Com2uS Beneish M-Score Historical Data
The historical data trend for Com2uS'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.
Com2uS Beneish M-Score Chart
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Com2uS Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.36 |
-1.93 |
-2.46 |
-2.33 |
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Com2uS Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.84 |
-2.18 |
-2.32 |
-2.33 |
-2.67 |
Competitive Comparison of Com2uS's Beneish M-Score
For the Electronic Gaming & Multimedia subindustry, Com2uS'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.
Com2uS's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Com2uS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Com2uS's Beneish M-Score falls into.
Com2uS 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 Com2uS 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 * 0.6984 | + | 0.528 * 1 | + | 0.404 * 1.1937 | + | 0.892 * 0.9696 | + | 0.115 * 0.8618 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9845 | + | 4.679 * 0.004393 | - | 0.327 * 0.8961 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩103,673 Mil.
Revenue was 157772.096 + 131954.609 + 186727.667 + 228283.633 = ₩704,738 Mil.
Gross Profit was 157772.096 + 131954.609 + 186727.667 + 228283.633 = ₩704,738 Mil.
Total Current Assets was ₩423,170 Mil.
Total Assets was ₩1,717,640 Mil.
Property, Plant and Equipment(Net PPE) was ₩59,571 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩24,873 Mil.
Selling, General, & Admin. Expense(SGA) was ₩495,247 Mil.
Total Current Liabilities was ₩358,152 Mil.
Long-Term Debt & Capital Lease Obligation was ₩71,403 Mil.
Net Income was 11306.791 + -22338.604 + 17984.886 + 6762.17 = ₩13,715 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -17925.37 + -978.541 + 39048.082 + -13975.053 = ₩6,169 Mil.
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Total Receivables was ₩153,103 Mil.
Revenue was 182841.082 + 164437.654 + 186207.873 + 193364.281 = ₩726,851 Mil.
Gross Profit was 182841.082 + 164437.654 + 186207.873 + 193364.281 = ₩726,851 Mil.
Total Current Assets was ₩699,374 Mil.
Total Assets was ₩2,012,079 Mil.
Property, Plant and Equipment(Net PPE) was ₩100,897 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩34,327 Mil.
Selling, General, & Admin. Expense(SGA) was ₩518,827 Mil.
Total Current Liabilities was ₩363,901 Mil.
Long-Term Debt & Capital Lease Obligation was ₩197,626 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) |
| = | (103672.623 / 704738.005) | / | (153103.286 / 726850.89) |
| = | 0.147108 | / | 0.210639 |
| | = | 0.6984 |
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) |
| = | (726850.89 / 726850.89) | / | (704738.005 / 704738.005) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (423170.324 + 59571.259) / 1717639.653) | / | (1 - (699373.789 + 100897.387) / 2012078.942) |
| = | 0.718951 | / | 0.602267 |
| | = | 1.1937 |
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 |
| = | 704738.005 | / | 726850.89 |
| | = | 0.9696 |
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)) |
| = | (34327.208 / (34327.208 + 100897.387)) | / | (24872.772 / (24872.772 + 59571.259)) |
| = | 0.253853 | / | 0.294547 |
| | = | 0.8618 |
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) |
| = | (495246.763 / 704738.005) | / | (518827.443 / 726850.89) |
| = | 0.702739 | / | 0.713802 |
| | = | 0.9845 |
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) |
| = | ((71402.516 + 358151.968) / 1717639.653) | / | ((197626.079 + 363901.323) / 2012078.942) |
| = | 0.250084 | / | 0.279078 |
| | = | 0.8961 |
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 |
| = | (13715.243 - 0 | - | 6169.118) | / | 1717639.653 |
| | = | 0.004393 |
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.
Com2uS has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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