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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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.74 |
-1.85 |
-2.04 |
-4.15 |
-4.74 |
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 * 0.801 | + | 0.528 * 1.0074 | + | 0.404 * 0.9415 | + | 0.892 * 1.3005 | + | 0.115 * 0.9007 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9533 | + | 4.679 * -0.462986 | - | 0.327 * 1.4814 |
| = | -4.74 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩13,502 Mil.
Revenue was 24101.782 + 31986.682 + 24210.036 + 23149.153 = ₩103,448 Mil.
Gross Profit was 8607.961 + 6824.453 + 9303.38 + 20559.797 = ₩45,296 Mil.
Total Current Assets was ₩25,364 Mil.
Total Assets was ₩80,380 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,554 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,643 Mil.
Selling, General, & Admin. Expense(SGA) was ₩39,548 Mil.
Total Current Liabilities was ₩45,723 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was -5803.584 + -28961.747 + -1623.651 + 2464.965 = ₩-33,924 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -1409.351 + 3489.158 + 1767.334 + -556.495 = ₩3,291 Mil.
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Total Receivables was ₩12,960 Mil.
Revenue was 20465.441 + 21613.447 + 19546.445 + 17916.926 = ₩79,542 Mil.
Gross Profit was 9779.682 + 8057.372 + 9339.338 + 7910.721 = ₩35,087 Mil.
Total Current Assets was ₩28,906 Mil.
Total Assets was ₩101,209 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,482 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,386 Mil.
Selling, General, & Admin. Expense(SGA) was ₩31,898 Mil.
Total Current Liabilities was ₩38,576 Mil.
Long-Term Debt & Capital Lease Obligation was ₩285 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) |
| = | (13501.826 / 103447.653) | / | (12960.374 / 79542.259) |
| = | 0.130518 | / | 0.162937 |
| | = | 0.801 |
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) |
| = | (35087.113 / 79542.259) | / | (45295.591 / 103447.653) |
| = | 0.441113 | / | 0.43786 |
| | = | 1.0074 |
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 - (25363.909 + 3553.524) / 80379.603) | / | (1 - (28905.882 + 3481.925) / 101208.604) |
| = | 0.640239 | / | 0.67999 |
| | = | 0.9415 |
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 |
| = | 103447.653 | / | 79542.259 |
| | = | 1.3005 |
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)) |
| = | (1386.131 / (1386.131 + 3481.925)) | / | (1642.759 / (1642.759 + 3553.524)) |
| = | 0.28474 | / | 0.316141 |
| | = | 0.9007 |
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) |
| = | (39548.35 / 103447.653) | / | (31897.888 / 79542.259) |
| = | 0.382303 | / | 0.401018 |
| | = | 0.9533 |
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) |
| = | ((0 + 45722.5) / 80379.603) | / | ((285.123 + 38576.246) / 101208.604) |
| = | 0.568832 | / | 0.383973 |
| | = | 1.4814 |
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 |
| = | (-33924.017 - 0 | - | 3290.646) | / | 80379.603 |
| | = | -0.462986 |
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 -4.74 suggests that the company is unlikely to be a manipulator.
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