Cincinnati Bell Beneish M-Score Historical Data
The historical data trend for Cincinnati Bell'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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Cincinnati Bell Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-3.08 |
-2.61 |
-2.48 |
-3.10 |
-2.63 |
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Cincinnati Bell Quarterly Data
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Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
| Beneish M-Score |
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-2.81 |
-2.76 |
-2.63 |
-2.76 |
-3.00 |
Competitive Comparison
For the Telecom Services subindustry, Cincinnati Bell'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.
Cincinnati Bell Beneish M-Score Distribution
For the Telecommunication Services industry and Communication Services sector, Cincinnati Bell's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cincinnati Bell's Beneish M-Score falls into.
Cincinnati Bell 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 Cincinnati Bell 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 * 0.9598 | + | 0.528 * 1.0459 | + | 0.404 * 0.989 | + | 0.892 * 1.0594 | + | 0.115 * 1.0345 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9332 | + | 4.679 * -0.120481 | - | 0.327 * 1.011 |
| = | -3.00 |
* 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 (Jun21) TTM: | Last Year (Jun20) TTM: |
Total Receivables was $296 Mil.
Revenue was 414.2 + 409.9 + 410.3 + 389.5 = $1,624 Mil.
Gross Profit was 189.4 + 189.8 + 199.3 + 185.6 = $764 Mil.
Total Current Assets was $395 Mil.
Total Assets was $2,600 Mil.
Property, Plant and Equipment(Net PPE) was $1,769 Mil.
Depreciation, Depletion and Amortization(DDA) was $287 Mil.
Selling, General, & Admin. Expense(SGA) was $346 Mil.
Total Current Liabilities was $550 Mil.
Long-Term Debt & Capital Lease Obligation was $1,924 Mil.
Net Income was -4.6 + -3 + -5.6 + -8.2 = $-21 Mil.
Non Operating Income was -3.3 + -5.2 + -6.8 + -5.4 = $-21 Mil.
Cash Flow from Operations was 120.3 + 59.8 + 67.2 + 65.3 = $313 Mil.
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Total Receivables was $291 Mil.
Revenue was 380 + 380 + 390.4 + 382.5 = $1,533 Mil.
Gross Profit was 186.6 + 186.3 + 193.7 + 187.8 = $754 Mil.
Total Current Assets was $378 Mil.
Total Assets was $2,594 Mil.
Property, Plant and Equipment(Net PPE) was $1,777 Mil.
Depreciation, Depletion and Amortization(DDA) was $300 Mil.
Selling, General, & Admin. Expense(SGA) was $350 Mil.
Total Current Liabilities was $475 Mil.
Long-Term Debt & Capital Lease Obligation was $1,967 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) |
| = | (296.3 / 1623.9) | / | (291.4 / 1532.9) |
| = | 0.182462 | / | 0.190097 |
| | = | 0.9598 |
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) |
| = | (754.4 / 1532.9) | / | (764.1 / 1623.9) |
| = | 0.492139 | / | 0.470534 |
| | = | 1.0459 |
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 - (395.3 + 1769.2) / 2600.4) | / | (1 - (377.5 + 1777) / 2594.2) |
| = | 0.167628 | / | 0.169493 |
| | = | 0.989 |
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 |
| = | 1623.9 | / | 1532.9 |
| | = | 1.0594 |
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)) |
| = | (300.2 / (300.2 + 1777)) | / | (287.3 / (287.3 + 1769.2)) |
| = | 0.144521 | / | 0.139703 |
| | = | 1.0345 |
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) |
| = | (346.4 / 1623.9) | / | (350.4 / 1532.9) |
| = | 0.213314 | / | 0.228586 |
| | = | 0.9332 |
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) |
| = | ((1924.4 + 549.7) / 2600.4) | / | ((1966.6 + 474.8) / 2594.2) |
| = | 0.951431 | / | 0.941099 |
| | = | 1.011 |
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 |
| = | (-21.4 - -20.7 | - | 312.6) | / | 2600.4 |
| | = | -0.120481 |
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.
Cincinnati Bell has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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