Gremi Media (WAR:GME) Beneish M-Score : -2.59 (As of May. 22, 2024)

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What is Gremi 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:GME' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.62 Max: -2.47
Current: -2.59

During the past 11 years, the highest Beneish M-Score of Gremi Media was -2.47. The lowest was -3.04. And the median was -2.62.

Gremi Media Beneish M-Score Historical Data

The historical data trend for Gremi 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.

Gremi Media Beneish M-Score Chart

Gremi Media Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.47

-2.63

-2.56

-2.62

-2.59

Gremi 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															-2.62	-2.39	-2.26	-2.36	-2.59

Competitive Comparison of Gremi Media's Beneish M-Score

For the Publishing subindustry, Gremi 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.

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

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

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

Gremi 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 Gremi Media 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 * 0.9571

0.528 * 0.9967

0.404 * 0.9801

0.892 * 1.0151

0.115 * 1.9855

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0799

4.679 * -0.047235

0.327 * 0.8445

-2.59

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was zł33.97 Mil.
Revenue was 27.497 + 25.089 + 24.728 + 21.545 = zł98.86 Mil.
Gross Profit was 12.608 + 11.409 + 11.297 + 9.196 = zł44.51 Mil.
Total Current Assets was zł43.87 Mil.
Total Assets was zł150.91 Mil.
Property, Plant and Equipment(Net PPE) was zł12.80 Mil.
Depreciation, Depletion and Amortization(DDA) was zł5.54 Mil.
Selling, General, & Admin. Expense(SGA) was zł38.29 Mil.
Total Current Liabilities was zł30.36 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was 1.902 + 1.262 + 1.622 + -0.272 = zł4.51 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 8.668 + 0.976 + 0.481 + 1.517 = zł11.64 Mil.

Total Receivables was zł34.96 Mil.
Revenue was 27.688 + 23.655 + 25.351 + 20.692 = zł97.39 Mil.
Gross Profit was 12.327 + 10.206 + 11.688 + 9.483 = zł43.70 Mil.
Total Current Assets was zł48.26 Mil.
Total Assets was zł141.40 Mil.
Property, Plant and Equipment(Net PPE) was zł3.03 Mil.
Depreciation, Depletion and Amortization(DDA) was zł4.55 Mil.
Selling, General, & Admin. Expense(SGA) was zł34.93 Mil.
Total Current Liabilities was zł33.69 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)
	=	(33.971 / 98.859)	/	(34.964 / 97.386)
	=	0.343631	/	0.359025
	=	0.9571

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)
	=	(43.704 / 97.386)	/	(44.51 / 98.859)
	=	0.448771	/	0.450237
	=	0.9967

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 - (43.866 + 12.796) / 150.906)	/	(1 - (48.264 + 3.033) / 141.401)
	=	0.624521	/	0.637223
	=	0.9801

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
	=	98.859	/	97.386
	=	1.0151

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))
	=	(4.553 / (4.553 + 3.033))	/	(5.544 / (5.544 + 12.796))
	=	0.600185	/	0.30229
	=	1.9855

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)
	=	(38.287 / 98.859)	/	(34.925 / 97.386)
	=	0.387289	/	0.358624
	=	1.0799

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 + 30.359) / 150.906)	/	((0 + 33.685) / 141.401)
	=	0.201178	/	0.238223
	=	0.8445

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
	=	(4.514 - 0	-	11.642)	/	150.906
	=	-0.047235

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.

Gremi Media has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.

Gremi Media Beneish M-Score Related Terms

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Gremi Media (WAR:GME) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Gremi Media SA (WAR:GME) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

ul. Prosta 51, Prosta Office Center, Warszawa, POL, 00-838

Website

https://www.gremimedia.pl

Gremi Media SA is a Poland based company, engages in offering economic and business press and an Internet portfolio for professionals and senior managers. It is a polish publisher offering specialized business and legal content in online and offline media. It presents daily commentaries and analyses relating to political, economic and legal events. It offers different services: Compress SA, specializing in creating comprehensive PR strategies and communication solutions.