Stagwell Beneish M-Score Historical Data
The historical data trend for Stagwell'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.
Stagwell Beneish M-Score Chart
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Stagwell Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.40 |
-2.61 |
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Stagwell Quarterly Data
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Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.66 |
-2.79 |
-2.56 |
-2.61 |
-2.63 |
Competitive Comparison of Stagwell's Beneish M-Score
For the Advertising Agencies subindustry, Stagwell'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.
Stagwell's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Stagwell's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stagwell's Beneish M-Score falls into.
Stagwell 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 Stagwell 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 * 1.1975 | + | 0.528 * 1.0373 | + | 0.404 * 0.9505 | + | 0.892 * 0.9305 | + | 0.115 * 0.9671 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1244 | + | 4.679 * -0.049515 | - | 0.327 * 1.0633 |
| = | -2.64 |
* 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 €788 Mil.
Revenue was 616.454 + 600.539 + 578.666 + 583.581 = €2,379 Mil.
Gross Profit was 207.49 + 215.523 + 217.94 + 212.137 = €853 Mil.
Total Current Assets was €1,017 Mil.
Total Assets was €3,510 Mil.
Property, Plant and Equipment(Net PPE) was €293 Mil.
Depreciation, Depletion and Amortization(DDA) was €205 Mil.
Selling, General, & Admin. Expense(SGA) was €615 Mil.
Total Current Liabilities was €1,227 Mil.
Long-Term Debt & Capital Lease Obligation was €1,418 Mil.
Net Income was -1.179 + 3.421 + 0.612 + -4.332 = €-1 Mil.
Non Operating Income was -4.623 + 85.38 + -0.385 + -11.497 = €69 Mil.
Cash Flow from Operations was -48.871 + 191.239 + 15.558 + -54.487 = €103 Mil.
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Total Receivables was €707 Mil.
Revenue was 581.363 + 668.527 + 670.429 + 636.576 = €2,557 Mil.
Gross Profit was 194.782 + 272.225 + 249.124 + 234.846 = €951 Mil.
Total Current Assets was €909 Mil.
Total Assets was €3,643 Mil.
Property, Plant and Equipment(Net PPE) was €332 Mil.
Depreciation, Depletion and Amortization(DDA) was €219 Mil.
Selling, General, & Admin. Expense(SGA) was €588 Mil.
Total Current Liabilities was €1,168 Mil.
Long-Term Debt & Capital Lease Obligation was €1,414 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) |
| = | (787.527 / 2379.24) | / | (706.719 / 2556.895) |
| = | 0.330999 | / | 0.276397 |
| | = | 1.1975 |
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) |
| = | (950.977 / 2556.895) | / | (853.09 / 2379.24) |
| = | 0.371926 | / | 0.358556 |
| | = | 1.0373 |
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 - (1016.643 + 293.41) / 3509.909) | / | (1 - (908.891 + 332.132) / 3643.471) |
| = | 0.626756 | / | 0.659384 |
| | = | 0.9505 |
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 |
| = | 2379.24 | / | 2556.895 |
| | = | 0.9305 |
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)) |
| = | (219.19 / (219.19 + 332.132)) | / | (204.829 / (204.829 + 293.41)) |
| = | 0.397572 | / | 0.411106 |
| | = | 0.9671 |
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) |
| = | (615.166 / 2379.24) | / | (587.981 / 2556.895) |
| = | 0.258556 | / | 0.229959 |
| | = | 1.1244 |
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) |
| = | ((1417.634 + 1227.196) / 3509.909) | / | ((1414.318 + 1167.673) / 3643.471) |
| = | 0.753532 | / | 0.708662 |
| | = | 1.0633 |
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 |
| = | (-1.478 - 68.875 | - | 103.439) | / | 3509.909 |
| | = | -0.049515 |
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.
Stagwell has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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