Kino Polska TV (WAR:KPL) Beneish M-Score : -2.00 (As of Apr. 05, 2025)

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What is Kino Polska TV 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 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Kino Polska TV's Beneish M-Score or its related term are showing as below:

WAR:KPL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.36 Max: 10000000
Current: -2

During the past 13 years, the highest Beneish M-Score of Kino Polska TV was 10000000.00. The lowest was -3.20. And the median was -2.36.

Kino Polska TV Beneish M-Score Historical Data

The historical data trend for Kino Polska TV'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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Kino Polska TV Beneish M-Score Chart

Kino Polska TV Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.73

-2.51

-2.48

-1.85

-2.00

Kino Polska TV Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-	-2.00	-	-	-

Competitive Comparison of Kino Polska TV's Beneish M-Score

For the Broadcasting subindustry, Kino Polska TV'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.

Kino Polska TV's Beneish M-Score Distribution in the Media - Diversified Industry

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

* The bar in red indicates where Kino Polska TV's Beneish M-Score falls into.

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Kino Polska TV 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 Kino Polska TV 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 * 1.4343

0.528 * 0.9781

0.404 * 0.998

0.892 * 1.033

0.115 * 1.0256

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.005316

0.327 * 0.88

-2.00

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was zł140.8 Mil.
Revenue was zł294.2 Mil.
Gross Profit was zł116.7 Mil.
Total Current Assets was zł176.7 Mil.
Total Assets was zł347.4 Mil.
Property, Plant and Equipment(Net PPE) was zł7.2 Mil.
Depreciation, Depletion and Amortization(DDA) was zł57.6 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.0 Mil.
Total Current Liabilities was zł78.5 Mil.
Long-Term Debt & Capital Lease Obligation was zł2.7 Mil.
Net Income was zł51.9 Mil.
Gross Profit was zł0.0 Mil.
Cash Flow from Operations was zł50.0 Mil.

Total Receivables was zł95.0 Mil.
Revenue was zł284.8 Mil.
Gross Profit was zł110.5 Mil.
Total Current Assets was zł151.0 Mil.
Total Assets was zł296.4 Mil.
Property, Plant and Equipment(Net PPE) was zł5.6 Mil.
Depreciation, Depletion and Amortization(DDA) was zł57.7 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.0 Mil.
Total Current Liabilities was zł78.7 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.1 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)
	=	(140.794 / 294.205)	/	(95.028 / 284.819)
	=	0.478557	/	0.333643
	=	1.4343

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)
	=	(110.486 / 284.819)	/	(116.68 / 294.205)
	=	0.387917	/	0.396594
	=	0.9781

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 - (176.718 + 7.165) / 347.422)	/	(1 - (151.038 + 5.563) / 296.409)
	=	0.470721	/	0.471673
	=	0.998

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
	=	294.205	/	284.819
	=	1.033

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))
	=	(57.687 / (57.687 + 5.563))	/	(57.572 / (57.572 + 7.165))
	=	0.912047	/	0.889321
	=	1.0256

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)
	=	(0 / 294.205)	/	(0 / 284.819)
	=	0	/	0
	=	1

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)
	=	((2.694 + 78.497) / 347.422)	/	((0.056 + 78.66) / 296.409)
	=	0.233696	/	0.265565
	=	0.88

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
	=	(51.871 - 0	-	50.024)	/	347.422
	=	0.005316

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.

Kino Polska TV has a M-score of -2.00 suggests that the company is unlikely to be a manipulator.

Kino Polska TV Beneish M-Score Related Terms

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Kino Polska TV Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Kino Polska TV SA (WAR:KPL) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Street Pu?awska 435A, Warszawa, POL, 02-801

Website

http://www.kinopolska.pl

Kino Polska TV SA is a Poland based company involved in offering distribution publishing film production Internet services and broadcasts television channels The companys core operations include broadcasting and producing television channels Kino Polska Kino Polska Muzyka Kino TV FilmBox Premium HD theme channels and terrestrial channels Zoom TV and Stopklatka sales of advertising time in Poland and in the Czech Republic and trading in licensing rights The channels produced broadcast and distributed by the Group are included in the offers of all Polish operators and also available in forty countries in all parts of the world.

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