Nortel Inversora Beneish M-Score Historical Data
The historical data trend for Nortel Inversora'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.
Nortel Inversora Beneish M-Score Chart
|
Nortel Inversora Annual Data
|
|
Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.38 |
-3.56 |
-2.42 |
-3.42 |
-3.27 |
|
Nortel Inversora Quarterly Data
|
|
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.12 |
-3.27 |
-3.56 |
-3.95 |
-3.96 |
Competitive Comparison of Nortel Inversora's Beneish M-Score
For the Telecom Services subindustry, Nortel Inversora'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.
Nortel Inversora's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Nortel Inversora's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nortel Inversora's Beneish M-Score falls into.
Nortel Inversora 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 Nortel Inversora 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 * 0.8305 | + | 0.528 * 0.956 | + | 0.404 * 1.0979 | + | 0.892 * 1.2167 | + | 0.115 * 1.0071 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9778 | + | 4.679 * -0.267779 | - | 0.327 * 1.0087 |
| = | -3.68 |
* 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 (Sep17) TTM: | Last Year (Sep16) TTM: |
Total Receivables was ARS8,292 Mil.
Revenue was 16741 + 15841 + 14742 + 14468 = ARS61,792 Mil.
Gross Profit was 14648 + 14049 + 13299 + 12554 = ARS54,550 Mil.
Total Current Assets was ARS19,162 Mil.
Total Assets was ARS58,074 Mil.
Property, Plant and Equipment(Net PPE) was ARS26,333 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS6,846 Mil.
Selling, General, & Admin. Expense(SGA) was ARS21,541 Mil.
Total Current Liabilities was ARS20,524 Mil.
Long-Term Debt & Capital Lease Obligation was ARS8,995 Mil.
Net Income was 1120 + 916 + 1081 + 830 = ARS3,947 Mil.
Non Operating Income was 25 + -29 + -72 + -973 = ARS-1,049 Mil.
Cash Flow from Operations was 4757 + 5225 + 5563 + 5002 = ARS20,547 Mil.
|
Total Receivables was ARS8,206 Mil.
Revenue was 13419 + 12961 + 12474 + 11934 = ARS50,788 Mil.
Gross Profit was 11521 + 10975 + 10585 + 9784 = ARS42,865 Mil.
Total Current Assets was ARS13,014 Mil.
Total Assets was ARS43,611 Mil.
Property, Plant and Equipment(Net PPE) was ARS21,993 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS5,769 Mil.
Selling, General, & Admin. Expense(SGA) was ARS18,106 Mil.
Total Current Liabilities was ARS21,584 Mil.
Long-Term Debt & Capital Lease Obligation was ARS392 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) |
| = | (8292 / 61792) | / | (8206 / 50788) |
| = | 0.134192 | / | 0.161574 |
| | = | 0.8305 |
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) |
| = | (42865 / 50788) | / | (54550 / 61792) |
| = | 0.843999 | / | 0.8828 |
| | = | 0.956 |
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 - (19162 + 26333) / 58074) | / | (1 - (13014 + 21993) / 43611) |
| = | 0.216603 | / | 0.19729 |
| | = | 1.0979 |
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 |
| = | 61792 | / | 50788 |
| | = | 1.2167 |
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)) |
| = | (5769 / (5769 + 21993)) | / | (6846 / (6846 + 26333)) |
| = | 0.207802 | / | 0.206335 |
| | = | 1.0071 |
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) |
| = | (21541 / 61792) | / | (18106 / 50788) |
| = | 0.348605 | / | 0.356502 |
| | = | 0.9778 |
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) |
| = | ((8995 + 20524) / 58074) | / | ((392 + 21584) / 43611) |
| = | 0.5083 | / | 0.50391 |
| | = | 1.0087 |
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 |
| = | (3947 - -1049 | - | 20547) | / | 58074 |
| | = | -0.267779 |
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.
Nortel Inversora has a M-score of -3.68 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BUE:NORT6 has been successfully added to your