Ooredoo (MUS:ORDS) Beneish M-Score : -3.23 (As of Jun. 23, 2024)

View and export this data going back to 2010. Start your Free Trial

What is Ooredoo Beneish M-Score?

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.

Good Sign:

Beneish M-Score -3.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MUS:ORDS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.54 Med: -3.22 Max: -1.97
Current: -3.23

During the past 13 years, the highest Beneish M-Score of Ooredoo was -1.97. The lowest was -3.54. And the median was -3.22.

Ooredoo Beneish M-Score Historical Data

The historical data trend for Ooredoo'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.

* Premium members only.

Ooredoo Beneish M-Score Chart

Ooredoo Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-3.33

-1.97

-2.86

-3.21

-3.23

Ooredoo Semi-Annual Data
	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22	Dec23
Beneish M-Score	Get a 7-Day Free Trial										-3.33	-1.97	-2.86	-3.21	-3.23

Competitive Comparison of Ooredoo's Beneish M-Score

For the Telecom Services subindustry, Ooredoo'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.

Ooredoo's Beneish M-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, Ooredoo's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Ooredoo's Beneish M-Score falls into.

Ooredoo 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 Ooredoo for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.941

0.528 * 1.0848

0.404 * 1.022

0.892 * 0.9904

0.115 * 0.9714

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2616

4.679 * -0.15279

0.327 * 0.9263

-3.23

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ر.ع62.4 Mil.
Revenue was ر.ع259.1 Mil.
Gross Profit was ر.ع125.4 Mil.
Total Current Assets was ر.ع69.8 Mil.
Total Assets was ر.ع430.2 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع270.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع70.1 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع5.0 Mil.
Total Current Liabilities was ر.ع129.0 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع29.2 Mil.
Net Income was ر.ع10.7 Mil.
Gross Profit was ر.ع0.0 Mil.
Cash Flow from Operations was ر.ع76.4 Mil.

Total Receivables was ر.ع66.9 Mil.
Revenue was ر.ع261.6 Mil.
Gross Profit was ر.ع137.4 Mil.
Total Current Assets was ر.ع74.9 Mil.
Total Assets was ر.ع455.8 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع287.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع71.9 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع4.0 Mil.
Total Current Liabilities was ر.ع147.4 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع33.6 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)
	=	(62.385 / 259.115)	/	(66.94 / 261.627)
	=	0.240762	/	0.25586
	=	0.941

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)
	=	(137.359 / 261.627)	/	(125.407 / 259.115)
	=	0.525018	/	0.483982
	=	1.0848

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 - (69.837 + 270.508) / 430.212)	/	(1 - (74.875 + 287.73) / 455.761)
	=	0.20889	/	0.204397
	=	1.022

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
	=	259.115	/	261.627
	=	0.9904

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))
	=	(71.883 / (71.883 + 287.73))	/	(70.086 / (70.086 + 270.508))
	=	0.19989	/	0.205776
	=	0.9714

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)
	=	(5.024 / 259.115)	/	(4.021 / 261.627)
	=	0.019389	/	0.015369
	=	1.2616

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)
	=	((29.239 + 129.018) / 430.212)	/	((33.572 + 147.43) / 455.761)
	=	0.367858	/	0.397142
	=	0.9263

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
	=	(10.692 - 0	-	76.424)	/	430.212
	=	-0.15279

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.

Ooredoo has a M-score of -3.23 suggests that the company is unlikely to be a manipulator.

Ooredoo Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Ooredoo's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Ooredoo (MUS:ORDS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » Ooredoo (MUS:ORDS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Central Post Office, P.O. Box 874, Tilal Building, Muscat, OMN, 111

Website

https://www.ooredoo.om

Ooredoo is an Oman-based company operating in the telecom industry. Its principal activities are the operation, maintenance, and development of mobile and fixed telecommunications services in the Sultanate of Oman. The company operates through two business segments, namely Mobile and Fixed-line. The Mobile segment is engaged in the operation of a global system for mobile communication for pre-paid and post-paid services, the sale of telecommunication equipment, and other associated services. The Fixed-line segment is involved in the provision of international and national voice and data services from fixed lines, the sale of telecommunication equipment, and other associated services. It derives a majority of the revenue from the Mobile segment.

Ooredoo (MUS:ORDS) Headlines

No Headlines