Market Cap : 159.5 M | Enterprise Value : 1.86 B | PE Ratio : 7.54 | PB Ratio : 0.48 |
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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.
Warning Sign:
Beneish M-Score -1.54 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Telesat's Beneish M-Score or its related term are showing as below:
During the past 3 years, the highest Beneish M-Score of Telesat was -1.54. The lowest was -1.54. And the median was -1.54.
The historical data trend for Telesat'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.
Telesat Semi-Annual Data | |||
Dec19 | Dec20 | Dec21 | |
Beneish M-Score | - | - | -1.54 |
For the Communication Equipment subindustry, Telesat'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.
For the Hardware industry and Technology sector, Telesat's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Telesat's Beneish M-Score falls into.
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 Telesat 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 * 2.4754 | + | 0.528 * 0.9991 | + | 0.404 * 0.8631 | + | 0.892 * 0.9248 | + | 0.115 * 1.1323 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.8658 | + | 4.679 * -0.0316 | - | 0.327 * 1.0409 | |||||||
= | -1.54 |
* 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.
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) |
= | (98.37265625 / 592.353125) | / | (42.972909672886 / 640.54024514014) | |
= | 0.16607097 | / | 0.06708854 | |
= | 2.4754 |
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) | |
= | (614.4882504489 / 640.54024514014) | / | (568.74765625 / 592.353125) | |
= | 0.95932809 | / | 0.96014967 | |
= | 0.9991 |
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 - (1263.62109375 + 1118.57421875) / 4973.40390625) | / | (1 - (697.64618627528 + 1029.3746584433) / 4357.2433445234) | |
= | 0.5210131 | / | 0.6036437 | |
= | 0.8631 |
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 | |
= | 592.353125 | / | 640.54024514014 | |
= | 0.9248 |
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)) |
= | (182.74650636271 / (182.74650636271 + 1029.3746584433)) | / | (171.80703125 / (171.80703125 + 1118.57421875)) | |
= | 0.15076587 | / | 0.1331444 | |
= | 1.1323 |
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) |
= | (121.07421875 / 592.353125) | / | (70.170973534234 / 640.54024514014) | |
= | 0.20439534 | / | 0.10954967 | |
= | 1.8658 |
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) |
= | ((2989.3171875 + 142.15234375) / 4973.40390625) | / | ((2509.2294480443 + 126.57194160356) / 4357.2433445234) | |
= | 0.62964312 | / | 0.60492407 | |
= | 1.0409 |
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 | |
= | (80.8921875 - 6.25546875 | - | 231.55625) | / | 4973.40390625 | |
= | -0.0316 |
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.
Telesat has a M-score of -1.54 signals that the company is likely to be a manipulator.
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By Seekingalpha 2022-08-05
By Seekingalpha 2022-08-05