Oi Beneish M-Score Historical Data
The historical data trend for Oi'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.
Oi Beneish M-Score Chart
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Oi Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-3.29 |
-3.73 |
-3.43 |
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Oi Quarterly Data
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Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.40 |
-2.46 |
-0.33 |
-3.43 |
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Competitive Comparison of Oi's Beneish M-Score
For the Telecom Services subindustry, Oi'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.
Oi's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Oi's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Oi's Beneish M-Score falls into.
Oi 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 Oi 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 * 0.7105 | + | 0.528 * 0.9484 | + | 0.404 * 2.3498 | + | 0.892 * 0.7235 | + | 0.115 * 0.412 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9145 | + | 4.679 * -0.146875 | - | 0.327 * 1.6635 |
| = | -3.43 |
* 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 (Dec22) TTM: | Last Year (Dec20) TTM: |
Total Receivables was R$2,043 Mil.
Revenue was 0 + 2243.791 + 2234.761 + 2238.34 = R$6,717 Mil.
Gross Profit was 0 + 414.649 + 810.029 + 352.001 = R$1,577 Mil.
Total Current Assets was R$9,551 Mil.
Total Assets was R$29,616 Mil.
Property, Plant and Equipment(Net PPE) was R$5,072 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,979 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,286 Mil.
Total Current Liabilities was R$10,185 Mil.
Long-Term Debt & Capital Lease Obligation was R$20,679 Mil.
Net Income was 0 + -4812.614 + 1138.953 + -3037.538 = R$-6,711 Mil.
Non Operating Income was 0 + -1296.675 + 1867.218 + -1300.068 = R$-730 Mil.
Cash Flow from Operations was 0 + 796.337 + -1979.064 + -449.09 = R$-1,632 Mil.
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Total Receivables was R$3,974 Mil.
Revenue was 2256.743 + 2310.83 + 2301.381 + 2415.349 = R$9,284 Mil.
Gross Profit was -5.489 + 636.458 + 871.92 + 564.09 = R$2,067 Mil.
Total Current Assets was R$33,796 Mil.
Total Assets was R$73,840 Mil.
Property, Plant and Equipment(Net PPE) was R$24,135 Mil.
Depreciation, Depletion and Amortization(DDA) was R$4,342 Mil.
Selling, General, & Admin. Expense(SGA) was R$4,966 Mil.
Total Current Liabilities was R$18,013 Mil.
Long-Term Debt & Capital Lease Obligation was R$28,246 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) |
| = | (2042.726 / 6716.892) | / | (3974.238 / 9284.303) |
| = | 0.304118 | / | 0.42806 |
| | = | 0.7105 |
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) |
| = | (2066.979 / 9284.303) | / | (1576.679 / 6716.892) |
| = | 0.222632 | / | 0.234733 |
| | = | 0.9484 |
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 - (9550.596 + 5071.782) / 29616.098) | / | (1 - (33795.738 + 24135.058) / 73839.787) |
| = | 0.506269 | / | 0.215453 |
| | = | 2.3498 |
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 |
| = | 6716.892 | / | 9284.303 |
| | = | 0.7235 |
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)) |
| = | (4341.705 / (4341.705 + 24135.058)) | / | (2979.009 / (2979.009 + 5071.782)) |
| = | 0.152465 | / | 0.370027 |
| | = | 0.412 |
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) |
| = | (3285.696 / 6716.892) | / | (4966.273 / 9284.303) |
| = | 0.489169 | / | 0.534911 |
| | = | 0.9145 |
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) |
| = | ((20678.937 + 10185.041) / 29616.098) | / | ((28245.793 + 18012.838) / 73839.787) |
| = | 1.042135 | / | 0.626473 |
| | = | 1.6635 |
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 |
| = | (-6711.199 - -729.525 | - | -1631.817) | / | 29616.098 |
| | = | -0.146875 |
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.
Oi has a M-score of -3.43 suggests that the company is unlikely to be a manipulator.
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