Telesat Beneish M-Score Historical Data
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 Beneish M-Score Chart
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Telesat Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-3.25 |
-2.01 |
-1.00 |
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Telesat Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.40 |
-3.37 |
-2.58 |
-1.00 |
-2.14 |
Competitive Comparison of Telesat's Beneish M-Score
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.
Telesat's Beneish M-Score Distribution in the Hardware Industry
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.
Telesat 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 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 * 1.3068 | + | 0.528 * 1.0069 | + | 0.404 * 0.9832 | + | 0.892 * 0.768 | + | 0.115 * 2.3456 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2271 | + | 4.679 * 0.014577 | - | 0.327 * 0.9328 |
| = | -2.20 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $63.5 Mil.
Revenue was 81.324 + 89.84 + 102.201 + 111.224 = $384.6 Mil.
Gross Profit was 76.645 + 82.842 + 97.613 + 103.132 = $360.2 Mil.
Total Current Assets was $804.5 Mil.
Total Assets was $4,963.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,691.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $97.6 Mil.
Selling, General, & Admin. Expense(SGA) was $79.4 Mil.
Total Current Liabilities was $142.8 Mil.
Long-Term Debt & Capital Lease Obligation was $2,335.8 Mil.
Net Income was -10.823 + -88.658 + 13.215 + 25.868 = $-60.4 Mil.
Non Operating Income was -18.795 + -344.73 + 43.788 + 100.556 = $-219.2 Mil.
Cash Flow from Operations was 96.771 + -1.188 + -1.657 + -7.494 = $86.4 Mil.
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Total Receivables was $63.2 Mil.
Revenue was 112.422 + 123.659 + 129.396 + 135.294 = $500.8 Mil.
Gross Profit was 104.52 + 117.118 + 121.733 + 128.927 = $472.3 Mil.
Total Current Assets was $1,402.3 Mil.
Total Assets was $4,735.4 Mil.
Property, Plant and Equipment(Net PPE) was $939.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $137.9 Mil.
Selling, General, & Admin. Expense(SGA) was $84.3 Mil.
Total Current Liabilities was $120.0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,415.1 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) |
| = | (63.468 / 384.589) | / | (63.241 / 500.771) |
| = | 0.165028 | / | 0.126287 |
| | = | 1.3068 |
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) |
| = | (472.298 / 500.771) | / | (360.232 / 384.589) |
| = | 0.943142 | / | 0.936667 |
| | = | 1.0069 |
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 - (804.498 + 1691.946) / 4963.197) | / | (1 - (1402.284 + 939.455) / 4735.412) |
| = | 0.497009 | / | 0.505484 |
| | = | 0.9832 |
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 |
| = | 384.589 | / | 500.771 |
| | = | 0.768 |
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)) |
| = | (137.863 / (137.863 + 939.455)) | / | (97.632 / (97.632 + 1691.946)) |
| = | 0.127969 | / | 0.054556 |
| | = | 2.3456 |
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) |
| = | (79.44 / 384.589) | / | (84.297 / 500.771) |
| = | 0.206558 | / | 0.168334 |
| | = | 1.2271 |
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) |
| = | ((2335.754 + 142.783) / 4963.197) | / | ((2415.052 + 119.993) / 4735.412) |
| = | 0.499383 | / | 0.535338 |
| | = | 0.9328 |
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 |
| = | (-60.398 - -219.181 | - | 86.432) | / | 4963.197 |
| | = | 0.014577 |
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 -2.20 suggests that the company is unlikely to be a manipulator.
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