ATN International Beneish M-Score Historical Data
The historical data trend for ATN International'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.
ATN International Beneish M-Score Chart
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ATN International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.89 |
-2.55 |
-2.32 |
-2.69 |
-2.35 |
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ATN International Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.68 |
-2.56 |
-2.41 |
-2.35 |
-3.68 |
Competitive Comparison of ATN International's Beneish M-Score
For the Telecom Services subindustry, ATN International'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.
ATN International's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, ATN International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ATN International's Beneish M-Score falls into.
ATN International 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 ATN International 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 * 0.0803 | + | 0.528 * 0.9732 | + | 0.404 * 0.9865 | + | 0.892 * 1.0321 | + | 0.115 * 1.0102 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0206 | + | 4.679 * -0.069571 | - | 0.327 * 1.1167 |
| = | -3.68 |
* 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 $7.5 Mil.
Revenue was 186.794 + 198.966 + 191.036 + 186.441 = $763.2 Mil.
Gross Profit was 104.834 + 109.658 + 108.638 + 107.707 = $430.8 Mil.
Total Current Assets was $289.7 Mil.
Total Assets was $1,779.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,169.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $150.9 Mil.
Selling, General, & Admin. Expense(SGA) was $251.3 Mil.
Total Current Liabilities was $273.6 Mil.
Long-Term Debt & Capital Lease Obligation was $636.1 Mil.
Net Income was -6.315 + -5.836 + -3.584 + 0.767 = $-15.0 Mil.
Non Operating Income was -0.544 + -9.059 + -1.347 + 0.963 = $-10.0 Mil.
Cash Flow from Operations was 23.176 + 22.148 + 29.155 + 44.317 = $118.8 Mil.
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Total Receivables was $90.6 Mil.
Revenue was 185.774 + 192.015 + 182.213 + 179.497 = $739.5 Mil.
Gross Profit was 106.146 + 101.818 + 99.943 + 98.351 = $406.3 Mil.
Total Current Assets was $231.6 Mil.
Total Assets was $1,700.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,158.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $151.3 Mil.
Selling, General, & Admin. Expense(SGA) was $238.6 Mil.
Total Current Liabilities was $205.4 Mil.
Long-Term Debt & Capital Lease Obligation was $573.0 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) |
| = | (7.506 / 763.237) | / | (90.566 / 739.499) |
| = | 0.009834 | / | 0.122469 |
| | = | 0.0803 |
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) |
| = | (406.258 / 739.499) | / | (430.837 / 763.237) |
| = | 0.549369 | / | 0.564487 |
| | = | 0.9732 |
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 - (289.727 + 1169.217) / 1779.154) | / | (1 - (231.552 + 1158.316) / 1700.015) |
| = | 0.179979 | / | 0.182438 |
| | = | 0.9865 |
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 |
| = | 763.237 | / | 739.499 |
| | = | 1.0321 |
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)) |
| = | (151.254 / (151.254 + 1158.316)) | / | (150.932 / (150.932 + 1169.217)) |
| = | 0.115499 | / | 0.11433 |
| | = | 1.0102 |
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) |
| = | (251.329 / 763.237) | / | (238.59 / 739.499) |
| = | 0.329294 | / | 0.322637 |
| | = | 1.0206 |
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) |
| = | ((636.079 + 273.617) / 1779.154) | / | ((573.037 + 205.384) / 1700.015) |
| = | 0.511308 | / | 0.457891 |
| | = | 1.1167 |
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 |
| = | (-14.968 - -9.987 | - | 118.796) | / | 1779.154 |
| | = | -0.069571 |
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.
ATN International has a M-score of -3.68 suggests that the company is unlikely to be a manipulator.
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