All Things Considered Group (AQSE:ATC) Beneish M-Score : -1.40 (As of May. 23, 2024)

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What is All Things Considered Group 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.

Warning Sign:

Beneish M-Score -1.4 higher than -1.78, which implies that the company might have manipulated its financial results.

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

AQSE:ATC' s Beneish M-Score Range Over the Past 10 Years
Min: -1.4 Med: -1.4 Max: -1.4
Current: -1.4

During the past 3 years, the highest Beneish M-Score of All Things Considered Group was -1.40. The lowest was -1.40. And the median was -1.40.

All Things Considered Group Beneish M-Score Historical Data

The historical data trend for All Things Considered Group'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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All Things Considered Group Beneish M-Score Chart

All Things Considered Group Annual Data

Trend

Dec20

Dec21

Dec22

Beneish M-Score

-1.40

All Things Considered Group Semi-Annual Data
	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23
Beneish M-Score	Get a 7-Day Free Trial			-	-	-	-1.40	-

Competitive Comparison of All Things Considered Group's Beneish M-Score

For the Entertainment subindustry, All Things Considered Group'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.

All Things Considered Group's Beneish M-Score Distribution in the Media - Diversified Industry

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

* The bar in red indicates where All Things Considered Group's Beneish M-Score falls into.

All Things Considered Group 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 All Things Considered Group 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 * 0.4803

0.528 * 0.7957

0.404 * 2.5579

0.892 * 2.1477

0.115 * 0.819

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6656

4.679 * -0.021118

0.327 * 0.7753

-1.40

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was £2.32 Mil.
Revenue was £8.22 Mil.
Gross Profit was £5.53 Mil.
Total Current Assets was £5.73 Mil.
Total Assets was £9.28 Mil.
Property, Plant and Equipment(Net PPE) was £0.26 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.12 Mil.
Selling, General, & Admin. Expense(SGA) was £5.19 Mil.
Total Current Liabilities was £4.38 Mil.
Long-Term Debt & Capital Lease Obligation was £1.15 Mil.
Net Income was £0.20 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £0.39 Mil.

Total Receivables was £2.25 Mil.
Revenue was £3.83 Mil.
Gross Profit was £2.05 Mil.
Total Current Assets was £6.95 Mil.
Total Assets was £8.46 Mil.
Property, Plant and Equipment(Net PPE) was £0.34 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.11 Mil.
Selling, General, & Admin. Expense(SGA) was £3.63 Mil.
Total Current Liabilities was £4.87 Mil.
Long-Term Debt & Capital Lease Obligation was £1.64 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)
	=	(2.321 / 8.215)	/	(2.25 / 3.825)
	=	0.282532	/	0.588235
	=	0.4803

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)
	=	(2.05 / 3.825)	/	(5.533 / 8.215)
	=	0.535948	/	0.673524
	=	0.7957

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 - (5.729 + 0.264) / 9.281)	/	(1 - (6.951 + 0.339) / 8.462)
	=	0.354272	/	0.138502
	=	2.5579

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
	=	8.215	/	3.825
	=	2.1477

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))
	=	(0.113 / (0.113 + 0.339))	/	(0.116 / (0.116 + 0.264))
	=	0.25	/	0.305263
	=	0.819

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)
	=	(5.185 / 8.215)	/	(3.627 / 3.825)
	=	0.631163	/	0.948235
	=	0.6656

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)
	=	((1.147 + 4.383) / 9.281)	/	((1.636 + 4.867) / 8.462)
	=	0.595841	/	0.768494
	=	0.7753

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
	=	(0.195 - 0	-	0.391)	/	9.281
	=	-0.021118

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.

All Things Considered Group has a M-score of -1.40 signals that the company is likely to be a manipulator.

All Things Considered Group Beneish M-Score Related Terms

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All Things Considered Group (AQSE:ATC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » All Things Considered Group PLC (AQSE:ATC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

166-168 Camden Street, The Hat Factory, London, GBR, NW1 9PT

Website

https://www.atcgroupplc.com

All Things Considered Group PLC is a prominent independent UK music company. Its business focus is in the key commercial areas of the music industry encompassing live rights, live agency, production, artist management and investment and a range of other music artist services. The company's segment includes Artist representation and Services.