CHEIL Worldwide Beneish M-Score Historical Data
The historical data trend for CHEIL Worldwide'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.
CHEIL Worldwide Beneish M-Score Chart
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CHEIL Worldwide Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.74 |
-2.51 |
-2.25 |
-2.67 |
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CHEIL Worldwide Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.25 |
-2.47 |
-2.82 |
-2.60 |
-2.67 |
Competitive Comparison of CHEIL Worldwide's Beneish M-Score
For the Advertising Agencies subindustry, CHEIL Worldwide'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.
CHEIL Worldwide's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, CHEIL Worldwide's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CHEIL Worldwide's Beneish M-Score falls into.
CHEIL Worldwide 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 CHEIL Worldwide 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 * 1.0886 | + | 0.528 * 0.9245 | + | 0.404 * 0.8321 | + | 0.892 * 0.9729 | + | 0.115 * 0.9861 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0932 | + | 4.679 * -0.027478 | - | 0.327 * 0.9729 |
| = | -2.67 |
* 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 ₩1,477,822 Mil.
Revenue was 1146964.133 + 1078310.236 + 971399.798 + 941600.629 = ₩4,138,275 Mil.
Gross Profit was 429207.18 + 400908.067 + 424695.108 + 364127.591 = ₩1,618,938 Mil.
Total Current Assets was ₩2,372,420 Mil.
Total Assets was ₩2,889,505 Mil.
Property, Plant and Equipment(Net PPE) was ₩235,629 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩74,983 Mil.
Selling, General, & Admin. Expense(SGA) was ₩282,370 Mil.
Total Current Liabilities was ₩1,375,033 Mil.
Long-Term Debt & Capital Lease Obligation was ₩117,428 Mil.
Net Income was 17690.764 + 65528.858 + 64328.777 + 39753.473 = ₩187,302 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 18884.485 + 81721.556 + 103117.076 + 62975.608 = ₩266,699 Mil.
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Total Receivables was ₩1,395,326 Mil.
Revenue was 1204331.396 + 1126054.936 + 976412.281 + 946568.648 = ₩4,253,367 Mil.
Gross Profit was 412965.818 + 401962.275 + 388560.199 + 334861.359 = ₩1,538,350 Mil.
Total Current Assets was ₩2,193,979 Mil.
Total Assets was ₩2,751,445 Mil.
Property, Plant and Equipment(Net PPE) was ₩235,381 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩73,535 Mil.
Selling, General, & Admin. Expense(SGA) was ₩265,477 Mil.
Total Current Liabilities was ₩1,335,642 Mil.
Long-Term Debt & Capital Lease Obligation was ₩125,135 Mil.
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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) |
| = | (1477821.586 / 4138274.796) | / | (1395326.202 / 4253367.261) |
| = | 0.357111 | / | 0.328052 |
| | = | 1.0886 |
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) |
| = | (1538349.651 / 4253367.261) | / | (1618937.946 / 4138274.796) |
| = | 0.361678 | / | 0.391211 |
| | = | 0.9245 |
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 - (2372420.113 + 235628.633) / 2889504.607) | / | (1 - (2193979.02 + 235380.789) / 2751445.128) |
| = | 0.097406 | / | 0.11706 |
| | = | 0.8321 |
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 |
| = | 4138274.796 | / | 4253367.261 |
| | = | 0.9729 |
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)) |
| = | (73534.535 / (73534.535 + 235380.789)) | / | (74982.973 / (74982.973 + 235628.633)) |
| = | 0.238041 | / | 0.241404 |
| | = | 0.9861 |
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) |
| = | (282369.976 / 4138274.796) | / | (265477.32 / 4253367.261) |
| = | 0.068234 | / | 0.062416 |
| | = | 1.0932 |
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) |
| = | ((117428.228 + 1375033.434) / 2889504.607) | / | ((125135.217 + 1335642.465) / 2751445.128) |
| = | 0.516511 | / | 0.530913 |
| | = | 0.9729 |
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 |
| = | (187301.872 - 0 | - | 266698.725) | / | 2889504.607 |
| | = | -0.027478 |
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.
CHEIL Worldwide has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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