 + 451.1 + 475.1 + 507.3 = $1,971 Mil.
Total Current Assets was $463 Mil.
Total Assets was $2,843 Mil.
Property, Plant and Equipment(Net PPE) was $1,513 Mil.
Depreciation, Depletion and Amortization(DDA) was $250 Mil.
Selling, General, & Admin. Expense(SGA) was $513 Mil.
Total Current Liabilities was $561 Mil.
Long-Term Debt & Capital Lease Obligation was $2,421 Mil.
Net Income was 28.9 + 11.4 + 23.6 + 48.4 = $112 Mil.
Non Operating Income was 1.9 + 21.3 + 12.5 + 7.6 = $43 Mil.
Cash Flow from Operations was 154.3 + 47.8 + -41.8 + 249.6 = $410 Mil.
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Total Receivables was $155 Mil.
Revenue was 812.6 + 811.5 + 785.9 + 787.1 = $3,197 Mil.
Gross Profit was 507.9 + 504.6 + 477 + 480.8 = $1,970 Mil.
Total Current Assets was $447 Mil.
Total Assets was $2,646 Mil.
Property, Plant and Equipment(Net PPE) was $1,390 Mil.
Depreciation, Depletion and Amortization(DDA) was $231 Mil.
Selling, General, & Admin. Expense(SGA) was $512 Mil.
Total Current Liabilities was $521 Mil.
Long-Term Debt & Capital Lease Obligation was $2,289 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) |
| = | (184 / 3163) | / | (155.1 / 3197.1) |
| = | 0.058173 | / | 0.048513 |
| | = | 1.1991 |
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) |
| = | (1970.3 / 3197.1) | / | (1971.4 / 3163) |
| = | 0.616277 | / | 0.623269 |
| | = | 0.9888 |
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 - (463.3 + 1513.2) / 2842.9) | / | (1 - (446.9 + 1390.1) / 2645.7) |
| = | 0.304759 | / | 0.305666 |
| | = | 0.997 |
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 |
| = | 3163 | / | 3197.1 |
| | = | 0.9893 |
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)) |
| = | (230.7 / (230.7 + 1390.1)) | / | (249.7 / (249.7 + 1513.2)) |
| = | 0.142337 | / | 0.141642 |
| | = | 1.0049 |
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) |
| = | (513.4 / 3163) | / | (512.2 / 3197.1) |
| = | 0.162314 | / | 0.160208 |
| | = | 1.0131 |
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) |
| = | ((2420.6 + 561.4) / 2842.9) | / | ((2288.8 + 521.3) / 2645.7) |
| = | 1.048929 | / | 1.062139 |
| | = | 0.9876 |
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 |
| = | (112.3 - 43.3 | - | 409.9) | / | 2842.9 |
| | = | -0.119913 |
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.
Regal Entertainment Group has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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