News Beneish M-Score Historical Data
The historical data trend for News'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.
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News Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.68 |
-2.86 |
-2.54 |
-2.64 |
-2.72 |
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News Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.63 |
-2.72 |
-2.61 |
-2.76 |
Competitive Comparison
For the Entertainment subindustry, News'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.
News Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, News's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where News's Beneish M-Score falls into.
News 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 News 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 * 0.9421 | + | 0.528 * 1 | + | 0.404 * 0.9748 | + | 0.892 * 0.9555 | + | 0.115 * 0.975 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9609 | + | 4.679 * -0.046065 | - | 0.327 * 0.988 |
| = | -2.79 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €1,390 Mil.
Revenue was 2371.362 + 2341.563 + 2245.659 + 2285.498 = €9,244 Mil.
Gross Profit was 2371.362 + 2341.563 + 2245.659 + 2285.498 = €9,244 Mil.
Total Current Assets was €3,671 Mil.
Total Assets was €15,296 Mil.
Property, Plant and Equipment(Net PPE) was €2,744 Mil.
Depreciation, Depletion and Amortization(DDA) was €660 Mil.
Selling, General, & Admin. Expense(SGA) was €3,114 Mil.
Total Current Liabilities was €2,553 Mil.
Long-Term Debt & Capital Lease Obligation was €3,736 Mil.
Net Income was 143.052 + 28.11 + -7.384 + 46.7 = €210 Mil.
Non Operating Income was 7.336 + -70.275 + -145.834 + -19.614 = €-228 Mil.
Cash Flow from Operations was 330.12 + -51.535 + 389.506 + 475.406 = €1,143 Mil.
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Total Receivables was €1,544 Mil.
Revenue was 2379.824 + 2502.78 + 2529.604 + 2262.736 = €9,675 Mil.
Gross Profit was 2379.824 + 2502.78 + 2529.604 + 2262.736 = €9,675 Mil.
Total Current Assets was €3,552 Mil.
Total Assets was €15,945 Mil.
Property, Plant and Equipment(Net PPE) was €2,894 Mil.
Depreciation, Depletion and Amortization(DDA) was €674 Mil.
Selling, General, & Admin. Expense(SGA) was €3,392 Mil.
Total Current Liabilities was €2,774 Mil.
Long-Term Debt & Capital Lease Obligation was €3,861 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) |
| = | (1390.172 / 9244.082) | / | (1544.384 / 9674.944) |
| = | 0.150385 | / | 0.159627 |
| | = | 0.9421 |
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) |
| = | (9674.944 / 9674.944) | / | (9244.082 / 9244.082) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (3670.751 + 2743.664) / 15296.477) | / | (1 - (3552.272 + 2894.304) / 15945.104) |
| = | 0.580661 | / | 0.595702 |
| | = | 0.9748 |
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 |
| = | 9244.082 | / | 9674.944 |
| | = | 0.9555 |
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)) |
| = | (674.34 / (674.34 + 2894.304)) | / | (659.586 / (659.586 + 2743.664)) |
| = | 0.188963 | / | 0.193811 |
| | = | 0.975 |
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) |
| = | (3113.915 / 9244.082) | / | (3391.83 / 9674.944) |
| = | 0.336855 | / | 0.350579 |
| | = | 0.9609 |
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) |
| = | ((3735.858 + 2552.928) / 15296.477) | / | ((3860.96 + 2774.416) / 15945.104) |
| = | 0.411126 | / | 0.416139 |
| | = | 0.988 |
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 |
| = | (210.478 - -228.387 | - | 1143.497) | / | 15296.477 |
| | = | -0.046065 |
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.
News has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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