Globe Telecom Beneish M-Score Historical Data
The historical data trend for Globe Telecom'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.
Globe Telecom Beneish M-Score Chart
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Globe Telecom Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.31 |
-3.10 |
-3.04 |
-2.40 |
-3.15 |
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Globe Telecom Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.71 |
-2.82 |
-2.87 |
-3.15 |
-3.21 |
Competitive Comparison of Globe Telecom's Beneish M-Score
For the Telecom Services subindustry, Globe Telecom'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.
Globe Telecom's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Globe Telecom's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Globe Telecom's Beneish M-Score falls into.
Globe Telecom 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 Globe Telecom 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 * 0.7934 | + | 0.528 * 0.9878 | + | 0.404 * 0.8138 | + | 0.892 * 1.0223 | + | 0.115 * 1.1235 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9425 | + | 4.679 * -0.107175 | - | 0.327 * 1.0144 |
| = | -3.21 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $401 Mil.
Revenue was 772.232 + 790.374 + 754.515 + 758.364 = $3,075 Mil.
Gross Profit was 695.029 + 701.055 + 684.861 + 680.936 = $2,762 Mil.
Total Current Assets was $1,444 Mil.
Total Assets was $10,561 Mil.
Property, Plant and Equipment(Net PPE) was $7,087 Mil.
Depreciation, Depletion and Amortization(DDA) was $827 Mil.
Selling, General, & Admin. Expense(SGA) was $537 Mil.
Total Current Liabilities was $2,582 Mil.
Long-Term Debt & Capital Lease Obligation was $4,998 Mil.
Net Income was 116.048 + 88.971 + 84.636 + 120.562 = $410 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 402.642 + 392.677 + 397.402 + 349.336 = $1,542 Mil.
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Total Receivables was $494 Mil.
Revenue was 767.505 + 764.323 + 730.775 + 745.939 = $3,009 Mil.
Gross Profit was 670.111 + 671.273 + 657.791 + 669.51 = $2,669 Mil.
Total Current Assets was $1,705 Mil.
Total Assets was $9,911 Mil.
Property, Plant and Equipment(Net PPE) was $5,866 Mil.
Depreciation, Depletion and Amortization(DDA) was $780 Mil.
Selling, General, & Admin. Expense(SGA) was $557 Mil.
Total Current Liabilities was $2,873 Mil.
Long-Term Debt & Capital Lease Obligation was $4,140 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) |
| = | (400.876 / 3075.485) | / | (494.264 / 3008.542) |
| = | 0.130346 | / | 0.164287 |
| | = | 0.7934 |
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) |
| = | (2668.685 / 3008.542) | / | (2761.881 / 3075.485) |
| = | 0.887036 | / | 0.898031 |
| | = | 0.9878 |
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 - (1443.908 + 7087.42) / 10560.721) | / | (1 - (1705.254 + 5865.638) / 9911.425) |
| = | 0.192164 | / | 0.236145 |
| | = | 0.8138 |
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 |
| = | 3075.485 | / | 3008.542 |
| | = | 1.0223 |
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)) |
| = | (779.921 / (779.921 + 5865.638)) | / | (826.664 / (826.664 + 7087.42)) |
| = | 0.11736 | / | 0.104455 |
| | = | 1.1235 |
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) |
| = | (536.98 / 3075.485) | / | (557.333 / 3008.542) |
| = | 0.1746 | / | 0.18525 |
| | = | 0.9425 |
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) |
| = | ((4997.651 + 2582.309) / 10560.721) | / | ((4140.301 + 2872.65) / 9911.425) |
| = | 0.71775 | / | 0.707562 |
| | = | 1.0144 |
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 |
| = | (410.217 - 0 | - | 1542.057) | / | 10560.721 |
| | = | -0.107175 |
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.
Globe Telecom has a M-score of -3.21 suggests that the company is unlikely to be a manipulator.
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