Play Communications Beneish M-Score Historical Data
The historical data trend for Play Communications'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.
Play Communications Beneish M-Score Chart
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Play Communications Annual Data
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Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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- |
-2.59 |
-3.20 |
-3.13 |
-3.36 |
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Play Communications Quarterly Data
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Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
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Sep18 |
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
| Beneish M-Score |
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-2.32 |
-3.36 |
-3.50 |
-4.29 |
-2.19 |
Competitive Comparison of Play Communications's Beneish M-Score
For the Telecom Services subindustry, Play Communications'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.
Play Communications's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Play Communications's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Play Communications's Beneish M-Score falls into.
Play Communications 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 Play Communications 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 * 0.901 | + | 0.528 * 0.9591 | + | 0.404 * 0.916 | + | 0.892 * 1.0076 | + | 0.115 * 0.9699 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -4.9835 | + | 4.679 * -0.13186 | - | 0.327 * 0.9428 |
| = | -2.19 |
* 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 (Sep20) TTM: | Last Year (Sep19) TTM: |
Total Receivables was zł723 Mil.
Revenue was 1802.489 + 1754.833 + 1744.503 + 1799.863 = zł7,102 Mil.
Gross Profit was 908.892 + 877.953 + 885.965 + 863.885 = zł3,537 Mil.
Total Current Assets was zł2,960 Mil.
Total Assets was zł9,224 Mil.
Property, Plant and Equipment(Net PPE) was zł3,338 Mil.
Depreciation, Depletion and Amortization(DDA) was zł961 Mil.
Selling, General, & Admin. Expense(SGA) was zł335 Mil.
Total Current Liabilities was zł1,762 Mil.
Long-Term Debt & Capital Lease Obligation was zł6,563 Mil.
Net Income was 269.778 + 237.59 + 207.76 + 166.411 = zł882 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 562.144 + 435.925 + 610.596 + 489.175 = zł2,098 Mil.
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Total Receivables was zł796 Mil.
Revenue was 1796.024 + 1758.997 + 1685.869 + 1807.165 = zł7,048 Mil.
Gross Profit was 877.259 + 868.986 + 818.609 + 801.421 = zł3,366 Mil.
Total Current Assets was zł2,540 Mil.
Total Assets was zł8,692 Mil.
Property, Plant and Equipment(Net PPE) was zł3,141 Mil.
Depreciation, Depletion and Amortization(DDA) was zł869 Mil.
Selling, General, & Admin. Expense(SGA) was zł-67 Mil.
Total Current Liabilities was zł2,117 Mil.
Long-Term Debt & Capital Lease Obligation was zł6,204 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) |
| = | (722.915 / 7101.688) | / | (796.305 / 7048.055) |
| = | 0.101795 | / | 0.112982 |
| | = | 0.901 |
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) |
| = | (3366.275 / 7048.055) | / | (3536.695 / 7101.688) |
| = | 0.477618 | / | 0.498008 |
| | = | 0.9591 |
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 - (2959.693 + 3337.994) / 9224.174) | / | (1 - (2539.702 + 3141.41) / 8691.706) |
| = | 0.317263 | / | 0.346375 |
| | = | 0.916 |
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 |
| = | 7101.688 | / | 7048.055 |
| | = | 1.0076 |
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)) |
| = | (869.22 / (869.22 + 3141.41)) | / | (960.558 / (960.558 + 3337.994)) |
| = | 0.216729 | / | 0.223461 |
| | = | 0.9699 |
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) |
| = | (335.369 / 7101.688) | / | (-66.788 / 7048.055) |
| = | 0.047224 | / | -0.009476 |
| | = | -4.9835 |
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) |
| = | ((6563.401 + 1762.253) / 9224.174) | / | ((6203.546 + 2117.372) / 8691.706) |
| = | 0.902591 | / | 0.95734 |
| | = | 0.9428 |
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 |
| = | (881.539 - 0 | - | 2097.84) | / | 9224.174 |
| | = | -0.13186 |
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.
Play Communications has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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