Tingo Beneish M-Score Historical Data
The historical data trend for Tingo'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.
Tingo Beneish M-Score Chart
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Tingo Annual Data
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Trend |
Jun15 |
Jun16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
- |
4.10 |
399.79 |
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Tingo Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
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Mar20 |
Jun20 |
Sep20 |
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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399.79 |
-3.39 |
-2.21 |
Competitive Comparison of Tingo's Beneish M-Score
For the Software - Infrastructure subindustry, Tingo'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.
Tingo's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Tingo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tingo's Beneish M-Score falls into.
Tingo 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 Tingo 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 * 0.0856 | + | 0.528 * 0.8376 | + | 0.404 * 5.5166 | + | 0.892 * 0.2332 | + | 0.115 * 0.6837 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.556 | + | 4.679 * -0.0607 | - | 0.327 * 0.081 |
| = | -2.21 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $20.1 Mil.
Revenue was 0 + 0 + 0 + 291.701 = $291.7 Mil.
Gross Profit was 0 + 0 + 0 + 268.819 = $268.8 Mil.
Total Current Assets was $20.1 Mil.
Total Assets was $1,235.3 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $100.3 Mil.
Selling, General, & Admin. Expense(SGA) was $49.0 Mil.
Total Current Liabilities was $38.4 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was -11.223 + -18.904 + 0 + 90.709 = $60.6 Mil.
Non Operating Income was 0.298 + 0.453 + 0 + 0.6 = $1.4 Mil.
Cash Flow from Operations was -0.041 + 0.071 + 0 + 134.185 = $134.2 Mil.
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Total Receivables was $1,005.2 Mil.
Revenue was 268.685 + 257.058 + 548.298 + 176.985 = $1,251.0 Mil.
Gross Profit was 265.57 + 254.558 + 270.75 + 174.744 = $965.6 Mil.
Total Current Assets was $1,514.2 Mil.
Total Assets was $2,101.4 Mil.
Property, Plant and Equipment(Net PPE) was $212.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $459.3 Mil.
Selling, General, & Admin. Expense(SGA) was $378.1 Mil.
Total Current Liabilities was $806.3 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 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) |
| = | (20.059 / 291.701) | / | (1005.225 / 1251.026) |
| = | 0.068766 | / | 0.80352 |
| | = | 0.0856 |
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) |
| = | (965.622 / 1251.026) | / | (268.819 / 291.701) |
| = | 0.771864 | / | 0.921557 |
| | = | 0.8376 |
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 - (20.072 + 0) / 1235.313) | / | (1 - (1514.171 + 212.472) / 2101.367) |
| = | 0.983751 | / | 0.178324 |
| | = | 5.5166 |
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 |
| = | 291.701 | / | 1251.026 |
| | = | 0.2332 |
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)) |
| = | (459.332 / (459.332 + 212.472)) | / | (100.298 / (100.298 + 0)) |
| = | 0.683729 | / | 1 |
| | = | 0.6837 |
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) |
| = | (49.021 / 291.701) | / | (378.118 / 1251.026) |
| = | 0.168052 | / | 0.302246 |
| | = | 0.556 |
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 + 38.398) / 1235.313) | / | ((0 + 806.308) / 2101.367) |
| = | 0.031084 | / | 0.383706 |
| | = | 0.081 |
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 |
| = | (60.582 - 1.351 | - | 134.215) | / | 1235.313 |
| | = | -0.0607 |
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.
Tingo has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
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