Liberty Global Beneish M-Score Historical Data
The historical data trend for Liberty Global'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.
Liberty Global Beneish M-Score Chart
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Liberty Global Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.79 |
-2.55 |
-3.13 |
-2.84 |
-2.85 |
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Liberty Global Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-2.81 |
-2.74 |
-2.73 |
-2.85 |
Competitive Comparison of Liberty Global's Beneish M-Score
For the Telecom Services subindustry, Liberty Global'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.
Liberty Global's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Liberty Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Liberty Global's Beneish M-Score falls into.
Liberty Global 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 Liberty Global 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 * 0.9687 | + | 0.528 * 1.0412 | + | 0.404 * 0.9851 | + | 0.892 * 1.0101 | + | 0.115 * 1.0175 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0479 | + | 4.679 * -0.08051 | - | 0.327 * 1.1519 |
| = | -2.92 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was R$4,263 Mil.
Revenue was 9410.066 + 9158.819 + 8969.638 + 9731.748 = R$37,270 Mil.
Gross Profit was 5939.538 + 6442.534 + 6272.437 + 6759.2 = R$25,414 Mil.
Total Current Assets was R$27,643 Mil.
Total Assets was R$206,222 Mil.
Property, Plant and Equipment(Net PPE) was R$36,064 Mil.
Depreciation, Depletion and Amortization(DDA) was R$11,503 Mil.
Selling, General, & Admin. Expense(SGA) was R$8,811 Mil.
Total Current Liabilities was R$21,230 Mil.
Long-Term Debt & Capital Lease Obligation was R$81,392 Mil.
Net Income was -17099.812 + 3255.591 + -2424.909 + -3757.484 = R$-20,027 Mil.
Non Operating Income was -15526.976 + 5269.593 + -794.551 + -3060.053 = R$-14,112 Mil.
Cash Flow from Operations was 4111.912 + 1615.449 + 3357.79 + 1603.207 = R$10,688 Mil.
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Total Receivables was R$4,357 Mil.
Revenue was 9661.502 + 9156.899 + 8854.675 + 9222.762 = R$36,896 Mil.
Gross Profit was 6598.189 + 6617.423 + 6428.751 + 6551.431 = R$26,196 Mil.
Total Current Assets was R$33,032 Mil.
Total Assets was R$225,001 Mil.
Property, Plant and Equipment(Net PPE) was R$34,119 Mil.
Depreciation, Depletion and Amortization(DDA) was R$11,135 Mil.
Selling, General, & Admin. Expense(SGA) was R$8,324 Mil.
Total Current Liabilities was R$20,567 Mil.
Long-Term Debt & Capital Lease Obligation was R$76,632 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) |
| = | (4263.316 / 37270.271) | / | (4356.829 / 36895.838) |
| = | 0.114389 | / | 0.118085 |
| | = | 0.9687 |
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) |
| = | (26195.794 / 36895.838) | / | (25413.709 / 37270.271) |
| = | 0.709993 | / | 0.681876 |
| | = | 1.0412 |
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 - (27642.712 + 36063.508) / 206222.292) | / | (1 - (33032.382 + 34118.704) / 225001.433) |
| = | 0.69108 | / | 0.701553 |
| | = | 0.9851 |
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 |
| = | 37270.271 | / | 36895.838 |
| | = | 1.0101 |
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)) |
| = | (11134.697 / (11134.697 + 34118.704)) | / | (11503.122 / (11503.122 + 36063.508)) |
| = | 0.246052 | / | 0.241832 |
| | = | 1.0175 |
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) |
| = | (8810.873 / 37270.271) | / | (8323.603 / 36895.838) |
| = | 0.236405 | / | 0.225597 |
| | = | 1.0479 |
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) |
| = | ((81391.558 + 21229.853) / 206222.292) | / | ((76632.147 + 20567.213) / 225001.433) |
| = | 0.497625 | / | 0.431994 |
| | = | 1.1519 |
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 |
| = | (-20026.614 - -14111.987 | - | 10688.358) | / | 206222.292 |
| | = | -0.08051 |
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.
Liberty Global has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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