Grupo TelevisaB (Grupo TelevisaB) Beneish M-Score

: -2.54 (As of Today)

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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.

Good Sign:

Beneish M-Score -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TV' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03 Med: -2.79 Max: -1.94
Current: -2.54

During the past 13 years, the highest Beneish M-Score of Grupo TelevisaB was -1.94. The lowest was -3.03. And the median was -2.79.

Grupo TelevisaB Beneish M-Score Historical Data

The historical data trend for Grupo TelevisaB'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.

Grupo TelevisaB Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.89

-2.95

-2.69

-1.94

-2.54

Grupo TelevisaB Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score																-1.94	-2.63	-2.74	-2.63	-2.54

Competitive Comparison

For the Telecom Services subindustry, Grupo TelevisaB'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.

Grupo TelevisaB Beneish M-Score Distribution

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

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

Grupo TelevisaB 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 Grupo TelevisaB 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 * 1.0405

0.528 * 1.0488

0.404 * 1.0208

0.892 * 1.1185

0.115 * 0.9461

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0157

4.679 * -0.067446

0.327 * 0.3274

-2.41

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $1,421 Mil.
Revenue was 1084.726 + 1051.482 + 1080.281 + 1027.441 = $4,244 Mil.
Gross Profit was 361.356 + 339.083 + 373.102 + 357.152 = $1,431 Mil.
Total Current Assets was $3,710 Mil.
Total Assets was $15,425 Mil.
Property, Plant and Equipment(Net PPE) was $4,945 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,240 Mil.
Selling, General, & Admin. Expense(SGA) was $1,230 Mil.
Total Current Liabilities was $2,105 Mil.
Long-Term Debt & Capital Lease Obligation was $354 Mil.
Net Income was -510.299 + -52.732 + 7.786 + -43.765 = $-599 Mil.
Non Operating Income was -386.363 + -7.382 + 13.179 + -57.757 = $-438 Mil.
Cash Flow from Operations was 374.405 + 307.761 + 183.039 + 14.492 = $880 Mil.

Total Receivables was $1,221 Mil.
Revenue was 981.343 + 957.08 + 921.237 + 934.62 = $3,794 Mil.
Gross Profit was 319.492 + 349.122 + 332.302 + 340.633 = $1,342 Mil.
Total Current Assets was $4,184 Mil.
Total Assets was $15,342 Mil.
Property, Plant and Equipment(Net PPE) was $4,560 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,068 Mil.
Selling, General, & Admin. Expense(SGA) was $1,083 Mil.
Total Current Liabilities was $1,763 Mil.
Long-Term Debt & Capital Lease Obligation was $5,706 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)
	=	(1420.674 / 4243.93)	/	(1220.769 / 3794.28)
	=	0.334754	/	0.321739
	=	1.0405

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)
	=	(1341.549 / 3794.28)	/	(1430.693 / 4243.93)
	=	0.353571	/	0.337115
	=	1.0488

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 - (3709.574 + 4944.785) / 15425.471)	/	(1 - (4184.285 + 4560.253) / 15341.995)
	=	0.438957	/	0.430026
	=	1.0208

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
	=	4243.93	/	3794.28
	=	1.1185

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))
	=	(1067.547 / (1067.547 + 4560.253))	/	(1240.133 / (1240.133 + 4944.785))
	=	0.189692	/	0.200509
	=	0.9461

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)
	=	(1229.949 / 4243.93)	/	(1082.615 / 3794.28)
	=	0.289814	/	0.285328
	=	1.0157

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)
	=	((354.102 + 2104.615) / 15425.471)	/	((5705.606 + 1762.973) / 15341.995)
	=	0.159393	/	0.486806
	=	0.3274

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
	=	(-599.01 - -438.323	-	879.697)	/	15425.471
	=	-0.067446

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.

Grupo TelevisaB has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

Grupo TelevisaB Beneish M-Score Related Terms

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Grupo TelevisaB (Grupo TelevisaB) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » Grupo Televisa SAB (NYSE:TV) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

GRPFF:USA TLEVISACPO:Mexico TLV:Germany TLV1:Germany TLV:Germany

Address

Avenida Vasco de Quiroga, No. 2000, Colonia Santa Fe, Mexico, DF, MEX, 01210

Website

https://www.televisa.com

Grupo Televisa is one of the leading telecommunication firms in Mexico. Its cable arm, Izzi, holds networks that pass 20 million Mexican homes and provide broadband service to 6 million customers. The firm is also one of the largest pay-television providers in Mexico, with more than 4 million customers. Televisa holds a majority stake in Sky Mexico, the country's only satellite-TV provider, serving about 6 million customers. Televisa holds interests in several smaller businesses, including terrestrial radio, magazine publishing, Mexico bingo parlors, and three of Mexico's professional soccer teams. It plans to spin these businesses off in the near future. After merging its traditional media business into Univision, Televisa owns a 45% stake in combined entity TelevisaUnivision.