Intelsat (Intelsat) Beneish M-Score : 0.83 (As of Apr. 24, 2024)

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What is Intelsat 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.

Warning Sign:

Beneish M-Score 0.83 higher than -1.78, which implies that the company might have manipulated its financial results.

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

IPRA.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22 Med: -2.77 Max: 0.83
Current: 0.83

During the past 13 years, the highest Beneish M-Score of Intelsat was 0.83. The lowest was -3.22. And the median was -2.77.

Intelsat Beneish M-Score Historical Data

The historical data trend for Intelsat'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.

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Intelsat Beneish M-Score Chart

Intelsat Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Beneish M-Score

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-2.89

-2.62

-2.36

-2.83

-1.31

Intelsat Quarterly Data
	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21
Beneish M-Score	Get a 7-Day Free Trial															-2.76	-1.31	-0.46	0.05	0.83

Competitive Comparison of Intelsat's Beneish M-Score

For the Telecom Services subindustry, Intelsat'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.

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

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

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

Intelsat 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 Intelsat 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 * 4.8747

0.528 * 1.1268

0.404 * 0.9233

0.892 * 1.0371

0.115 * 1.0383

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4116

4.679 * -0.043516

0.327 * 1.1649

0.83

This Year (Sep21) TTM:

Last Year (Sep20) TTM:

Total Receivables was $1,295.26 Mil.
Revenue was 526.095 + 507.862 + 502.763 + 482.777 = $2,019.50 Mil.
Gross Profit was 348.919 + 344.545 + 337.53 + 363.145 = $1,394.14 Mil.
Total Current Assets was $2,225.06 Mil.
Total Assets was $13,253.07 Mil.
Property, Plant and Equipment(Net PPE) was $4,981.39 Mil.
Depreciation, Depletion and Amortization(DDA) was $660.73 Mil.
Selling, General, & Admin. Expense(SGA) was $399.21 Mil.
Total Current Liabilities was $7,529.27 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -145.69 + -152.306 + -174.876 + -271.607 = $-744.48 Mil.
Non Operating Income was -88.12 + -29.373 + -46.093 + -190.924 = $-354.51 Mil.
Cash Flow from Operations was 11.816 + 25.953 + 12.407 + 136.573 = $186.75 Mil.

Total Receivables was $256.20 Mil.
Revenue was 489.449 + 482.034 + 458.82 + 516.951 = $1,947.25 Mil.
Gross Profit was 369.48 + 375.073 + 353.735 + 416.393 = $1,514.68 Mil.
Total Current Assets was $1,381.39 Mil.
Total Assets was $12,014.42 Mil.
Property, Plant and Equipment(Net PPE) was $4,696.12 Mil.
Depreciation, Depletion and Amortization(DDA) was $650.03 Mil.
Selling, General, & Admin. Expense(SGA) was $272.70 Mil.
Total Current Liabilities was $5,859.29 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
	=	(1295.26 / 2019.497)	/	(256.204 / 1947.254)
	=	0.641378	/	0.131572
	=	4.8747

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)
	=	(1514.681 / 1947.254)	/	(1394.139 / 2019.497)
	=	0.777855	/	0.69034
	=	1.1268

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 - (2225.063 + 4981.394) / 13253.07)	/	(1 - (1381.392 + 4696.123) / 12014.416)
	=	0.456242	/	0.494148
	=	0.9233

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
	=	2019.497	/	1947.254
	=	1.0371

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))
	=	(650.03 / (650.03 + 4696.123))	/	(660.729 / (660.729 + 4981.394))
	=	0.121588	/	0.117106
	=	1.0383

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)
	=	(399.214 / 2019.497)	/	(272.7 / 1947.254)
	=	0.19768	/	0.140043
	=	1.4116

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)
	=	((0 + 7529.268) / 13253.07)	/	((0 + 5859.287) / 12014.416)
	=	0.568115	/	0.487688
	=	1.1649

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
	=	(-744.479 - -354.51	-	186.749)	/	13253.07
	=	-0.043516

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.

