Saudi Research And Media Group (SAU:4210) Beneish M-Score : -1.20 (As of May. 08, 2024)

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What is Saudi Research And Media Group 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.

Warning Sign:

Beneish M-Score -1.2 higher than -1.78, which implies that the company might have manipulated its financial results.

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

SAU:4210' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26 Med: -2.65 Max: 0.99
Current: -1.2

During the past 13 years, the highest Beneish M-Score of Saudi Research And Media Group was 0.99. The lowest was -3.26. And the median was -2.65.

Saudi Research And Media Group Beneish M-Score Historical Data

The historical data trend for Saudi Research And Media Group'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.

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Saudi Research And Media Group Beneish M-Score Chart

Saudi Research And Media Group Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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0.99

-2.42

-3.26

-2.46

-1.20

Saudi Research And Media Group 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															-2.46	-1.85	-1.41	-0.41	-1.20

Competitive Comparison of Saudi Research And Media Group's Beneish M-Score

For the Publishing subindustry, Saudi Research And Media Group'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.

Saudi Research And Media Group's Beneish M-Score Distribution in the Media - Diversified Industry

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

* The bar in red indicates where Saudi Research And Media Group's Beneish M-Score falls into.

Saudi Research And Media Group 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 Saudi Research And Media Group 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 * 1.023

0.528 * 1.0881

0.404 * 1.2497

0.892 * 1.0098

0.115 * 1.0176

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1184

4.679 * 0.220544

0.327 * 0.7236

-1.20

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ﷼944 Mil.
Revenue was 832.083 + 1054.656 + 974.854 + 884.637 = ﷼3,746 Mil.
Gross Profit was 163.793 + 381.653 + 337.984 + 279.177 = ﷼1,163 Mil.
Total Current Assets was ﷼1,951 Mil.
Total Assets was ﷼5,730 Mil.
Property, Plant and Equipment(Net PPE) was ﷼1,493 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼275 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼240 Mil.
Total Current Liabilities was ﷼1,661 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼308 Mil.
Net Income was 8.076 + 248.958 + 181.612 + 120.974 = ﷼560 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 407.821 + -485.942 + -133.336 + -492.713 = ﷼-704 Mil.

Total Receivables was ﷼913 Mil.
Revenue was 1013.532 + 1002.721 + 907.246 + 786.34 = ﷼3,710 Mil.
Gross Profit was 265.26 + 397.071 + 328.818 + 261.625 = ﷼1,253 Mil.
Total Current Assets was ﷼3,255 Mil.
Total Assets was ﷼6,742 Mil.
Property, Plant and Equipment(Net PPE) was ﷼1,334 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼251 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼213 Mil.
Total Current Liabilities was ﷼2,780 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼421 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)
	=	(943.579 / 3746.23)	/	(913.393 / 3709.839)
	=	0.251874	/	0.246208
	=	1.023

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)
	=	(1252.774 / 3709.839)	/	(1162.607 / 3746.23)
	=	0.33769	/	0.310341
	=	1.0881

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 - (1950.817 + 1493.084) / 5730.325)	/	(1 - (3255.139 + 1334.392) / 6742.191)
	=	0.399004	/	0.319282
	=	1.2497

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
	=	3746.23	/	3709.839
	=	1.0098

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))
	=	(250.753 / (250.753 + 1334.392))	/	(274.829 / (274.829 + 1493.084))
	=	0.158189	/	0.155454
	=	1.0176

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)
	=	(240.05 / 3746.23)	/	(212.544 / 3709.839)
	=	0.064078	/	0.057292
	=	1.1184

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)
	=	((307.744 + 1660.78) / 5730.325)	/	((421.142 + 2779.742) / 6742.191)
	=	0.343527	/	0.474754
	=	0.7236

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
	=	(559.62 - 0	-	-704.17)	/	5730.325
	=	0.220544

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.

Saudi Research And Media Group has a M-score of -1.20 signals that the company is likely to be a manipulator.

Saudi Research And Media Group Beneish M-Score Related Terms

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Saudi Research And Media Group (SAU:4210) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Saudi Research And Media Group (SAU:4210) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Al-Moutamarat District, Makkah Road, P.O. Box 53180, Riyadh, SAU, 11583

Website

https://www.srmg.com

Saudi Research And Media Group is an integrated publishing group based in Saudi Arabia, engaged in trading, media, advertising, promotions, distribution, printing and publishing, and public relations. It operates mainly in the Middle East, Europe, and North Africa. The company has four operating segments; Publishing, visual, and digital content segment, the Public relations and advertising segment, the Printing and packaging segment, and All other segments. The company derives a majority of its revenue from the Publishing, visual and digital content segment.

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