Nortel Inversora (BUE:NORT6) Beneish M-Score: -3.96 (As of Jun. 29, 2026)


What is Nortel Inversora Beneish M-Score?

Nortel Inversora BUE:NORT6 Beneish M-Score is -3.96 as of Jun. 29, 2026. The stock has 9 warning signs investors should review.

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.

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

BUE:NORT6' s Beneish M-Score Range Over the Past 10 Years
Min: -4.07   Med: -3.44   Max: -2.33
Current: -3.96

During the past 13 years, the highest Beneish M-Score of Nortel Inversora was -2.33. The lowest was -4.07. And the median was -3.44.

Nortel Inversora Beneish M-Score Historical Data

* Premium members only.

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 Premium Member Only Premium Member Only -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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.12 -3.27 -3.56 -3.95 -3.96

BUE:NORT6 vs GLIBA, TDCAF: Beneish M-Score Comparison

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 Beneish M-Score vs 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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.96 mean?
Nortel Inversora (BUE:NORT6) has a Beneish M-Score of -3.96 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nortel Inversora and its competitors.
Is Nortel Inversora's Beneish M-Score too high?
Nortel Inversora's current Beneish M-Score is -3.96.
How does Nortel Inversora's Beneish M-Score compare to GLIBA and TDCAF?
Nortel Inversora's Beneish M-Score of -3.96 can be compared against companies in the Telecommunication Services industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Telecommunication Services company?
A good Beneish M-Score depends on the Telecommunication Services industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nortel Inversora and its competitors. Nortel Inversora's current Beneish M-Score is -3.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nortel Inversora stock overvalued right now?
Nortel Inversora (BUE:NORT6) has a current Beneish M-Score of -3.96. The current Beneish M-Score is -3.96. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Nortel Inversora (BUE:NORT6), the current Beneish M-Score is -3.96 as of Jun. 29, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Nortel Inversora Business Description

Nortel Inversora SA is a holding company. The company provides fixed-line public telecommunications services and basic telephone services. Nortel operates through the following segments: Fixed Services; Personal Mobile Services; and Nucleo Mobile Services. The Fixed Services division provides a local area, national long-distance and international communications, supplementary services, data transmission, internet services, IT solution outsourcing and sales of equipment. Personal Mobile Services and Nucleo Mobile Services division offerings include voice communications, high-speed mobile internet content and applications download, multimedia messaging services, among others; and sale of mobile communication devices.