Cyfrowy Polsat Beneish M-Score Historical Data
The historical data trend for Cyfrowy Polsat'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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Cyfrowy Polsat Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
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-2.78 |
-2.85 |
-2.30 |
-2.38 |
-2.75 |
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Cyfrowy Polsat 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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-2.38 |
-2.43 |
-2.80 |
-2.65 |
-2.75 |
Competitive Comparison
For the Entertainment subindustry, Cyfrowy Polsat'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.
Cyfrowy Polsat Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, Cyfrowy Polsat's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cyfrowy Polsat's Beneish M-Score falls into.
Cyfrowy Polsat 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 Cyfrowy Polsat 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 * 0.9599 | + | 0.528 * 1.0556 | + | 0.404 * 0.8546 | + | 0.892 * 1.0551 | + | 0.115 * 1.362 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9404 | + | 4.679 * -0.056861 | - | 0.327 * 1.113 |
| = | -2.75 |
* 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 zł3,276 Mil.
Revenue was 3681.5 + 3455.7 + 3289.8 + 3199.3 = zł13,626 Mil.
Gross Profit was 1588.2 + 1497.8 + 1552.5 + 1483.6 = zł6,122 Mil.
Total Current Assets was zł9,028 Mil.
Total Assets was zł37,177 Mil.
Property, Plant and Equipment(Net PPE) was zł7,139 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2,580 Mil.
Selling, General, & Admin. Expense(SGA) was zł1,027 Mil.
Total Current Liabilities was zł5,517 Mil.
Long-Term Debt & Capital Lease Obligation was zł13,934 Mil.
Net Income was 100.5 + 120.8 + -7.3 + 64.5 = zł279 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 924.1 + 228.6 + 940.1 + 299.6 = zł2,392 Mil.
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Total Receivables was zł3,235 Mil.
Revenue was 3429.6 + 3270.9 + 3228.1 + 2986.7 = zł12,915 Mil.
Gross Profit was 1613.8 + 1552.3 + 1533.2 + 1426.2 = zł6,126 Mil.
Total Current Assets was zł6,531 Mil.
Total Assets was zł32,307 Mil.
Property, Plant and Equipment(Net PPE) was zł4,410 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2,498 Mil.
Selling, General, & Admin. Expense(SGA) was zł1,035 Mil.
Total Current Liabilities was zł6,315 Mil.
Long-Term Debt & Capital Lease Obligation was zł8,871 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) |
| = | (3275.9 / 13626.3) | / | (3234.7 / 12915.3) |
| = | 0.24041 | / | 0.250455 |
| | = | 0.9599 |
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) |
| = | (6125.5 / 12915.3) | / | (6122.1 / 13626.3) |
| = | 0.474282 | / | 0.449286 |
| | = | 1.0556 |
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 - (9027.5 + 7138.9) / 37176.7) | / | (1 - (6531.3 + 4409.9) / 32306.6) |
| = | 0.565147 | / | 0.661332 |
| | = | 0.8546 |
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 |
| = | 13626.3 | / | 12915.3 |
| | = | 1.0551 |
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)) |
| = | (2497.6 / (2497.6 + 4409.9)) | / | (2580.1 / (2580.1 + 7138.9)) |
| = | 0.361578 | / | 0.26547 |
| | = | 1.362 |
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) |
| = | (1026.9 / 13626.3) | / | (1035 / 12915.3) |
| = | 0.075362 | / | 0.080138 |
| | = | 0.9404 |
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) |
| = | ((13934.3 + 5516.6) / 37176.7) | / | ((8870.8 + 6315.4) / 32306.6) |
| = | 0.523201 | / | 0.470065 |
| | = | 1.113 |
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 |
| = | (278.5 - 0 | - | 2392.4) | / | 37176.7 |
| | = | -0.056861 |
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.
Cyfrowy Polsat has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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