Jazztel Beneish M-Score Historical Data
The historical data trend for Jazztel'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.
Jazztel Beneish M-Score Chart
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Jazztel Annual Data
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Trend |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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- |
-2.89 |
-2.07 |
-2.87 |
-2.67 |
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Jazztel Quarterly Data
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Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
| Beneish M-Score |
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-3.86 |
-4.74 |
-2.67 |
-2.72 |
-3.06 |
Competitive Comparison of Jazztel's Beneish M-Score
For the Telecom Services subindustry, Jazztel'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.
Jazztel's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Jazztel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jazztel's Beneish M-Score falls into.
Jazztel 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 Jazztel 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 * 1 | + | 0.528 * 0.8773 | + | 0.404 * 0.9877 | + | 0.892 * 1.058 | + | 0.115 * 1.168 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0999 | + | 4.679 * -0.086816 | - | 0.327 * 1.0792 |
| = | -2.93 |
* 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 (Jun15) TTM: | Last Year (Jun14) TTM: |
Total Receivables was €0 Mil.
Revenue was 255.416 + 297.5 + 299.579 + 298.4 = €1,151 Mil.
Gross Profit was 73.396 + 178.9 + 47.439 + 167.2 = €467 Mil.
Total Current Assets was €282 Mil.
Total Assets was €1,544 Mil.
Property, Plant and Equipment(Net PPE) was €1,145 Mil.
Depreciation, Depletion and Amortization(DDA) was €137 Mil.
Selling, General, & Admin. Expense(SGA) was €232 Mil.
Total Current Liabilities was €443 Mil.
Long-Term Debt & Capital Lease Obligation was €566 Mil.
Net Income was 8.795 + 16.1 + 17.42 + 17.6 = €60 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 97.708 + 37.526 + 96.631 + -37.892 = €194 Mil.
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Total Receivables was €0 Mil.
Revenue was 259.179 + 282.7 + 284.225 + 261.7 = €1,088 Mil.
Gross Profit was 67.144 + 155.2 + 22.33 + 142.5 = €387 Mil.
Total Current Assets was €282 Mil.
Total Assets was €1,164 Mil.
Property, Plant and Equipment(Net PPE) was €792 Mil.
Depreciation, Depletion and Amortization(DDA) was €113 Mil.
Selling, General, & Admin. Expense(SGA) was €199 Mil.
Total Current Liabilities was €381 Mil.
Long-Term Debt & Capital Lease Obligation was €324 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) |
| = | (0 / 1150.895) | / | (0 / 1087.804) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (387.174 / 1087.804) | / | (466.935 / 1150.895) |
| = | 0.355923 | / | 0.405715 |
| | = | 0.8773 |
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 - (281.714 + 1144.514) / 1544.154) | / | (1 - (282.092 + 791.965) / 1164.058) |
| = | 0.076369 | / | 0.077317 |
| | = | 0.9877 |
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 |
| = | 1150.895 | / | 1087.804 |
| | = | 1.058 |
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)) |
| = | (113.05 / (113.05 + 791.965)) | / | (137.058 / (137.058 + 1144.514)) |
| = | 0.124915 | / | 0.106945 |
| | = | 1.168 |
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) |
| = | (231.8 / 1150.895) | / | (199.2 / 1087.804) |
| = | 0.201408 | / | 0.183121 |
| | = | 1.0999 |
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) |
| = | ((565.842 + 442.808) / 1544.154) | / | ((323.942 + 380.643) / 1164.058) |
| = | 0.653206 | / | 0.605283 |
| | = | 1.0792 |
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 |
| = | (59.915 - 0 | - | 193.973) | / | 1544.154 |
| | = | -0.086816 |
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.
Jazztel has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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