Boat Rocker Media (TSX:BRMI) Beneish M-Score : -2.57 (As of Apr. 25, 2024)

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What is Boat Rocker Media Beneish M-Score?

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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:BRMI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.57 Med: -2.08 Max: -0.61
Current: -2.57

During the past 7 years, the highest Beneish M-Score of Boat Rocker Media was -0.61. The lowest was -2.57. And the median was -2.08.

Boat Rocker Media Beneish M-Score Historical Data

The historical data trend for Boat Rocker Media'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.

Boat Rocker Media Beneish M-Score Chart

Boat Rocker Media Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.61

-2.08

-2.57

Boat Rocker Media Quarterly Data
	Dec17	Dec18	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial														-1.83	-2.08	-1.98	-2.34	-2.57

Competitive Comparison of Boat Rocker Media's Beneish M-Score

For the Entertainment subindustry, Boat Rocker Media'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.

Boat Rocker Media's Beneish M-Score Distribution in the Media - Diversified Industry

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

* The bar in red indicates where Boat Rocker Media's Beneish M-Score falls into.

Boat Rocker Media 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 Boat Rocker Media for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1367

0.528 * 0.9644

0.404 * 0.8244

0.892 * 1.1131

0.115 * 0.236

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8789

4.679 * -0.034773

0.327 * 0.978

-2.57

This Year (Dec23) TTM:

Last Year (Sep22) TTM:

Total Receivables was C$210.0 Mil.
Revenue was 65.005 + 201.921 + 128.728 + 111.289 = C$506.9 Mil.
Gross Profit was 28.488 + 40.787 + 26.073 + 42.35 = C$137.7 Mil.
Total Current Assets was C$288.4 Mil.
Total Assets was C$604.2 Mil.
Property, Plant and Equipment(Net PPE) was C$21.5 Mil.
Depreciation, Depletion and Amortization(DDA) was C$-32.1 Mil.
Selling, General, & Admin. Expense(SGA) was C$92.8 Mil.
Total Current Liabilities was C$336.3 Mil.
Long-Term Debt & Capital Lease Obligation was C$12.6 Mil.
Net Income was -3.753 + -9.586 + -7.565 + 2.499 = C$-18.4 Mil.
Non Operating Income was -2.324 + -16.962 + -1.579 + 1.808 = C$-19.1 Mil.
Cash Flow from Operations was 28.681 + 35.428 + 0 + -42.447 = C$21.7 Mil.

Total Receivables was C$165.9 Mil.
Revenue was 80.71 + 65.433 + 46.849 + 262.455 = C$455.4 Mil.
Gross Profit was 34.234 + 30.286 + 15.617 + 39.172 = C$119.3 Mil.
Total Current Assets was C$281.8 Mil.
Total Assets was C$754.5 Mil.
Property, Plant and Equipment(Net PPE) was C$26.9 Mil.
Depreciation, Depletion and Amortization(DDA) was C$67.2 Mil.
Selling, General, & Admin. Expense(SGA) was C$94.9 Mil.
Total Current Liabilities was C$428.9 Mil.
Long-Term Debt & Capital Lease Obligation was C$16.6 Mil.

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)
	=	(209.963 / 506.943)	/	(165.945 / 455.447)
	=	0.414175	/	0.364356
	=	1.1367

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)
	=	(119.309 / 455.447)	/	(137.698 / 506.943)
	=	0.26196	/	0.271624
	=	0.9644

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 - (288.351 + 21.527) / 604.212)	/	(1 - (281.814 + 26.853) / 754.529)
	=	0.487137	/	0.590914
	=	0.8244

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
	=	506.943	/	455.447
	=	1.1131

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))
	=	(67.238 / (67.238 + 26.853))	/	(-32.144 / (-32.144 + 21.527))
	=	0.714606	/	3.027597
	=	0.236

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)
	=	(92.799 / 506.943)	/	(94.858 / 455.447)
	=	0.183056	/	0.208275
	=	0.8789

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)
	=	((12.605 + 336.276) / 604.212)	/	((16.634 + 428.856) / 754.529)
	=	0.577415	/	0.590421
	=	0.978

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
	=	(-18.405 - -19.057	-	21.662)	/	604.212
	=	-0.034773

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.

Boat Rocker Media has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

Boat Rocker Media Beneish M-Score Related Terms

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Boat Rocker Media (TSX:BRMI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Boat Rocker Media Inc (TSX:BRMI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

9P6:Germany

Address

310 King Street East, Toronto, ON, CAN, M5A 1K6

Website

https://www.boatrocker.com

Boat Rocker Media Inc is the home for creative visionaries. An independent, integrated entertainment company, Boat Rocker's purpose is to tell stories and build iconic brands across all genres and mediums. With offices around the world, the company's creative and commercial capabilities include scripted, unscripted, kids and family television production, distribution, brand, and franchise management, a world-class animation studio, and talent management through Untitled Entertainment. Its segment includes Television, Kids and Family, Representation, and the majority of the revenue comes from Television.

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