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Stingray Group Beneish M-Score

: -2.63 (As of Today)
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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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OTCPK:STGYF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.94   Med: -2.69   Max: -1.17
Current: -2.63

-3.94
-1.17

During the past 7 years, the highest Beneish M-Score of Stingray Group was -1.17. The lowest was -3.94. And the median was -2.69.


Stingray Group Beneish M-Score Historical Data

The historical data trend for Stingray 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.

* Premium members only.

Stingray Group Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Beneish M-Score
Premium Member Only Premium Member Only -2.84 -2.60 -1.73 -3.58 -3.03

Stingray Group Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.61 -2.47 -3.03 -2.69 -2.63

Competitive Comparison

For the Broadcasting subindustry, Stingray 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.

   

Stingray Group Beneish M-Score Distribution

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

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



Stingray 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 Stingray 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 * 0.9812+0.528 * 0.9634+0.404 * 0.9926+0.892 * 1.0814+0.115 * 0.9549
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.1352+4.679 * -0.0619-0.327 * 1.0113
=-2.60

* 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 (Sep21) TTM:Last Year (Sep20) TTM:
Accounts Receivable was $51.0 Mil.
Revenue was 56.372030621103 + 53.034369885434 + 47.987906754714 + 56.651573112655 = $214.0 Mil.
Gross Profit was 56.372030621103 + 53.034369885434 + 47.987906754714 + 56.651573112655 = $214.0 Mil.
Total Current Assets was $76.0 Mil.
Total Assets was $658.7 Mil.
Property, Plant and Equipment(Net PPE) was $52.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.1 Mil.
Selling, General, & Admin. Expense(SGA) was $1.8 Mil.
Total Current Liabilities was $81.1 Mil.
Long-Term Debt & Capital Lease Obligation was $285.3 Mil.
Net Income was 9.5296345986899 + 3.4369885433715 + 9.6085607446893 + 11.021937700055 = $33.6 Mil.
Non Operating Income was 2.6651408728593 + -0.8518821603928 + 8.2051078049169 + 2.6091029744711 = $12.6 Mil.
Cash Flow from Operations was 16.128955883514 + 13.36906710311 + 19.503540456679 + 12.751190569131 = $61.8 Mil.
Accounts Receivable was $48.0 Mil.
Revenue was 48.597127739985 + 38.586924439197 + 48.995702005731 + 61.745766573012 = $197.9 Mil.
Gross Profit was 41.358276643991 + 38.586924439197 + 48.995702005731 + 61.745766573012 = $190.7 Mil.
Total Current Assets was $67.5 Mil.
Total Assets was $648.0 Mil.
Property, Plant and Equipment(Net PPE) was $54.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.4 Mil.
Selling, General, & Admin. Expense(SGA) was $12.2 Mil.
Total Current Liabilities was $107.8 Mil.
Long-Term Debt & Capital Lease Obligation was $248.6 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(50.969142135585 / 214.04588037391) / (48.031746031746 / 197.92552075793)
=0.23812251 / 0.24267586
=0.9812

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)
=(190.68666966193 / 197.92552075793) / (214.04588037391 / 214.04588037391)
=0.96342639 / 1
=0.9634

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 - (76.01688895904 + 52.379449135822) / 658.73964170152) / (1 - (67.514739229025 + 54.913832199546) / 648.04913076342)
=0.80508788 / 0.81108134
=0.9926

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
=214.04588037391 / 197.92552075793
=1.0814

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))
=(29.376877594306 / (29.376877594306 + 54.913832199546)) / (30.106611581907 / (30.106611581907 + 52.379449135822))
=0.34851857 / 0.36499029
=0.9549

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)
=(1.7892011250073 / 214.04588037391) / (12.233041959896 / 197.92552075793)
=0.00835896 / 0.06180629
=0.1352

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)
=((285.32238970878 + 81.051219319706) / 658.73964170152) / ((248.61980347695 + 107.77626606198) / 648.04913076342)
=0.55617362 / 0.54995224
=1.0113

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
=(33.597121586805 - 12.627469491854 - 61.752754012433) / 658.73964170152
=-0.0619

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.

Stingray Group has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.


Stingray Group Beneish M-Score Related Terms

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Stingray Group Business Description

Stingray Group logo
Industry
Comparable Companies
Traded in Other Exchanges
Address
730 Wellington Street, Montreal, QC, CAN, H3C 1T4
Stingray Group Inc is a music, media, and technology company. The company is a provider of curated direct-to-consumer and B2B services, including audio television channels, radio stations, SVOD content, 4K UHD television channels, karaoke products, digital signage, in-store music, and music apps. It operates through the following segments namely Broadcasting and commercial music segment; Radio segment and Corporate and eliminations. The company generates maximum revenue from Broadcasting and commercial music segment.

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