Telesia SpA (MIL:TLS) Beneish M-Score : -1.84 (As of Jun. 05, 2024)

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What is Telesia SpA Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -1.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Telesia SpA's Beneish M-Score or its related term are showing as below:

MIL:TLS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.86 Med: -2.02 Max: -1.39
Current: -1.84

During the past 9 years, the highest Beneish M-Score of Telesia SpA was -1.39. The lowest was -3.86. And the median was -2.02.

Telesia SpA Beneish M-Score Historical Data

The historical data trend for Telesia SpA'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.

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Telesia SpA Beneish M-Score Chart

Telesia SpA Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.02

-1.39

-1.92

-3.86

-1.84

Telesia SpA Semi-Annual Data
	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial												-1.92	-	-3.86	-	-1.84

Competitive Comparison of Telesia SpA's Beneish M-Score

For the Broadcasting subindustry, Telesia SpA'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.

Telesia SpA's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Telesia SpA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Telesia SpA's Beneish M-Score falls into.

Telesia SpA 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 Telesia SpA for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.3243

0.528 * 0.9339

0.404 * 0.8589

0.892 * 1.017

0.115 * -0.3361

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.132115

0.327 * 1.1281

-1.84

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €19.39 Mil.
Revenue was €13.88 Mil.
Gross Profit was €7.05 Mil.
Total Current Assets was €20.17 Mil.
Total Assets was €38.35 Mil.
Property, Plant and Equipment(Net PPE) was €0.92 Mil.
Depreciation, Depletion and Amortization(DDA) was €-0.49 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €13.90 Mil.
Long-Term Debt & Capital Lease Obligation was €6.60 Mil.
Net Income was €-0.13 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-5.20 Mil.

Total Receivables was €14.40 Mil.
Revenue was €13.65 Mil.
Gross Profit was €6.47 Mil.
Total Current Assets was €15.19 Mil.
Total Assets was €33.59 Mil.
Property, Plant and Equipment(Net PPE) was €0.80 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.51 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €12.49 Mil.
Long-Term Debt & Capital Lease Obligation was €3.43 Mil.

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)
	=	(19.394 / 13.884)	/	(14.4 / 13.652)
	=	1.39686	/	1.054791
	=	1.3243

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)
	=	(6.473 / 13.652)	/	(7.049 / 13.884)
	=	0.474143	/	0.507707
	=	0.9339

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 - (20.171 + 0.919) / 38.353)	/	(1 - (15.191 + 0.798) / 33.593)
	=	0.450108	/	0.524038
	=	0.8589

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
	=	13.884	/	13.652
	=	1.017

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))
	=	(0.508 / (0.508 + 0.798))	/	(-0.493 / (-0.493 + 0.919))
	=	0.388974	/	-1.157277
	=	-0.3361

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)
	=	(0 / 13.884)	/	(0 / 13.652)
	=	0	/	0
	=	1

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)
	=	((6.602 + 13.9) / 38.353)	/	((3.433 + 12.486) / 33.593)
	=	0.534561	/	0.473878
	=	1.1281

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
	=	(-0.133 - 0	-	-5.2)	/	38.353
	=	0.132115

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.

Telesia SpA has a M-score of -1.84 suggests that the company is unlikely to be a manipulator.

Telesia SpA Beneish M-Score Related Terms

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Telesia SpA (MIL:TLS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Telesia SpA (MIL:TLS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

via Cristoforo Colombo 456/B, Roma, ITA, 00145

Website

https://www.telesia.it

Telesia SpA is a media company. It offers TV channels in the airport, metro, trains, buses and motorways. It also offers mobile information multimedia solutions for local public transport companies.