RBW Beneish M-Score Historical Data
The historical data trend for RBW'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.
RBW Beneish M-Score Chart
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RBW Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.77 |
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RBW Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.64 |
-1.82 |
-1.62 |
-1.57 |
-2.83 |
Competitive Comparison of RBW's Beneish M-Score
For the Entertainment subindustry, RBW'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.
RBW's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, RBW's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where RBW's Beneish M-Score falls into.
RBW 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 RBW 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 | + | 0.528 * 1.5316 | + | 0.404 * 1.7662 | + | 0.892 * 1.1246 | + | 0.115 * 0.1076 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6363 | + | 4.679 * 0.020389 | - | 0.327 * 1.0324 |
| = | -2.83 |
* 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 ₩0 Mil.
Revenue was 15170.094 + 21852.687 + 23262.282 + 23582.022 = ₩83,867 Mil.
Gross Profit was 1558.184 + 2198.552 + 3979.32 + 4321.817 = ₩12,058 Mil.
Total Current Assets was ₩50,230 Mil.
Total Assets was ₩175,959 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,589 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,817 Mil.
Total Current Liabilities was ₩78,009 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was -3707.247 + -2416.278 + 173.845 + -2002.839 = ₩-7,953 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + -6190.523 + -4143.096 + -1206.579 = ₩-11,540 Mil.
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Total Receivables was ₩11,710 Mil.
Revenue was 22737.334 + 21521.596 + 13956.245 + 16358.213 = ₩74,573 Mil.
Gross Profit was 5503.766 + 3718.92 + 3488.76 + 3709.494 = ₩16,421 Mil.
Total Current Assets was ₩60,355 Mil.
Total Assets was ₩175,061 Mil.
Property, Plant and Equipment(Net PPE) was ₩43,883 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,291 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,248 Mil.
Total Current Liabilities was ₩68,244 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,934 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) |
| = | (0 / 83867.085) | / | (11709.554 / 74573.388) |
| = | 0 | / | 0.157021 |
| | = | 0 |
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) |
| = | (16420.94 / 74573.388) | / | (12057.873 / 83867.085) |
| = | 0.220198 | / | 0.143774 |
| | = | 1.5316 |
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 - (50229.797 + 0) / 175959.245) | / | (1 - (60355.339 + 43882.792) / 175061.134) |
| = | 0.714537 | / | 0.404562 |
| | = | 1.7662 |
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 |
| = | 83867.085 | / | 74573.388 |
| | = | 1.1246 |
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)) |
| = | (5290.929 / (5290.929 + 43882.792)) | / | (4589.05 / (4589.05 + 0)) |
| = | 0.107597 | / | 1 |
| | = | 0.1076 |
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) |
| = | (7816.655 / 83867.085) | / | (4247.558 / 74573.388) |
| = | 0.093203 | / | 0.056958 |
| | = | 1.6363 |
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 + 78008.743) / 175959.245) | / | ((6933.648 + 68243.861) / 175061.134) |
| = | 0.443334 | / | 0.429436 |
| | = | 1.0324 |
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 |
| = | (-7952.519 - 0 | - | -11540.198) | / | 175959.245 |
| | = | 0.020389 |
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.
RBW has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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