iiNET Beneish M-Score Historical Data
The historical data trend for iiNET'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.
iiNET Beneish M-Score Chart
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iiNET Annual Data
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Trend |
Jun06 |
Jun07 |
Jun08 |
Jun09 |
Jun10 |
Jun11 |
Jun12 |
Jun13 |
Jun14 |
Jun15 |
| Beneish M-Score |
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-2.63 |
-2.50 |
-2.95 |
-2.89 |
-2.44 |
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iiNET Semi-Annual Data
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Dec05 |
Jun06 |
Dec06 |
Jun07 |
Dec07 |
Jun08 |
Dec08 |
Jun09 |
Dec09 |
Jun10 |
Dec10 |
Jun11 |
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Jun12 |
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Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
| Beneish M-Score |
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-2.95 |
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-2.89 |
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-2.44 |
Competitive Comparison of iiNET's Beneish M-Score
For the Telecom Services subindustry, iiNET'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.
iiNET's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, iiNET's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where iiNET's Beneish M-Score falls into.
iiNET 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 iiNET 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 * 1.1609 | + | 0.528 * 1.0373 | + | 0.404 * 1.0383 | + | 0.892 * 1.1115 | + | 0.115 * 0.9978 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9838 | + | 4.679 * -0.052159 | - | 0.327 * 1.0149 |
| = | -2.44 |
* 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 (Jun15) TTM: | Last Year (Jun14) TTM: |
Total Receivables was A$97 Mil.
Revenue was A$1,118 Mil.
Gross Profit was A$492 Mil.
Total Current Assets was A$136 Mil.
Total Assets was A$993 Mil.
Property, Plant and Equipment(Net PPE) was A$172 Mil.
Depreciation, Depletion and Amortization(DDA) was A$85 Mil.
Selling, General, & Admin. Expense(SGA) was A$288 Mil.
Total Current Liabilities was A$235 Mil.
Long-Term Debt & Capital Lease Obligation was A$354 Mil.
Net Income was A$70 Mil.
Gross Profit was A$0 Mil.
Cash Flow from Operations was A$122 Mil.
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Total Receivables was A$75 Mil.
Revenue was A$1,005 Mil.
Gross Profit was A$460 Mil.
Total Current Assets was A$121 Mil.
Total Assets was A$871 Mil.
Property, Plant and Equipment(Net PPE) was A$172 Mil.
Depreciation, Depletion and Amortization(DDA) was A$85 Mil.
Selling, General, & Admin. Expense(SGA) was A$263 Mil.
Total Current Liabilities was A$205 Mil.
Long-Term Debt & Capital Lease Obligation was A$303 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) |
| = | (96.758 / 1117.567) | / | (74.989 / 1005.461) |
| = | 0.086579 | / | 0.074582 |
| | = | 1.1609 |
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) |
| = | (459.614 / 1005.461) | / | (492.486 / 1117.567) |
| = | 0.457118 | / | 0.440677 |
| | = | 1.0373 |
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 - (136.457 + 172.295) / 992.912) | / | (1 - (120.789 + 172.077) / 870.599) |
| = | 0.689044 | / | 0.663604 |
| | = | 1.0383 |
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 |
| = | 1117.567 | / | 1005.461 |
| | = | 1.1115 |
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)) |
| = | (84.845 / (84.845 + 172.077)) | / | (85.238 / (85.238 + 172.295)) |
| = | 0.330236 | / | 0.330979 |
| | = | 0.9978 |
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) |
| = | (287.936 / 1117.567) | / | (263.313 / 1005.461) |
| = | 0.257645 | / | 0.261883 |
| | = | 0.9838 |
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) |
| = | ((354.084 + 234.655) / 992.912) | / | ((303.249 + 205.369) / 870.599) |
| = | 0.592942 | / | 0.584216 |
| | = | 1.0149 |
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 |
| = | (70.073 - 0.238 | - | 121.624) | / | 992.912 |
| | = | -0.052159 |
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.
iiNET has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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