Telefonica Brasil Beneish M-Score Historical Data
The historical data trend for Telefonica Brasil'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.
Telefonica Brasil Beneish M-Score Chart
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Telefonica Brasil Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.07 |
-3.42 |
-2.66 |
-3.02 |
-2.68 |
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Telefonica Brasil Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-3.02 |
-2.84 |
-2.78 |
-2.68 |
Competitive Comparison of Telefonica Brasil's Beneish M-Score
For the Telecom Services subindustry, Telefonica Brasil'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.
Telefonica Brasil's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Telefonica Brasil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Telefonica Brasil's Beneish M-Score falls into.
Telefonica Brasil 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 Telefonica Brasil 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 * 0.91 | + | 0.528 * 0.9839 | + | 0.404 * 1.0033 | + | 0.892 * 1.11 | + | 0.115 * 1.1379 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9834 | + | 4.679 * -0.054698 | - | 0.327 * 0.9034 |
| = | -2.68 |
* 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 (Dec23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was R$12,008 Mil.
Revenue was 13534.726 + 13111.806 + 12732.709 + 12659.238 = R$52,038 Mil.
Gross Profit was 5830.152 + 5659.458 + 5687.627 + 5405.522 = R$22,583 Mil.
Total Current Assets was R$19,245 Mil.
Total Assets was R$120,738 Mil.
Property, Plant and Equipment(Net PPE) was R$46,318 Mil.
Depreciation, Depletion and Amortization(DDA) was R$10,783 Mil.
Selling, General, & Admin. Expense(SGA) was R$11,402 Mil.
Total Current Liabilities was R$20,084 Mil.
Long-Term Debt & Capital Lease Obligation was R$14,262 Mil.
Net Income was 1600.646 + 1471.543 + 1122.531 + 1126.334 = R$5,321 Mil.
Non Operating Income was -327.358 + -235.148 + -410.356 + -351.494 = R$-1,324 Mil.
Cash Flow from Operations was 3834.648 + 4739.329 + 0 + 4675.607 = R$13,250 Mil.
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Total Receivables was R$11,888 Mil.
Revenue was 12198.995 + 11831.309 + 11351.62 + 11500.942 = R$46,883 Mil.
Gross Profit was 5148.814 + 5163.9 + 4891.246 + 4814.16 = R$20,018 Mil.
Total Current Assets was R$21,094 Mil.
Total Assets was R$122,372 Mil.
Property, Plant and Equipment(Net PPE) was R$45,539 Mil.
Depreciation, Depletion and Amortization(DDA) was R$12,463 Mil.
Selling, General, & Admin. Expense(SGA) was R$10,445 Mil.
Total Current Liabilities was R$24,787 Mil.
Long-Term Debt & Capital Lease Obligation was R$13,747 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) |
| = | (12008.491 / 52038.479) | / | (11888.377 / 46882.866) |
| = | 0.230762 | / | 0.253576 |
| | = | 0.91 |
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) |
| = | (20018.12 / 46882.866) | / | (22582.759 / 52038.479) |
| = | 0.426982 | / | 0.433963 |
| | = | 0.9839 |
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 - (19244.962 + 46318.147) / 120737.98) | / | (1 - (21094.353 + 45539.264) / 122372.426) |
| = | 0.45698 | / | 0.455485 |
| | = | 1.0033 |
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 |
| = | 52038.479 | / | 46882.866 |
| | = | 1.11 |
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)) |
| = | (12462.902 / (12462.902 + 45539.264)) | / | (10782.768 / (10782.768 + 46318.147)) |
| = | 0.21487 | / | 0.188837 |
| | = | 1.1379 |
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) |
| = | (11401.542 / 52038.479) | / | (10445.224 / 46882.866) |
| = | 0.219098 | / | 0.222794 |
| | = | 0.9834 |
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) |
| = | ((14261.567 + 20084.184) / 120737.98) | / | ((13747.209 + 24787.207) / 122372.426) |
| = | 0.284465 | / | 0.314895 |
| | = | 0.9034 |
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 |
| = | (5321.054 - -1324.356 | - | 13249.584) | / | 120737.98 |
| | = | -0.054698 |
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.
Telefonica Brasil has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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