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 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.55 |
-3.13 |
-2.07 |
-3.22 |
-3.02 |
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Liberty Global Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.22 |
-2.87 |
-2.87 |
-2.81 |
-3.02 |
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 * 1.0546 | + | 0.528 * 1.0327 | + | 0.404 * 0.9183 | + | 0.892 * 1.0549 | + | 0.115 * 1.1612 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9696 | + | 4.679 * -0.106939 | - | 0.327 * 1.4348 |
| = | -3.02 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $450 Mil.
Revenue was -1412.1 + 1935.2 + 1873.7 + 1945.1 = $4,342 Mil.
Gross Profit was -1009.5 + 1343.6 + 1284.1 + 1273 = $2,891 Mil.
Total Current Assets was $3,300 Mil.
Total Assets was $25,440 Mil.
Property, Plant and Equipment(Net PPE) was $4,326 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,002 Mil.
Selling, General, & Admin. Expense(SGA) was $1,156 Mil.
Total Current Liabilities was $3,134 Mil.
Long-Term Debt & Capital Lease Obligation was $8,880 Mil.
Net Income was 2244 + -1434.1 + 268.1 + 510 = $1,588 Mil.
Non Operating Income was 2352.7 + -1330.8 + 487.8 + 765.9 = $2,276 Mil.
Cash Flow from Operations was 791.6 + 449.5 + 546.1 + 245.7 = $2,033 Mil.
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Total Receivables was $404 Mil.
Revenue was -1455.1 + 1854.5 + 1848 + 1868.4 = $4,116 Mil.
Gross Profit was -999.8 + 1268.2 + 1264.2 + 1297.7 = $2,830 Mil.
Total Current Assets was $5,642 Mil.
Total Assets was $42,088 Mil.
Property, Plant and Equipment(Net PPE) was $4,354 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,216 Mil.
Selling, General, & Admin. Expense(SGA) was $1,131 Mil.
Total Current Liabilities was $4,333 Mil.
Long-Term Debt & Capital Lease Obligation was $9,520 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) |
| = | (449.8 / 4341.9) | / | (404.3 / 4115.8) |
| = | 0.103595 | / | 0.098231 |
| | = | 1.0546 |
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) |
| = | (2830.3 / 4115.8) | / | (2891.2 / 4341.9) |
| = | 0.687667 | / | 0.665884 |
| | = | 1.0327 |
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 - (3300.3 + 4326) / 25439.7) | / | (1 - (5641.6 + 4353.9) / 42087.9) |
| = | 0.700221 | / | 0.762509 |
| | = | 0.9183 |
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 |
| = | 4341.9 | / | 4115.8 |
| | = | 1.0549 |
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)) |
| = | (1216.4 / (1216.4 + 4353.9)) | / | (1002 / (1002 + 4326)) |
| = | 0.218372 | / | 0.188063 |
| | = | 1.1612 |
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) |
| = | (1156.4 / 4341.9) | / | (1130.5 / 4115.8) |
| = | 0.266335 | / | 0.274673 |
| | = | 0.9696 |
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) |
| = | ((8880 + 3133.9) / 25439.7) | / | ((9519.7 + 4332.8) / 42087.9) |
| = | 0.47225 | / | 0.329133 |
| | = | 1.4348 |
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 |
| = | (1588 - 2275.6 | - | 2032.9) | / | 25439.7 |
| | = | -0.106939 |
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 -3.02 suggests that the company is unlikely to be a manipulator.
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