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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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for News's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of News was -2.54. The lowest was -2.86. And the median was -2.66.
The historical data trend for News'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.
News Annual Data | |||||||||||||||||||||
Trend | Jun15 | Jun16 | Jun17 | Jun18 | Jun19 | Jun20 | Jun21 | Jun22 | Jun23 | Jun24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.86 | -2.54 | -2.64 | -2.72 | -2.63 |
News Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.72 | -2.61 | -2.76 | -2.77 | -2.63 |
For the Entertainment subindustry, News'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.
For the Media - Diversified industry and Communication Services sector, News's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where News's Beneish M-Score falls into.
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 News 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 * 1.0332 | + | 0.528 * 1 | + | 0.404 * 0.9779 | + | 0.892 * 1.0209 | + | 0.115 * 0.925 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.026 | + | 4.679 * -0.039439 | - | 0.327 * 0.9727 | |||||||
= | -2.63 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $1,503 Mil. Revenue was 2577 + 2423 + 2586 + 2499 = $10,085 Mil. Gross Profit was 2577 + 2423 + 2586 + 2499 = $10,085 Mil. Total Current Assets was $4,372 Mil. Total Assets was $16,684 Mil. Property, Plant and Equipment(Net PPE) was $2,872 Mil. Depreciation, Depletion and Amortization(DDA) was $734 Mil. Selling, General, & Admin. Expense(SGA) was $3,493 Mil. Total Current Liabilities was $3,055 Mil. Long-Term Debt & Capital Lease Obligation was $3,882 Mil. Net Income was 50 + 30 + 156 + 30 = $266 Mil. Non Operating Income was -60 + -47 + 8 + -75 = $-174 Mil. Cash Flow from Operations was 254 + 539 + 360 + -55 = $1,098 Mil. |
Total Receivables was $1,425 Mil. Revenue was 2433 + 2447 + 2521 + 2478 = $9,879 Mil. Gross Profit was 2433 + 2447 + 2521 + 2478 = $9,879 Mil. Total Current Assets was $4,053 Mil. Total Assets was $16,921 Mil. Property, Plant and Equipment(Net PPE) was $3,078 Mil. Depreciation, Depletion and Amortization(DDA) was $714 Mil. Selling, General, & Admin. Expense(SGA) was $3,335 Mil. Total Current Liabilities was $3,165 Mil. Long-Term Debt & Capital Lease Obligation was $4,068 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) |
= | (1503 / 10085) | / | (1425 / 9879) | |
= | 0.149033 | / | 0.144245 | |
= | 1.0332 |
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) | |
= | (9879 / 9879) | / | (10085 / 10085) | |
= | 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 - (4372 + 2872) / 16684) | / | (1 - (4053 + 3078) / 16921) | |
= | 0.565812 | / | 0.578571 | |
= | 0.9779 |
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 | |
= | 10085 | / | 9879 | |
= | 1.0209 |
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)) |
= | (714 / (714 + 3078)) | / | (734 / (734 + 2872)) | |
= | 0.188291 | / | 0.20355 | |
= | 0.925 |
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) |
= | (3493 / 10085) | / | (3335 / 9879) | |
= | 0.346356 | / | 0.337585 | |
= | 1.026 |
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) |
= | ((3882 + 3055) / 16684) | / | ((4068 + 3165) / 16921) | |
= | 0.415788 | / | 0.427457 | |
= | 0.9727 |
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 | |
= | (266 - -174 | - | 1098) | / | 16684 | |
= | -0.039439 |
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.
News has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of News's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Marygrace Degrazio | officer: Chief Accounting Officer | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Kelly Ayotte | director | C/O NEWS CORPORATION, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Susan Panuccio | officer: Chief Financial Officer | C/O NEWS CORPORATION, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
David B Pitofsky | officer: General Counsel | C/O NEWS CORPORATION, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Kevin Halpin | officer: Deputy Chief Financial Officer | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Joel Klein | director | C/O NEWS AMERICA INCORPORATED, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
James R Murdoch | director | C/O LUPA SYSTEMS, 363 LAFAYETTE STREET, NEW YORK NY 10022 |
John Elkann | director | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10003 |
Elaine L. Chao | director | C/O DOLE FOOD COMPANY, INC., ONE DOLE DRIVE, WESTLAKE VILLAGE CA 91362 |
Ana Paula Pessoa | director | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10003 |
Masroor Siddiqui | director | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10003 |
Natalie Bancroft | director | C/O NEWS AMERICA INCORPORATED, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Jose Maria Aznar | director | C/O NEWS AMERICA INCORPORATED, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Lachlan K Murdoch | director | C/O NEWS AMERICA INCORPORATED, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Cruden Financial Services Llc | 10 percent owner | C/O MCDONALD CARANO WILSON LLP, 100 LIBERTY STREET, RENO NV 89501 |
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