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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Grupo Aeroportuario del Sureste SAB de CV was -1.41. The lowest was -3.48. And the median was -2.74.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Grupo Aeroportuario del Sureste SAB de CV 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 * 0.838||+||0.528 * 0.9865||+||0.404 * 0.9511||+||0.892 * 1.0289||+||0.115 * 0.9411|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9745||+||4.679 * -0.0145||-||0.327 * 0.9189|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $31.0 Mil.|
Revenue was 116.074308736 + 111.047896049 + 103.179355355 + 104.838626544 = $435.1 Mil.
Gross Profit was 73.0836403705 + 77.8541965702 + 78.8380845365 + 83.5204274994 = $313.3 Mil.
Total Current Assets was $268.9 Mil.
Total Assets was $1,647.6 Mil.
Property, Plant and Equipment(Net PPE) was $22.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.7 Mil.
Selling, General & Admin. Expense(SGA) was $44.8 Mil.
Total Current Liabilities was $27.7 Mil.
Long-Term Debt was $217.4 Mil.
Net Income was 35.3451327434 + 43.9203747073 + 42.6951020534 + 48.084287122 = $170.0 Mil.
Non Operating Income was -11.8337522813 + 1.60950366397 + 1.6848043592 + 0.769347381187 = $-7.8 Mil.
Cash Flow from Operations was 42.2095657863 + 72.1149807358 + 59.901794785 + 27.5293716365 = $201.8 Mil.
|Accounts Receivable was $35.9 Mil.
Revenue was 113.629900077 + 100.332133282 + 98.998534403 + 109.96064 = $422.9 Mil.
Gross Profit was 69.2623366641 + 72.5721179625 + 73.1770286948 + 85.37056 = $300.4 Mil.
Total Current Assets was $196.3 Mil.
Total Assets was $1,646.2 Mil.
Property, Plant and Equipment(Net PPE) was $24.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.5 Mil.
Selling, General & Admin. Expense(SGA) was $44.7 Mil.
Total Current Liabilities was $51.3 Mil.
Long-Term Debt was $215.1 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(30.9774456802 / 435.140186684)||/||(35.9269792467 / 422.921207762)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(77.8541965702 / 422.921207762)||/||(73.0836403705 / 435.140186684)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (268.855480183 + 22.2177610964) / 1647.63754692)||/||(1 - (196.319292852 + 24.7557263643) / 1646.15634128)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(32.473802874 / (32.473802874 + 24.7557263643))||/||(33.7413694852 / (33.7413694852 + 22.2177610964))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(44.7850437995 / 435.140186684)||/||(44.6644852565 / 422.921207762)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((217.441341552 + 27.6604111429) / 1647.63754692)||/||((215.146656418 + 51.3426594927) / 1646.15634128)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(170.044896626 - -7.7700968769||-||201.755712944)||/||1647.63754692|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Grupo Aeroportuario del Sureste SAB de CV has a M-score of -2.67 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Grupo Aeroportuario del Sureste SAB de CV Annual Data
Grupo Aeroportuario del Sureste SAB de CV Quarterly Data