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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Telefonica Brasil S.A. has a M-score of -3.07 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Telefonica Brasil S.A. was -1.31. The lowest was -3.38. And the median was -2.90.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Telefonica Brasil S.A. 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 * 0.9693||+||0.528 * 1.0004||+||0.404 * 0.9749||+||0.892 * 0.9225||+||0.115 * 1.0324|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0314||+||4.679 * -0.0975||-||0.327 * 1.0842|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $3,351 Mil.|
Revenue was 3795.76571668 + 3938.84826325 + 3770.64831261 + 4275.6121939 = $15,781 Mil.
Gross Profit was 1262.627829 + 2171.29798903 + 2113.63232682 + 2324.88755622 = $7,872 Mil.
Total Current Assets was $6,679 Mil.
Total Assets was $29,145 Mil.
Property, Plant and Equipment(Net PPE) was $7,729 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,365 Mil.
Selling, General & Admin. Expense(SGA) was $4,369 Mil.
Total Current Liabilities was $5,770 Mil.
Long-Term Debt was $3,030 Mil.
Net Income was 516.070829841 + 347.440585009 + 405.95026643 + 404.897551224 = $1,674 Mil.
Non Operating Income was 177.031433361 + -1.23400365631 + -0.754884547069 + -0.199900049975 = $175 Mil.
Cash Flow from Operations was 1157.99664711 + 1194.28702011 + 874.156305506 + 1115.24237881 = $4,342 Mil.
|Accounts Receivable was $3,747 Mil.
Revenue was 4392.18737673 + 4167.78325123 + 4059.31034483 + 4487.73488121 = $17,107 Mil.
Gross Profit was 1513.86193294 + 2391.23152709 + 2438.91625616 + 2193.01727862 = $8,537 Mil.
Total Current Assets was $7,993 Mil.
Total Assets was $34,641 Mil.
Property, Plant and Equipment(Net PPE) was $8,681 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,770 Mil.
Selling, General & Admin. Expense(SGA) was $4,592 Mil.
Total Current Liabilities was $6,675 Mil.
Long-Term Debt was $2,972 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(3350.72129086 / 15780.8744864)||/||(3747.21844181 / 17107.015854)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(2171.29798903 / 17107.015854)||/||(1262.627829 / 15780.8744864)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (6679.22590109 + 7729.10603521) / 29145.4631182)||/||(1 - (7992.69280079 + 8680.5443787) / 34640.5779093)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(2769.73544034 / (2769.73544034 + 8680.5443787))||/||(2365.17602682 / (2365.17602682 + 7729.10603521))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(4369.13611983 / 15780.8744864)||/||(4591.91693589 / 17107.015854)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((3030.10980721 + 5770.42917016) / 29145.4631182)||/||((2972.46104536 + 6674.94674556) / 34640.5779093)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(1674.3592325 - 174.842645108||-||4341.68235153)||/||29145.4631182|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Telefonica Brasil S.A. has a M-score of -3.07 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Telefonica Brasil S.A. Annual Data
Telefonica Brasil S.A. Quarterly Data