QBCRF (Quebecor) Beneish M-Score : -2.78 (As of Mar. 22, 2025)

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What is Quebecor 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.

Good Sign:

Beneish M-Score -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

QBCRF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.72 Max: -2.31
Current: -2.78

During the past 13 years, the highest Beneish M-Score of Quebecor was -2.31. The lowest was -2.89. And the median was -2.72.

Quebecor Beneish M-Score Historical Data

The historical data trend for Quebecor'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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Quebecor Beneish M-Score Chart

Quebecor Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.81

-2.53

-2.75

-2.31

-2.78

Quebecor Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.31	-2.38	-2.62	-2.68	-2.78

Competitive Comparison of Quebecor's Beneish M-Score

For the Telecom Services subindustry, Quebecor'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.

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

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

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

Quebecor 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 Quebecor 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 * 0.9493

0.528 * 0.9948

0.404 * 1.0421

0.892 * 1.0152

0.115 * 0.9254

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9609

4.679 * -0.076537

0.327 * 0.9675

-2.85

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was $969 Mil.
Revenue was 1052.151 + 1025.912 + 1011.966 + 1006.797 = $4,097 Mil.
Gross Profit was 540.114 + 582.607 + 592.557 + 553.118 = $2,268 Mil.
Total Current Assets was $1,476 Mil.
Total Assets was $9,124 Mil.
Property, Plant and Equipment(Net PPE) was $2,583 Mil.
Depreciation, Depletion and Amortization(DDA) was $686 Mil.
Selling, General, & Admin. Expense(SGA) was $547 Mil.
Total Current Liabilities was $1,501 Mil.
Long-Term Debt & Capital Lease Obligation was $5,254 Mil.
Net Income was 124.728 + 139.525 + 151.478 + 127.955 = $544 Mil.
Non Operating Income was -9.195 + -3.543 + -1.313 + 4.433 = $-10 Mil.
Cash Flow from Operations was 275.426 + 403.219 + 285.735 + 287.234 = $1,252 Mil.

Total Receivables was $1,006 Mil.
Revenue was 1121.646 + 1046.042 + 1052.612 + 815.318 = $4,036 Mil.
Gross Profit was 569.171 + 596.187 + 604.922 + 452.605 = $2,223 Mil.
Total Current Assets was $1,636 Mil.
Total Assets was $9,497 Mil.
Property, Plant and Equipment(Net PPE) was $2,802 Mil.
Depreciation, Depletion and Amortization(DDA) was $675 Mil.
Selling, General, & Admin. Expense(SGA) was $561 Mil.
Total Current Liabilities was $2,475 Mil.
Long-Term Debt & Capital Lease Obligation was $4,792 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)
	=	(969.397 / 4096.826)	/	(1005.888 / 4035.618)
	=	0.236621	/	0.249253
	=	0.9493

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)
	=	(2222.885 / 4035.618)	/	(2268.396 / 4096.826)
	=	0.550817	/	0.553696
	=	0.9948

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 - (1475.609 + 2582.579) / 9123.816)	/	(1 - (1635.584 + 2801.655) / 9497.093)
	=	0.555209	/	0.532779
	=	1.0421

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
	=	4096.826	/	4035.618
	=	1.0152

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))
	=	(675.123 / (675.123 + 2801.655))	/	(685.868 / (685.868 + 2582.579))
	=	0.194181	/	0.209845
	=	0.9254

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)
	=	(547.088 / 4096.826)	/	(560.859 / 4035.618)
	=	0.133539	/	0.138977
	=	0.9609

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)
	=	((5253.527 + 1500.877) / 9123.816)	/	((4792.412 + 2474.583) / 9497.093)
	=	0.740305	/	0.765181
	=	0.9675

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
	=	(543.686 - -9.618	-	1251.614)	/	9123.816
	=	-0.076537

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.

Quebecor has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.

Quebecor Beneish M-Score Related Terms

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Quebecor Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » Quebecor Inc (OTCPK:QBCRF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

QBCAF:USA QB3:Germany QBR.B:Canada QBR.A:Canada

Address

612, rue Saint-Jacques, 17th Floor, Corporate Secretariat, Montreal, QC, CAN, H3C 4M8

Website

https://www.quebecor.com

Quebecor primarily provides telecom services in Quebec, where it has roughly 1.7 million internet subscribers—equating to a penetration rate of about 50% in its footprint—and over 3 million mobile subscribers, including more than 20% wireless market share in Quebec. With the acquisition of Freedom Mobile in April 2023, Quebecor also has more than 1.5 million mobile subscribers in Ontario, British Columbia, and Alberta. Quebecor also offers a French-language subscription video-on-demand service and has a media segment that owns and operates television stations, publishes newspapers and magazines, and produces and distributes films and television shows. A very small portion of Quebecor's business engages in live event production and promotion and owns live-event venues.