Intelsat has a M-score of 0.83 signals that the company is likely to be a manipulator.

Intelsat Beneish M-Score Related Terms

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Intelsat (Intelsat) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » Intelsat SA (NYSE:IPRA.PFD) » Definitions » Beneish M-Score

Comparable Companies

TSXV:VMY.H BOM:538674 NSE:ACCORD WAR:AIT

Traded in Other Exchanges

N/A

Address

4 rue Albert Borschette, Luxembourg, LUX, L-1246

Website

http://www.intelsat.com

Intelsat SA is a Luxembourg-based company which operates satellite services business. It is engaged in providing diversified communications services to the media companies, fixed and wireless telecommunications operators, data networking service providers for enterprise and mobile applications in the air and on the seas, and a multinational corporation. In addition, it provides commercial satellite communication services to the United States government and other select military organizations and their contractors. Intelsat operates through a single segment being Providing satellite services. The company earns the majority of its revenue from North America.

Executives

Jonathan B Cobin	officer: Chief Strategy Officer	1250 N ARLINGTON HEIGHTS RD, STE 500, ITASCA IL 60143
John Wade	officer: President, Commercial Aviation	1250 N ARLINGTON HEIGHTS RD, STE 500, ITASCA IL 60143
Bruno Fromont	officer: SVP, Strategy and Planning	INTELSAT, 7900 TYSONS ONE PLACE, MCLEAN VA 22102
Bc European Capital Viii-36 Sc	10 percent owner	C/O LMBO EUROPE SAS, 54 AVENUE MARCEAU, PARIS I0 75008
Bc European Capital Viii-8	10 percent owner	C/O CIE MANAGEMENT II LIMITED, HERITAGE HALL, LE MARCHANT STREET, ST. PETER PORT, GUERNSEY X0 GY1 4HY
Bc European Capital Viii-7	10 percent owner	C/O CIE MANAGEMENT II LIMITED, HERITAGE HALL, LE MARCHANT STREET, ST. PETER PORT, GUERNSEY X0 GY1 4HY
Bc European Capital Viii-6	10 percent owner	C/O CIE MANAGEMENT II LIMITED, HERITAGE HALL, LE MARCHANT STREET, ST. PETER PORT, GUERNSEY X0 GY1 4HY
Bc European Capital Viii-5	10 percent owner	C/O CIE MANAGEMENT II LIMITED, HERITAGE HALL, LE MARCHANT STREET, ST. PETER PORT, GUERNSEY X0 GY1 4HY
Bc European Capital Viii-4	10 percent owner	C/O CIE MANAGEMENT II LIMITED, HERITAGE HALL, LE MARCHANT STREET, ST. PETER PORT, GUERNSEY X0 GY1 4HY
Bc European Capital Viii-39 Sc	10 percent owner	C/O LMBO EUROPE SAS, 54 AVENUE MARCEAU, PARIS I0 75008
Bc European Capital Viii-38 Sc	10 percent owner	C/O LMBO EUROPE SAS, 54 AVENUE MARCEAU, PARIS I0 75008
Justin Bateman	director	C/O BC PARTNERS, 667 MADISON AVENUE, 19TH FLOOR, NEW YORK NY 10065
Bc European Capital Viii-35 Sc	10 percent owner	C/O LMBO EUROPE SAS, 54 AVENUE MARCEAU, PARIS I0 75008
Bc European Capital Viii-34	10 percent owner	C/O CIE MANAGEMENT II LIMITED, HERITAGE HALL, LE MARCHANT STREET, ST. PETER PORT, GUERNSEY X0 GY1 4HY
Bc European Capital Viii-33	10 percent owner	C/O CIE MANAGEMENT II LIMITED, HERITAGE HALL, LE MARCHANT STREET, ST. PETER PORT, GUERNSEY X0 GY1 4HY