Cineplex Beneish M-Score Historical Data
The historical data trend for Cineplex'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.
Cineplex Beneish M-Score Chart
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Cineplex Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.11 |
-2.26 |
-3.25 |
-2.43 |
-2.50 |
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Cineplex 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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-2.43 |
-2.62 |
-2.43 |
-2.34 |
-2.50 |
Competitive Comparison of Cineplex's Beneish M-Score
For the Entertainment subindustry, Cineplex'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.
Cineplex's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Cineplex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cineplex's Beneish M-Score falls into.
Cineplex 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 Cineplex 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 * 0.731 | + | 0.528 * 0.984 | + | 0.404 * 1.1261 | + | 0.892 * 1.2593 | + | 0.115 * 0.9777 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9722 | + | 4.679 * -0.016421 | - | 0.327 * 0.9257 |
| = | -2.50 |
* 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 C$100 Mil.
Revenue was 161.233 + 463.586 + 423.118 + 340.957 = C$1,389 Mil.
Gross Profit was 102.819 + 309.633 + 278.551 + 235.912 = C$927 Mil.
Total Current Assets was C$263 Mil.
Total Assets was C$2,271 Mil.
Property, Plant and Equipment(Net PPE) was C$1,149 Mil.
Depreciation, Depletion and Amortization(DDA) was C$177 Mil.
Selling, General, & Admin. Expense(SGA) was C$346 Mil.
Total Current Liabilities was C$482 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,811 Mil.
Net Income was -8.954 + 29.746 + 176.545 + -30.173 = C$167 Mil.
Non Operating Income was 0.431 + 0.023 + -2.297 + -2.823 = C$-5 Mil.
Cash Flow from Operations was 68.084 + 44.693 + 93.219 + 3.135 = C$209 Mil.
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Total Receivables was C$109 Mil.
Revenue was 184.443 + 339.837 + 349.878 + 228.723 = C$1,103 Mil.
Gross Profit was 114.106 + 227.361 + 233.679 + 149.149 = C$724 Mil.
Total Current Assets was C$205 Mil.
Total Assets was C$2,150 Mil.
Property, Plant and Equipment(Net PPE) was C$1,222 Mil.
Depreciation, Depletion and Amortization(DDA) was C$183 Mil.
Selling, General, & Admin. Expense(SGA) was C$282 Mil.
Total Current Liabilities was C$516 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,829 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) |
| = | (100.455 / 1388.894) | / | (109.121 / 1102.881) |
| = | 0.072327 | / | 0.098942 |
| | = | 0.731 |
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) |
| = | (724.295 / 1102.881) | / | (926.915 / 1388.894) |
| = | 0.65673 | / | 0.667376 |
| | = | 0.984 |
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 - (262.765 + 1149.175) / 2271.492) | / | (1 - (205.363 + 1222.473) / 2150.454) |
| = | 0.378409 | / | 0.33603 |
| | = | 1.1261 |
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 |
| = | 1388.894 | / | 1102.881 |
| | = | 1.2593 |
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)) |
| = | (182.978 / (182.978 + 1222.473)) | / | (176.538 / (176.538 + 1149.175)) |
| = | 0.130192 | / | 0.133165 |
| | = | 0.9777 |
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) |
| = | (345.57 / 1388.894) | / | (282.261 / 1102.881) |
| = | 0.248809 | / | 0.255931 |
| | = | 0.9722 |
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) |
| = | ((1810.843 + 482.255) / 2271.492) | / | ((1829.434 + 515.652) / 2150.454) |
| = | 1.009512 | / | 1.090507 |
| | = | 0.9257 |
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 |
| = | (167.164 - -4.666 | - | 209.131) | / | 2271.492 |
| | = | -0.016421 |
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.
Cineplex has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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