TELUS Beneish M-Score Historical Data
The historical data trend for TELUS'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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TELUS Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.69 |
-2.82 |
-2.66 |
-2.67 |
-2.76 |
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TELUS 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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|
|
|
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|
|
|
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|
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|
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-2.67 |
-2.60 |
-2.65 |
-2.75 |
-2.76 |
Competitive Comparison
For the Telecom Services subindustry, TELUS'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.
TELUS Beneish M-Score Distribution
For the Telecommunication Services industry and Communication Services sector, TELUS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TELUS's Beneish M-Score falls into.
TELUS 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 TELUS 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 * 1.0387 | + | 0.528 * 0.9816 | + | 0.404 * 1.0156 | + | 0.892 * 1.0363 | + | 0.115 * 0.9084 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1483 | + | 4.679 * -0.067274 | - | 0.327 * 1.0274 |
| = | -2.78 |
* 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 €2,903 Mil.
Revenue was 3524.189 + 3455.495 + 3427.73 + 3361.799 = €13,769 Mil.
Gross Profit was 2098.383 + 2168.86 + 2184.188 + 2131.074 = €8,583 Mil.
Total Current Assets was €4,315 Mil.
Total Assets was €38,370 Mil.
Property, Plant and Equipment(Net PPE) was €11,789 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,801 Mil.
Selling, General, & Admin. Expense(SGA) was €4,233 Mil.
Total Current Liabilities was €6,478 Mil.
Long-Term Debt & Capital Lease Obligation was €15,963 Mil.
Net Income was 196.852 + 94.178 + 138.943 + 148.124 = €578 Mil.
Non Operating Income was 60.149 + -4.155 + -4.168 + 8.874 = €61 Mil.
Cash Flow from Operations was 898.135 + 905.076 + 775.998 + 519.458 = €3,099 Mil.
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Total Receivables was €2,697 Mil.
Revenue was 3490.403 + 3513.307 + 3230.911 + 3052.487 = €13,287 Mil.
Gross Profit was 2043.654 + 2154.929 + 2021.443 + 1909.239 = €8,129 Mil.
Total Current Assets was €4,233 Mil.
Total Assets was €37,572 Mil.
Property, Plant and Equipment(Net PPE) was €11,871 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,507 Mil.
Selling, General, & Admin. Expense(SGA) was €3,557 Mil.
Total Current Liabilities was €5,758 Mil.
Long-Term Debt & Capital Lease Obligation was €15,632 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) |
| = | (2902.876 / 13769.213) | / | (2696.845 / 13287.108) |
| = | 0.210824 | / | 0.202967 |
| | = | 1.0387 |
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) |
| = | (8129.265 / 13287.108) | / | (8582.505 / 13769.213) |
| = | 0.611816 | / | 0.623311 |
| | = | 0.9816 |
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 - (4315.013 + 11789.219) / 38369.642) | / | (1 - (4233.234 + 11871.399) / 37571.686) |
| = | 0.580287 | / | 0.571363 |
| | = | 1.0156 |
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 |
| = | 13769.213 | / | 13287.108 |
| | = | 1.0363 |
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)) |
| = | (2507.016 / (2507.016 + 11871.399)) | / | (2800.521 / (2800.521 + 11789.219)) |
| = | 0.17436 | / | 0.191951 |
| | = | 0.9084 |
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) |
| = | (4233.045 / 13769.213) | / | (3557.377 / 13287.108) |
| = | 0.307428 | / | 0.267731 |
| | = | 1.1483 |
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) |
| = | ((15963.428 + 6478.329) / 38369.642) | / | ((15632.112 + 5757.809) / 37571.686) |
| = | 0.584883 | / | 0.56931 |
| | = | 1.0274 |
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 |
| = | (578.097 - 60.7 | - | 3098.667) | / | 38369.642 |
| | = | -0.067274 |
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.
TELUS has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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