Fenix Entertainment SpA (MIL:FNX) Beneish M-Score : -3.38 (As of May. 26, 2024)

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What is Fenix Entertainment SpA 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 -3.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:FNX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38 Med: -3.06 Max: -0.14
Current: -3.38

During the past 5 years, the highest Beneish M-Score of Fenix Entertainment SpA was -0.14. The lowest was -3.38. And the median was -3.06.

Fenix Entertainment SpA Beneish M-Score Historical Data

The historical data trend for Fenix Entertainment SpA'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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Fenix Entertainment SpA Beneish M-Score Chart

Fenix Entertainment SpA Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

-3.06

-0.14

-3.38

Fenix Entertainment SpA Semi-Annual Data
	Dec18	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23
Beneish M-Score	Get a 7-Day Free Trial				-	-0.14	-	-3.38	-

Competitive Comparison of Fenix Entertainment SpA's Beneish M-Score

For the Entertainment subindustry, Fenix Entertainment SpA'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.

Fenix Entertainment SpA's Beneish M-Score Distribution in the Media - Diversified Industry

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

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

Fenix Entertainment SpA 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 Fenix Entertainment SpA 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 * 0.2524

0.528 * 1.1766

0.404 * 1.2312

0.892 * 1.113

0.115 * 0.8571

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.139784

0.327 * 0.9965

-3.38

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was €10.39 Mil.
Revenue was €22.32 Mil.
Gross Profit was €11.66 Mil.
Total Current Assets was €17.72 Mil.
Total Assets was €48.62 Mil.
Property, Plant and Equipment(Net PPE) was €2.13 Mil.
Depreciation, Depletion and Amortization(DDA) was €12.21 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €33.97 Mil.
Long-Term Debt & Capital Lease Obligation was €6.38 Mil.
Net Income was €-8.32 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-1.52 Mil.

Total Receivables was €36.99 Mil.
Revenue was €20.05 Mil.
Gross Profit was €12.32 Mil.
Total Current Assets was €41.41 Mil.
Total Assets was €83.63 Mil.
Property, Plant and Equipment(Net PPE) was €2.04 Mil.
Depreciation, Depletion and Amortization(DDA) was €5.50 Mil.
Selling, General, & Admin. Expense(SGA) was €0.27 Mil.
Total Current Liabilities was €60.75 Mil.
Long-Term Debt & Capital Lease Obligation was €8.90 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)
	=	(10.393 / 22.319)	/	(36.991 / 20.053)
	=	0.465657	/	1.844662
	=	0.2524

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)
	=	(12.324 / 20.053)	/	(11.658 / 22.319)
	=	0.614571	/	0.522335
	=	1.1766

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 - (17.724 + 2.132) / 48.618)	/	(1 - (41.408 + 2.036) / 83.625)
	=	0.591592	/	0.48049
	=	1.2312

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
	=	22.319	/	20.053
	=	1.113

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))
	=	(5.495 / (5.495 + 2.036))	/	(12.206 / (12.206 + 2.132))
	=	0.729651	/	0.851304
	=	0.8571

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 / 22.319)	/	(0.267 / 20.053)
	=	0	/	0.013315
	=	0

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)
	=	((6.38 + 33.97) / 48.618)	/	((8.899 + 60.751) / 83.625)
	=	0.82994	/	0.832885
	=	0.9965

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
	=	(-8.315 - 0	-	-1.519)	/	48.618
	=	-0.139784

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.

Fenix Entertainment SpA has a M-score of -3.38 suggests that the company is unlikely to be a manipulator.

Fenix Entertainment SpA Beneish M-Score Related Terms

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Fenix Entertainment SpA (MIL:FNX) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Fenix Entertainment SpA (MIL:FNX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Sede legale Viale Giuseppe Mazzini, Rome, ITA, 134 - 00195

Website

https://www.fenixent.com

Fenix Entertainment SpA is engaged in exploitation of the distribution rights of the films acquired; production and co-production of films and soundtracks for the Italian market and distribution of the same; production and co-production of sound recordings, and their distribution; search for talented people in the film and sound sector with sponsorship e-participation in national and international events and marketing and communication.