The Pegasus Beneish M-Score Historical Data
The historical data trend for The Pegasus'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.
The Pegasus Beneish M-Score Chart
|
The Pegasus Annual Data
|
|
Trend |
Dec96 |
Dec97 |
Dec98 |
Dec99 |
Dec00 |
Dec01 |
Dec02 |
Dec03 |
Dec04 |
Dec05 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.92 |
-3.64 |
-3.02 |
-14.77 |
73.32 |
|
The Pegasus Quarterly Data
|
|
Dec01 |
Mar02 |
Jun02 |
Sep02 |
Dec02 |
Mar03 |
Jun03 |
Sep03 |
Dec03 |
Mar04 |
Jun04 |
Sep04 |
Dec04 |
Mar05 |
Jun05 |
Sep05 |
Dec05 |
Mar06 |
Jun06 |
Sep06 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.60 |
73.32 |
122.18 |
-2.21 |
-4.06 |
Competitive Comparison of The Pegasus's Beneish M-Score
For the Broadcasting subindustry, The Pegasus'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.
The Pegasus's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, The Pegasus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Pegasus's Beneish M-Score falls into.
The Pegasus 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 The Pegasus 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 * 0.7785 | + | 0.528 * 14.0139 | + | 0.404 * 1.0821 | + | 0.892 * 2.1119 | + | 0.115 * 1.0483 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -1.2726 | + | 4.679 * -0.117114 | - | 0.327 * 1.5664 |
| = | 4.88 |
* 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.
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) |
| = | (0.194 / 1.51) | / | (0.118 / 0.715) |
| = | 0.128477 | / | 0.165035 |
| | = | 0.7785 |
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) |
| = | (-24.008 / 0.715) | / | (-3.618 / 1.51) |
| = | -33.577622 | / | -2.396026 |
| | = | 14.0139 |
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 - (18.553 + 22.347) / 164.079) | / | (1 - (40.403 + 19.193) / 194.596) |
| = | 0.75073 | / | 0.693745 |
| | = | 1.0821 |
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 |
| = | 1.51 | / | 0.715 |
| | = | 2.1119 |
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)) |
| = | (15.45 / (15.45 + 19.193)) | / | (16.547 / (16.547 + 22.347)) |
| = | 0.445978 | / | 0.425438 |
| | = | 1.0483 |
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) |
| = | (11.363 / 1.51) | / | (-4.228 / 0.715) |
| = | 7.525166 | / | -5.913287 |
| | = | -1.2726 |
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) |
| = | ((9.624 + 4.816) / 164.079) | / | ((7.984 + 2.949) / 194.596) |
| = | 0.088006 | / | 0.056183 |
| | = | 1.5664 |
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 |
| = | (-35.362 - -1.96 | - | -14.186) | / | 164.079 |
| | = | -0.117114 |
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 Pegasus has a M-score of 4.88 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
PEGX has been successfully added to your