Sudatel Telecom Group (ADX:SUDATEL) Beneish M-Score : -2.61 (As of Dec. 12, 2024)

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What is Sudatel Telecom Group Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Sudatel Telecom Group's Beneish M-Score or its related term are showing as below:

ADX:SUDATEL' s Beneish M-Score Range Over the Past 10 Years
Min: -4.03 Med: -3.04 Max: -2.29
Current: -2.61

During the past 13 years, the highest Beneish M-Score of Sudatel Telecom Group was -2.29. The lowest was -4.03. And the median was -3.04.

Sudatel Telecom Group Beneish M-Score Historical Data

The historical data trend for Sudatel Telecom Group'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.

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Sudatel Telecom Group Beneish M-Score Chart

Sudatel Telecom Group Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.12

-2.56

-2.96

-3.29

-2.72

Sudatel Telecom Group Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-3.35	-3.48	-3.70	-2.72	-2.61

Competitive Comparison of Sudatel Telecom Group's Beneish M-Score

For the Telecom Services subindustry, Sudatel Telecom Group'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.

Sudatel Telecom Group's Beneish M-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, Sudatel Telecom Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sudatel Telecom Group's Beneish M-Score falls into.

Sudatel Telecom Group 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 Sudatel Telecom Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.2855

0.528 * 1.3286

0.404 * 1.0879

0.892 * 0.7244

0.115 * 0.711

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9746

4.679 * -0.043379

0.327 * 1.3734

-2.61

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was د.إ377 Mil.
Revenue was 294.464 + 295.36 + 352.564 + 299.316 = د.إ1,242 Mil.
Gross Profit was 115.413 + 95.373 + 147.493 + 70.595 = د.إ429 Mil.
Total Current Assets was د.إ910 Mil.
Total Assets was د.إ3,387 Mil.
Property, Plant and Equipment(Net PPE) was د.إ1,863 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ325 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ63 Mil.
Total Current Liabilities was د.إ1,739 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ697 Mil.
Net Income was -95.182 + 85.302 + -34.949 + -39.764 = د.إ-85 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was -85.265 + 10.049 + 15.078 + 122.491 = د.إ62 Mil.

Total Receivables was د.إ405 Mil.
Revenue was 522.66 + 461.461 + 396.022 + 333.912 = د.إ1,714 Mil.
Gross Profit was 263.732 + 228.141 + 169.347 + 125.319 = د.إ787 Mil.
Total Current Assets was د.إ1,159 Mil.
Total Assets was د.إ4,963 Mil.
Property, Plant and Equipment(Net PPE) was د.إ2,976 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ351 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ89 Mil.
Total Current Liabilities was د.إ1,939 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ660 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)
	=	(377.342 / 1241.704)	/	(405.209 / 1714.055)
	=	0.30389	/	0.236404
	=	1.2855

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)
	=	(786.539 / 1714.055)	/	(428.874 / 1241.704)
	=	0.458876	/	0.345391
	=	1.3286

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 - (909.919 + 1863.006) / 3387.465)	/	(1 - (1159.139 + 2975.843) / 4962.533)
	=	0.181416	/	0.16676
	=	1.0879

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
	=	1241.704	/	1714.055
	=	0.7244

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))
	=	(351.392 / (351.392 + 2975.843))	/	(325.021 / (325.021 + 1863.006))
	=	0.105611	/	0.148545
	=	0.711

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)
	=	(62.904 / 1241.704)	/	(89.096 / 1714.055)
	=	0.050659	/	0.05198
	=	0.9746

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)
	=	((696.966 + 1739.138) / 3387.465)	/	((659.567 + 1939.015) / 4962.533)
	=	0.719153	/	0.52364
	=	1.3734

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
	=	(-84.593 - 0	-	62.353)	/	3387.465
	=	-0.043379

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.

Sudatel Telecom Group has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.

Sudatel Telecom Group Beneish M-Score Related Terms

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Sudatel Telecom Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » Sudatel Telecom Group Ltd (ADX:SUDATEL) » Definitions » Beneish M-Score

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Address

Sudatel Tower, Khartoum, SDN

Website

http://www.sudatel.sd

Sudatel Telecom Group Ltd is a Sudan based company operates in telecom division. It is primarily engaged in the activity of installation, maintenance, and operation of telecommunication services; development of infrastructure; and provision of wire and wireless telecommunication services in the Republic of Sudan and other African countries. The group is organised into business units based on their external products and services and has two main reportable operating segments, telecom services, and investments. Sudatel derives the majority of revenue from telecom activities.

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