NII Holdings Beneish M-Score Historical Data
The historical data trend for NII Holdings'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.
NII Holdings Beneish M-Score Chart
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NII Holdings Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-3.00 |
-2.74 |
-3.65 |
-2.68 |
-2.02 |
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NII Holdings Quarterly Data
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Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
| Beneish M-Score |
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-2.02 |
-2.02 |
-1.35 |
-2.67 |
-1.96 |
Competitive Comparison of NII Holdings's Beneish M-Score
For the Telecom Services subindustry, NII Holdings'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.
NII Holdings's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, NII Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NII Holdings's Beneish M-Score falls into.
NII Holdings 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 NII Holdings 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 | + | 0.528 * 0.5274 | + | 0.404 * 1.8119 | + | 0.892 * 2.072 | + | 0.115 * 0.108 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8678 | + | 4.679 * 0.061827 | - | 0.327 * 0.3883 |
| = | -1.96 |
* 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 (Sep19) TTM: | Last Year (Sep18) TTM: |
Total Receivables was $0.0 Mil.
Revenue was 0 + 0 + 146.815 + 620.697 = $767.5 Mil.
Gross Profit was 0 + 0 + 80.357 + 620.697 = $701.1 Mil.
Total Current Assets was $418.0 Mil.
Total Assets was $1,253.3 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.4 Mil.
Selling, General, & Admin. Expense(SGA) was $370.3 Mil.
Total Current Liabilities was $370.0 Mil.
Long-Term Debt & Capital Lease Obligation was $77.3 Mil.
Net Income was -29.904 + -13.51 + 4.905 + 0.279 = $-38.2 Mil.
Non Operating Income was 0.06 + 2.486 + 20.72 + -61.781 = $-38.5 Mil.
Cash Flow from Operations was -1.822 + -9.196 + -37.443 + -28.742 = $-77.2 Mil.
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Total Receivables was $97.4 Mil.
Revenue was 0 + 0 + 181.241 + 189.182 = $370.4 Mil.
Gross Profit was 0 + 0 + 87.669 + 90.763 = $178.4 Mil.
Total Current Assets was $535.6 Mil.
Total Assets was $1,039.6 Mil.
Property, Plant and Equipment(Net PPE) was $121.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.7 Mil.
Selling, General, & Admin. Expense(SGA) was $205.9 Mil.
Total Current Liabilities was $332.1 Mil.
Long-Term Debt & Capital Lease Obligation was $623.3 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) |
| = | (0 / 767.512) | / | (97.415 / 370.423) |
| = | 0 | / | 0.262983 |
| | = | 0 |
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) |
| = | (178.432 / 370.423) | / | (701.054 / 767.512) |
| = | 0.481698 | / | 0.913411 |
| | = | 0.5274 |
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 - (417.974 + 0) / 1253.309) | / | (1 - (535.594 + 121.593) / 1039.588) |
| = | 0.666504 | / | 0.367839 |
| | = | 1.8119 |
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 |
| = | 767.512 | / | 370.423 |
| | = | 2.072 |
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)) |
| = | (14.72 / (14.72 + 121.593)) | / | (8.356 / (8.356 + 0)) |
| = | 0.107987 | / | 1 |
| | = | 0.108 |
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) |
| = | (370.312 / 767.512) | / | (205.941 / 370.423) |
| = | 0.482484 | / | 0.555962 |
| | = | 0.8678 |
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) |
| = | ((77.301 + 369.961) / 1253.309) | / | ((623.332 + 332.075) / 1039.588) |
| = | 0.356865 | / | 0.919025 |
| | = | 0.3883 |
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 |
| = | (-38.23 - -38.515 | - | -77.203) | / | 1253.309 |
| | = | 0.061827 |
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.
NII Holdings has a M-score of -1.96 suggests that the company is unlikely to be a manipulator.
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