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Muza (WAR:MZA) Beneish M-Score : -2.38 (As of Dec. 14, 2024)


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What is Muza 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:MZA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37   Med: -2.61   Max: -1.76
Current: -2.38

During the past 13 years, the highest Beneish M-Score of Muza was -1.76. The lowest was -3.37. And the median was -2.61.


Muza Beneish M-Score Historical Data

The historical data trend for Muza'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.

Muza Beneish M-Score Chart

Muza Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.52 -2.60 -2.89 -2.49 -2.47

Muza 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.33 -2.47 -2.31 -2.74 -2.38

Competitive Comparison of Muza's Beneish M-Score

For the Publishing subindustry, Muza'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.


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

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

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



Muza 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 Muza 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 * 0.9978+0.528 * 1.0632+0.404 * 1.1543+0.892 * 0.7267+0.115 * 0.9288
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1585+4.679 * 0.046581-0.327 * 0.7976
=-2.38

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was zł8.72 Mil.
Revenue was 9.389 + 12.544 + 11.003 + 15.126 = zł48.06 Mil.
Gross Profit was 3.655 + 6.227 + 5.131 + 7.333 = zł22.35 Mil.
Total Current Assets was zł32.56 Mil.
Total Assets was zł62.77 Mil.
Property, Plant and Equipment(Net PPE) was zł2.97 Mil.
Depreciation, Depletion and Amortization(DDA) was zł4.73 Mil.
Selling, General, & Admin. Expense(SGA) was zł15.82 Mil.
Total Current Liabilities was zł13.76 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was 0.259 + 1.558 + 1.125 + 3.091 = zł6.03 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 1.458 + 1.241 + -0.907 + 1.317 = zł3.11 Mil.
Total Receivables was zł12.02 Mil.
Revenue was 13.743 + 23.151 + 16.401 + 12.843 = zł66.14 Mil.
Gross Profit was 6.734 + 12.059 + 7.864 + 6.038 = zł32.70 Mil.
Total Current Assets was zł37.07 Mil.
Total Assets was zł64.49 Mil.
Property, Plant and Equipment(Net PPE) was zł3.17 Mil.
Depreciation, Depletion and Amortization(DDA) was zł4.21 Mil.
Selling, General, & Admin. Expense(SGA) was zł18.79 Mil.
Total Current Liabilities was zł17.72 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 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)
=(8.716 / 48.062) / (12.02 / 66.138)
=0.181349 / 0.181741
=0.9978

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)
=(32.695 / 66.138) / (22.346 / 48.062)
=0.494345 / 0.464941
=1.0632

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 - (32.558 + 2.967) / 62.773) / (1 - (37.071 + 3.167) / 64.49)
=0.434072 / 0.376058
=1.1543

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
=48.062 / 66.138
=0.7267

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))
=(4.214 / (4.214 + 3.167)) / (4.733 / (4.733 + 2.967))
=0.570925 / 0.614675
=0.9288

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)
=(15.822 / 48.062) / (18.794 / 66.138)
=0.3292 / 0.284163
=1.1585

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)
=((0 + 13.756) / 62.773) / ((0 + 17.718) / 64.49)
=0.219139 / 0.27474
=0.7976

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
=(6.033 - 0 - 3.109) / 62.773
=0.046581

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.

Muza has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.


Muza Business Description

Traded in Other Exchanges
N/A
Address
ul. Sienna 73, Warszawa, POL, 00-833
Muza SA together with its subsidiaries, engaged in the printing and publishing of books in Poland. The company is also engaged in trading and distribution of printed products, printing, and other media.

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