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Outfront Media (Outfront Media) Beneish M-Score : -2.73 (As of May. 01, 2024)


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What is Outfront Media 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OUT' s Beneish M-Score Range Over the Past 10 Years
Min: -5.03   Med: -2.63   Max: -2.17
Current: -2.73

During the past 13 years, the highest Beneish M-Score of Outfront Media was -2.17. The lowest was -5.03. And the median was -2.63.


Outfront Media Beneish M-Score Historical Data

The historical data trend for Outfront Media'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.

Outfront Media Beneish M-Score Chart

Outfront Media 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 -2.45 -2.89 -2.17 -2.47 -2.73

Outfront Media Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 -2.47 -2.56 -2.60 -2.64 -2.73

Competitive Comparison of Outfront Media's Beneish M-Score

For the REIT - Specialty subindustry, Outfront Media'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.


Outfront Media's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Outfront Media's Beneish M-Score distribution charts can be found below:

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



Outfront Media 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 Outfront Media 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 * 0.8873+0.528 * 1.0375+0.404 * 0.9438+0.892 * 1.0274+0.115 * 0.9378
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9909+4.679 * -0.027996-0.327 * 1.106
=-2.73

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $288 Mil.
Revenue was 501.2 + 454.8 + 468.8 + 395.8 = $1,821 Mil.
Gross Profit was 254.1 + 215 + 222.9 + 160.3 = $852 Mil.
Total Current Assets was $398 Mil.
Total Assets was $5,583 Mil.
Property, Plant and Equipment(Net PPE) was $2,250 Mil.
Depreciation, Depletion and Amortization(DDA) was $161 Mil.
Selling, General, & Admin. Expense(SGA) was $430 Mil.
Total Current Liabilities was $593 Mil.
Long-Term Debt & Capital Lease Obligation was $4,094 Mil.
Net Income was 60.4 + 17 + -478.9 + -28.9 = $-430 Mil.
Non Operating Income was -4.7 + -12.2 + -511.1 + -0.3 = $-528 Mil.
Cash Flow from Operations was 105 + 61.5 + 78.3 + 9.4 = $254 Mil.
Total Receivables was $316 Mil.
Revenue was 494.7 + 453.7 + 450.2 + 373.5 = $1,772 Mil.
Gross Profit was 255.2 + 221.1 + 223.7 + 160.7 = $861 Mil.
Total Current Assets was $390 Mil.
Total Assets was $5,990 Mil.
Property, Plant and Equipment(Net PPE) was $2,262 Mil.
Depreciation, Depletion and Amortization(DDA) was $151 Mil.
Selling, General, & Admin. Expense(SGA) was $422 Mil.
Total Current Liabilities was $552 Mil.
Long-Term Debt & Capital Lease Obligation was $3,995 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)
=(287.6 / 1820.6) / (315.5 / 1772.1)
=0.15797 / 0.178037
=0.8873

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)
=(860.7 / 1772.1) / (852.3 / 1820.6)
=0.485695 / 0.468142
=1.0375

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 - (397.6 + 2249.7) / 5582.9) / (1 - (390.4 + 2262.4) / 5990)
=0.52582 / 0.557129
=0.9438

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
=1820.6 / 1772.1
=1.0274

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))
=(150.7 / (150.7 + 2262.4)) / (160.5 / (160.5 + 2249.7))
=0.062451 / 0.066592
=0.9378

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)
=(429.7 / 1820.6) / (422.1 / 1772.1)
=0.236021 / 0.238192
=0.9909

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)
=((4093.9 + 593) / 5582.9) / ((3995 + 551.6) / 5990)
=0.83951 / 0.759032
=1.106

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
=(-430.4 - -528.3 - 254.2) / 5582.9
=-0.027996

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.

Outfront Media has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.


Outfront Media Beneish M-Score Related Terms

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Outfront Media (Outfront Media) Business Description

Traded in Other Exchanges
Address
405 Lexington Avenue, 17th Floor, New York, NY, USA, 10174
Outfront Media Inc is a real estate investment trust involved in the ownership of advertising space on its portfolio of billboards and transit displays. The Company generates revenue in the form of rental income by allowing other companies to advertise on its properties and structures under short-term contracts. Outfront Media segments its operations into the United States and International units. Although it also owns assets in Canada and Latin America, the company derives the vast majority of its revenue from billboard advertising agreements in the U.S. Roughly half of the U.S. division's revenue comes from its displays in the New York City and Los Angeles markets. Outfront Media's major customers include entities within the retail, television, healthcare, and entertainment industries.
Executives
Clive A. Punter officer: EVP and Chief Revenue Officer C/O CBS OUTDOOR AMERICAS INC., 405 LEXINGTON AVENUE, NEW YORK NY 10174
Patrick Martin officer: SVP, Controller, CAO 405 LEXINGTON AVENUE, 14TH FLOOR, NEW YORK NY 10174
Jeremy J. Male officer: Chief Executive Officer C/O OUTFRONT MEDIA INC., 405 LEXINGTON AVENUE, NEW YORK NY 10019
Richard H. Sauer officer: EVP, General Counsel & Sec. C/O OUTFRONT MEDIA INC., 405 LEXINGTON AVENUE, NEW YORK NY 10019
Peter Mathes director C/O OUTFRONT MEDIA INC., 405 LEXINGTON AVENUE, NEW YORK NY 10174
Pep Viii-a Aiv Spv, L.p. 10 percent owner 50 KENNEDY PLAZA, PROVIDENCE RI 02903
Pep Viii (scotland) Spv, L.p. 10 percent owner 50 KENNEDY PLAZA, PROVIDENCE RI 02903
Pep Viii-a Spv, L.p. 10 percent owner 50 KENNEDY PLAZA, PROVIDENCE RI 02903
Pep Viii Spv, L.p. 10 percent owner 50 KENNEDY PLAZA, PROVIDENCE RI 02903
Pep Viii Gp Llc 10 percent owner 50 KENNEDY PLAZA, PROVIDENCE RI 02903
Pep Viii Co-invest Spv, L.p. 10 percent owner 50 KENNEDY PLAZA, PROVIDENCE RI 02903
Michael J Dominguez director C/O PROVIDENCE EQUITY PARTNERS, INC., 50 KENNEDY PLAZA, PROVIDENCE RI 02903
Providence Equity Gp Viii (scotland) L.p. 10 percent owner 50 KENNEDY PLAZA, PROVIDENCE RI 02903
Providence Equity Partners Viii-a L.p. 10 percent owner PROVIDENCE EQUITY PARTNERS L.L.C., 50 KENNEDY PLAZA, PROVIDENCE RI 02903
Providence Equity Partners Viii (scotland) L.p. 10 percent owner PROVIDENCE EQUITY PARTNERS L.L.C., 50 KENNEDY PLAZA, PROVIDENCE RI 02903