Bezeq The Israeli Telecommunication Beneish M-Score Historical Data
The historical data trend for Bezeq The Israeli Telecommunication'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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Bezeq The Israeli Telecommunication Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-4.15 |
-3.40 |
-2.93 |
-3.48 |
-3.25 |
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Bezeq The Israeli Telecommunication Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.48 |
-3.31 |
-3.16 |
-3.22 |
-3.25 |
Competitive Comparison
For the Telecom Services subindustry, Bezeq The Israeli Telecommunication'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.
Bezeq The Israeli Telecommunication Beneish M-Score Distribution
For the Telecommunication Services industry and Communication Services sector, Bezeq The Israeli Telecommunication's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bezeq The Israeli Telecommunication's Beneish M-Score falls into.
Bezeq The Israeli Telecommunication 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 Bezeq The Israeli Telecommunication 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 * 0.9254 | + | 0.528 * 1.0056 | + | 0.404 * 0.9845 | + | 0.892 * 1.013 | + | 0.115 * 1.0408 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8016 | + | 4.679 * -0.16328 | - | 0.327 * 0.9527 |
| = | -3.25 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $413 Mil.
Revenue was 590.637 + 599.638 + 608.639 + 611.022 = $2,410 Mil.
Gross Profit was 483.946 + 498.242 + 508.567 + 499.036 = $1,990 Mil.
Total Current Assets was $924 Mil.
Total Assets was $3,674 Mil.
Property, Plant and Equipment(Net PPE) was $2,303 Mil.
Depreciation, Depletion and Amortization(DDA) was $494 Mil.
Selling, General, & Admin. Expense(SGA) was $114 Mil.
Total Current Liabilities was $974 Mil.
Long-Term Debt & Capital Lease Obligation was $1,985 Mil.
Net Income was 63.008 + 78.628 + 90.806 + 82.334 = $315 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 240.385 + 243.297 + 205.174 + 225.824 = $915 Mil.
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Total Receivables was $441 Mil.
Revenue was 594.078 + 598.844 + 589.048 + 596.991 = $2,379 Mil.
Gross Profit was 489.506 + 499.831 + 491.094 + 494.801 = $1,975 Mil.
Total Current Assets was $917 Mil.
Total Assets was $3,551 Mil.
Property, Plant and Equipment(Net PPE) was $2,194 Mil.
Depreciation, Depletion and Amortization(DDA) was $495 Mil.
Selling, General, & Admin. Expense(SGA) was $141 Mil.
Total Current Liabilities was $936 Mil.
Long-Term Debt & Capital Lease Obligation was $2,066 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) |
| = | (412.996 / 2409.936) | / | (440.529 / 2378.961) |
| = | 0.171372 | / | 0.185177 |
| | = | 0.9254 |
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) |
| = | (1975.232 / 2378.961) | / | (1989.791 / 2409.936) |
| = | 0.830292 | / | 0.825661 |
| | = | 1.0056 |
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 - (923.681 + 2302.716) / 3674.073) | / | (1 - (917.062 + 2194.172) / 3550.704) |
| = | 0.121847 | / | 0.12377 |
| | = | 0.9845 |
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 |
| = | 2409.936 | / | 2378.961 |
| | = | 1.013 |
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)) |
| = | (494.536 / (494.536 + 2194.172)) | / | (494.271 / (494.271 + 2302.716)) |
| = | 0.183931 | / | 0.176716 |
| | = | 1.0408 |
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) |
| = | (114.368 / 2409.936) | / | (140.842 / 2378.961) |
| = | 0.047457 | / | 0.059203 |
| | = | 0.8016 |
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) |
| = | ((1984.762 + 974.246) / 3674.073) | / | ((2066.037 + 935.594) / 3550.704) |
| = | 0.805375 | / | 0.845362 |
| | = | 0.9527 |
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 |
| = | (314.776 - 0 | - | 914.68) | / | 3674.073 |
| | = | -0.16328 |
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.
Bezeq The Israeli Telecommunication has a M-score of -3.25 suggests that the company is unlikely to be a manipulator.
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