Airtel Africa Beneish M-Score Historical Data
The historical data trend for Airtel Africa'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.
Airtel Africa Beneish M-Score Chart
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Airtel Africa Annual Data
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Trend |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
-3.14 |
-2.66 |
-2.76 |
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Airtel Africa Quarterly Data
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Sep18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-2.87 |
-2.87 |
-2.76 |
-3.42 |
-3.39 |
Competitive Comparison of Airtel Africa's Beneish M-Score
For the Telecom Services subindustry, Airtel Africa'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.
Airtel Africa's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Airtel Africa's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Airtel Africa's Beneish M-Score falls into.
Airtel Africa 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 Airtel Africa 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 * 1.0102 | + | 0.528 * 1.0144 | + | 0.404 * 0.9885 | + | 0.892 * 1.0724 | + | 0.115 * 0.7683 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0006 | + | 4.679 * -0.200608 | - | 0.327 * 1.0724 |
| = | -3.39 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was £130 Mil.
Revenue was 1006.768 + 1090.584 + 1104.984 + 1108.35 = £4,311 Mil.
Gross Profit was 715.08 + 747.648 + 508.408 + 750.394 = £2,722 Mil.
Total Current Assets was £1,690 Mil.
Total Assets was £8,078 Mil.
Property, Plant and Equipment(Net PPE) was £2,742 Mil.
Depreciation, Depletion and Amortization(DDA) was £691 Mil.
Selling, General, & Admin. Expense(SGA) was £205 Mil.
Total Current Liabilities was £3,011 Mil.
Long-Term Debt & Capital Lease Obligation was £1,925 Mil.
Net Income was 92.92 + -134.64 + 160.68 + 141.212 = £260 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = £0 Mil.
Cash Flow from Operations was 437.128 + 459.36 + 421.064 + 563.206 = £1,881 Mil.
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Total Receivables was £120 Mil.
Revenue was 1154.964 + 1020.684 + 927.498 + 916.688 = £4,020 Mil.
Gross Profit was 786.753 + 701.568 + 444.015 + 642.208 = £2,575 Mil.
Total Current Assets was £1,551 Mil.
Total Assets was £8,993 Mil.
Property, Plant and Equipment(Net PPE) was £3,336 Mil.
Depreciation, Depletion and Amortization(DDA) was £610 Mil.
Selling, General, & Admin. Expense(SGA) was £191 Mil.
Total Current Liabilities was £2,748 Mil.
Long-Term Debt & Capital Lease Obligation was £2,376 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) |
| = | (130.088 / 4310.686) | / | (120.088 / 4019.834) |
| = | 0.030178 | / | 0.029874 |
| | = | 1.0102 |
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) |
| = | (2574.544 / 4019.834) | / | (2721.53 / 4310.686) |
| = | 0.64046 | / | 0.631345 |
| | = | 1.0144 |
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 - (1689.528 + 2742.352) / 8078.384) | / | (1 - (1550.548 + 3335.974) / 8993.355) |
| = | 0.45139 | / | 0.456652 |
| | = | 0.9885 |
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 |
| = | 4310.686 | / | 4019.834 |
| | = | 1.0724 |
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)) |
| = | (610.342 / (610.342 + 3335.974)) | / | (691.211 / (691.211 + 2742.352)) |
| = | 0.154661 | / | 0.20131 |
| | = | 0.7683 |
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) |
| = | (205.246 / 4310.686) | / | (191.282 / 4019.834) |
| = | 0.047613 | / | 0.047585 |
| | = | 1.0006 |
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) |
| = | ((1925.464 + 3010.608) / 8078.384) | / | ((2376.153 + 2747.896) / 8993.355) |
| = | 0.611022 | / | 0.569759 |
| | = | 1.0724 |
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 |
| = | (260.172 - 0 | - | 1880.758) | / | 8078.384 |
| | = | -0.200608 |
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.
Airtel Africa has a M-score of -3.39 suggests that the company is unlikely to be a manipulator.
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