PubliGroupe (XSWX:PUBN) Beneish M-Score : 0.00 (As of Jun. 08, 2024)

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What is PubliGroupe 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.

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

During the past 12 years, the highest Beneish M-Score of PubliGroupe was 0.00. The lowest was 0.00. And the median was 0.00.

PubliGroupe Beneish M-Score Historical Data

The historical data trend for PubliGroupe'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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PubliGroupe Beneish M-Score Chart

PubliGroupe Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Beneish M-Score

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-2.71

-2.54

-2.10

-3.00

-2.26

PubliGroupe Semi-Annual Data
	Dec02	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13
Beneish M-Score	Get a 7-Day Free Trial							-2.71	-2.54	-2.10	-3.00	-2.26

Competitive Comparison of PubliGroupe's Beneish M-Score

For the Advertising Agencies subindustry, PubliGroupe'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.

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

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

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

PubliGroupe 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 PubliGroupe 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 * 1.1016

0.528 * 1.0264

0.404 * 1.266

0.892 * 0.9376

0.115 * 0.9158

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0977

4.679 * 0.028722

0.327 * 1.1504

-2.26

This Year (Dec13) TTM:

Last Year (Dec12) TTM:

Total Receivables was CHF172.9 Mil.
Revenue was CHF267.3 Mil.
Gross Profit was CHF244.8 Mil.
Total Current Assets was CHF292.4 Mil.
Total Assets was CHF456.1 Mil.
Property, Plant and Equipment(Net PPE) was CHF5.4 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF5.5 Mil.
Selling, General, & Admin. Expense(SGA) was CHF81.1 Mil.
Total Current Liabilities was CHF286.9 Mil.
Long-Term Debt & Capital Lease Obligation was CHF0.2 Mil.
Net Income was CHF-5.9 Mil.
Gross Profit was CHF2.7 Mil.
Cash Flow from Operations was CHF-21.7 Mil.

Total Receivables was CHF167.4 Mil.
Revenue was CHF285.1 Mil.
Gross Profit was CHF268.0 Mil.
Total Current Assets was CHF379.2 Mil.
Total Assets was CHF532.2 Mil.
Property, Plant and Equipment(Net PPE) was CHF7.1 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF6.1 Mil.
Selling, General, & Admin. Expense(SGA) was CHF78.8 Mil.
Total Current Liabilities was CHF250.9 Mil.
Long-Term Debt & Capital Lease Obligation was CHF40.3 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)
	=	(172.9 / 267.3)	/	(167.4 / 285.1)
	=	0.646839	/	0.587162
	=	1.1016

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)
	=	(268 / 285.1)	/	(244.8 / 267.3)
	=	0.940021	/	0.915825
	=	1.0264

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 - (292.4 + 5.4) / 456.1)	/	(1 - (379.2 + 7.1) / 532.2)
	=	0.347073	/	0.274145
	=	1.266

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
	=	267.3	/	285.1
	=	0.9376

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))
	=	(6.1 / (6.1 + 7.1))	/	(5.5 / (5.5 + 5.4))
	=	0.462121	/	0.504587
	=	0.9158

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)
	=	(81.1 / 267.3)	/	(78.8 / 285.1)
	=	0.303404	/	0.276394
	=	1.0977

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)
	=	((0.2 + 286.9) / 456.1)	/	((40.3 + 250.9) / 532.2)
	=	0.629467	/	0.547163
	=	1.1504

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
	=	(-5.9 - 2.7	-	-21.7)	/	456.1
	=	0.028722

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.

PubliGroupe has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.

PubliGroupe Beneish M-Score Related Terms

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PubliGroupe (XSWX:PUBN) Business Description

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PubliGroupe SA is engaged in sale of advertising space in Switzerland and abroad. It is a provider of marketing and media sales services. The Company operates in the following segments: Search & Find; Media Sales, and Digital & Marketing Services, Corporate and Others. The Search & Find is active in Switzerland and France. It produces and sells instruments facilitating the search for persons, companies, products and services. The printed and interactive directories are the foundation of the Search & Find platform. This platform is supplemented by offers of additional services such as leisure, guides and classified. Media Sales offers all media sales activities (print, electronic, digital & interactive media) in Switzerland and abroad. It is based on partnerships with the media established now for many years. Digital & Marketing Services brings together an international and interactive marketing services portfolio for advertising customers and agencies, including consultancy for the development and implementation of efficient communication and media strategies as well as online marketing platforms deploying access to a wide range of marketing channels. Corporate and Others" includes the Group general management costs, corporate support to develop new activities, real estate management and companies that fall outside the three other operating segments.

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