Unifique Telecomunicacoes Beneish M-Score Historical Data
The historical data trend for Unifique Telecomunicacoes'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.
Unifique Telecomunicacoes Beneish M-Score Chart
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Unifique Telecomunicacoes Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.59 |
-2.95 |
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Unifique Telecomunicacoes Quarterly Data
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Dec19 |
Mar20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.70 |
-2.72 |
-2.95 |
-2.95 |
Competitive Comparison of Unifique Telecomunicacoes's Beneish M-Score
For the Telecom Services subindustry, Unifique Telecomunicacoes'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.
Unifique Telecomunicacoes's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Unifique Telecomunicacoes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Unifique Telecomunicacoes's Beneish M-Score falls into.
Unifique Telecomunicacoes 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 Unifique Telecomunicacoes 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 * 0.8757 | + | 0.528 * 1.0343 | + | 0.404 * 1.0838 | + | 0.892 * 1.3017 | + | 0.115 * 0.9777 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0673 | + | 4.679 * -0.142634 | - | 0.327 * 0.9847 |
| = | -2.95 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was R$128.8 Mil.
Revenue was 231.423 + 231.09 + 215.71 + 204.933 = R$883.2 Mil.
Gross Profit was 106.419 + 103.428 + 97.245 + 90.327 = R$397.4 Mil.
Total Current Assets was R$552.7 Mil.
Total Assets was R$2,016.9 Mil.
Property, Plant and Equipment(Net PPE) was R$654.7 Mil.
Depreciation, Depletion and Amortization(DDA) was R$218.6 Mil.
Selling, General, & Admin. Expense(SGA) was R$125.8 Mil.
Total Current Liabilities was R$399.3 Mil.
Long-Term Debt & Capital Lease Obligation was R$302.8 Mil.
Net Income was 48.012 + 40.954 + 29.898 + 26.245 = R$145.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0.0 Mil.
Cash Flow from Operations was 104.788 + 117.429 + 121.5 + 89.075 = R$432.8 Mil.
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Total Receivables was R$113.0 Mil.
Revenue was 189.356 + 177.19 + 157.982 + 153.92 = R$678.4 Mil.
Gross Profit was 84.977 + 81.616 + 74.51 + 74.656 = R$315.8 Mil.
Total Current Assets was R$705.4 Mil.
Total Assets was R$1,919.4 Mil.
Property, Plant and Equipment(Net PPE) was R$503.2 Mil.
Depreciation, Depletion and Amortization(DDA) was R$163.1 Mil.
Selling, General, & Admin. Expense(SGA) was R$90.6 Mil.
Total Current Liabilities was R$381.8 Mil.
Long-Term Debt & Capital Lease Obligation was R$296.8 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) |
| = | (128.829 / 883.156) | / | (113.016 / 678.448) |
| = | 0.145873 | / | 0.16658 |
| | = | 0.8757 |
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) |
| = | (315.759 / 678.448) | / | (397.419 / 883.156) |
| = | 0.465414 | / | 0.449999 |
| | = | 1.0343 |
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 - (552.708 + 654.744) / 2016.925) | / | (1 - (705.427 + 503.214) / 1919.412) |
| = | 0.40134 | / | 0.370307 |
| | = | 1.0838 |
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 |
| = | 883.156 | / | 678.448 |
| | = | 1.3017 |
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)) |
| = | (163.077 / (163.077 + 503.214)) | / | (218.639 / (218.639 + 654.744)) |
| = | 0.244753 | / | 0.250336 |
| | = | 0.9777 |
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) |
| = | (125.807 / 883.156) | / | (90.55 / 678.448) |
| = | 0.142452 | / | 0.133466 |
| | = | 1.0673 |
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) |
| = | ((302.83 + 399.274) / 2016.925) | / | ((296.763 + 381.77) / 1919.412) |
| = | 0.348106 | / | 0.353511 |
| | = | 0.9847 |
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 |
| = | (145.109 - 0 | - | 432.792) | / | 2016.925 |
| | = | -0.142634 |
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.
Unifique Telecomunicacoes has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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