Inscobee Beneish M-Score Historical Data
The historical data trend for Inscobee'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.
Inscobee Beneish M-Score Chart
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Inscobee Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-5.64 |
-1.49 |
-1.49 |
-2.95 |
-4.15 |
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Inscobee Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.95 |
-2.24 |
-1.85 |
-2.04 |
-4.15 |
Competitive Comparison of Inscobee's Beneish M-Score
For the Telecom Services subindustry, Inscobee'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.
Inscobee's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Inscobee's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inscobee's Beneish M-Score falls into.
Inscobee 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 Inscobee 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 * 1.3061 | + | 0.528 * 0.9585 | + | 0.404 * 0.8678 | + | 0.892 * 1.3017 | + | 0.115 * 0.8758 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0088 | + | 4.679 * -0.433984 | - | 0.327 * 1.3103 |
| = | -4.15 |
* 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 ₩14,591 Mil.
Revenue was 31986.682 + 24210.036 + 23149.153 + 20465.441 = ₩99,811 Mil.
Gross Profit was 6824.453 + 9303.38 + 20559.797 + 9779.682 = ₩46,467 Mil.
Total Current Assets was ₩27,820 Mil.
Total Assets was ₩76,484 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,601 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,577 Mil.
Selling, General, & Admin. Expense(SGA) was ₩39,961 Mil.
Total Current Liabilities was ₩36,941 Mil.
Long-Term Debt & Capital Lease Obligation was ₩300 Mil.
Net Income was -28961.747 + -1623.651 + 2464.965 + -2065.564 = ₩-30,186 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 3489.158 + 1767.334 + -556.495 + -1693.074 = ₩3,007 Mil.
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Total Receivables was ₩8,582 Mil.
Revenue was 21613.447 + 19546.445 + 17916.926 + 17601.504 = ₩76,678 Mil.
Gross Profit was 8057.372 + 9339.338 + 7910.721 + 8908.978 = ₩34,216 Mil.
Total Current Assets was ₩28,777 Mil.
Total Assets was ₩101,184 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,706 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,348 Mil.
Selling, General, & Admin. Expense(SGA) was ₩30,432 Mil.
Total Current Liabilities was ₩37,180 Mil.
Long-Term Debt & Capital Lease Obligation was ₩420 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) |
| = | (14591.28 / 99811.312) | / | (8582.191 / 76678.322) |
| = | 0.146189 | / | 0.111925 |
| | = | 1.3061 |
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) |
| = | (34216.409 / 76678.322) | / | (46467.312 / 99811.312) |
| = | 0.446233 | / | 0.465552 |
| | = | 0.9585 |
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 - (27820.318 + 3601.335) / 76484.143) | / | (1 - (28777.159 + 3706.13) / 101183.784) |
| = | 0.589174 | / | 0.678967 |
| | = | 0.8678 |
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 |
| = | 99811.312 | / | 76678.322 |
| | = | 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)) |
| = | (1348.343 / (1348.343 + 3706.13)) | / | (1577.446 / (1577.446 + 3601.335)) |
| = | 0.266762 | / | 0.304598 |
| | = | 0.8758 |
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) |
| = | (39961.206 / 99811.312) | / | (30431.533 / 76678.322) |
| = | 0.400368 | / | 0.396873 |
| | = | 1.0088 |
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) |
| = | ((300.343 + 36941.335) / 76484.143) | / | ((420.173 + 37180.12) / 101183.784) |
| = | 0.48692 | / | 0.371604 |
| | = | 1.3103 |
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 |
| = | (-30185.997 - 0 | - | 3006.923) | / | 76484.143 |
| | = | -0.433984 |
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.
Inscobee has a M-score of -4.15 suggests that the company is unlikely to be a manipulator.
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