Television Francaise 1 (XPAR:TFI) Beneish M-Score : -2.68 (As of May. 12, 2024)

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What is Television Francaise 1 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.

Good Sign:

Beneish M-Score -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Television Francaise 1's Beneish M-Score or its related term are showing as below:

XPAR:TFI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23 Med: -2.82 Max: -1.62
Current: -2.68

During the past 13 years, the highest Beneish M-Score of Television Francaise 1 was -1.62. The lowest was -3.23. And the median was -2.82.

Television Francaise 1 Beneish M-Score Historical Data

The historical data trend for Television Francaise 1'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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Television Francaise 1 Beneish M-Score Chart

Television Francaise 1 Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.77

-3.11

-2.88

-2.86

-2.96

Television Francaise 1 Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.81	-2.82	-2.53	-2.96	-2.68

Competitive Comparison of Television Francaise 1's Beneish M-Score

For the Broadcasting subindustry, Television Francaise 1'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.

Television Francaise 1's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Television Francaise 1's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Television Francaise 1's Beneish M-Score falls into.

Television Francaise 1 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 Television Francaise 1 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 * 1.0915

0.528 * 1.0216

0.404 * 0.9792

0.892 * 0.9599

0.115 * 1.0772

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.090991

0.327 * 1.011

-2.68

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was €1,120 Mil.
Revenue was 511.9 + 749.2 + 509.4 + 558.4 = €2,329 Mil.
Gross Profit was 322 + 606.2 + 311.4 + 385.9 = €1,626 Mil.
Total Current Assets was €2,394 Mil.
Total Assets was €3,758 Mil.
Property, Plant and Equipment(Net PPE) was €293 Mil.
Depreciation, Depletion and Amortization(DDA) was €381 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €1,585 Mil.
Long-Term Debt & Capital Lease Obligation was €129 Mil.
Net Income was 29.7 + 52.9 + 37.7 + 73.3 = €194 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 127.8 + 261.4 + 78.2 + 68.1 = €536 Mil.

Total Receivables was €1,069 Mil.
Revenue was 479.7 + 767.4 + 553.4 + 625.6 = €2,426 Mil.
Gross Profit was 312.6 + 640.3 + 360.8 + 416.3 = €1,730 Mil.
Total Current Assets was €2,242 Mil.
Total Assets was €3,564 Mil.
Property, Plant and Equipment(Net PPE) was €285 Mil.
Depreciation, Depletion and Amortization(DDA) was €444 Mil.
Selling, General, & Admin. Expense(SGA) was €228 Mil.
Total Current Liabilities was €1,458 Mil.
Long-Term Debt & Capital Lease Obligation was €150 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)
	=	(1119.5 / 2328.9)	/	(1068.5 / 2426.1)
	=	0.480699	/	0.440419
	=	1.0915

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)
	=	(1730 / 2426.1)	/	(1625.5 / 2328.9)
	=	0.713079	/	0.697969
	=	1.0216

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 - (2394 + 292.7) / 3757.5)	/	(1 - (2241.9 + 285.1) / 3564.3)
	=	0.284977	/	0.291025
	=	0.9792

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
	=	2328.9	/	2426.1
	=	0.9599

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))
	=	(444 / (444 + 285.1))	/	(380.7 / (380.7 + 292.7))
	=	0.60897	/	0.56534
	=	1.0772

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)
	=	(0 / 2328.9)	/	(228 / 2426.1)
	=	0	/	0.093978
	=	0

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)
	=	((128.6 + 1585.4) / 3757.5)	/	((150.1 + 1458.1) / 3564.3)
	=	0.456154	/	0.451197
	=	1.011

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
	=	(193.6 - 0	-	535.5)	/	3757.5
	=	-0.090991

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.

Television Francaise 1 has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.

Television Francaise 1 Beneish M-Score Related Terms

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Television Francaise 1 (XPAR:TFI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Television Francaise 1 SA (XPAR:TFI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

0NQT:UK FSE:Germany

Address

1, quai du Point du Jour, Boulogne-Billancourt, Paris, FRA, 92100

Website

https://www.groupe-tf1.fr

Television Francaise 1 SA is a television broadcasting company. The firm operates numerous television channels, including TF1, which is the company's flagship channel that broadcasts a variety of television programming. Additionally, the company controls other channels such as LCI, which focuses on news and current events, and Eurosport, the company's sports broadcasting segment. Television Francaise 1 SA is also involved in television and film production, publishing, as well as social media services. The company generates the vast majority of its revenue in France.