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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.
Grupo Aeroportuario del Sureste SAB de CV has a M-score of -3.27 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Grupo Aeroportuario del Sureste SAB de CV was 4.39. The lowest was -4.24. And the median was -2.64.
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 * 0.5519||+||0.528 * 0.7926||+||0.404 * 0.9955||+||0.892 * 1.0254||+||0.115 * 0.9787|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 2.6591||+||4.679 * -0.0111||-||0.327 * 0.8488|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $15.3 Mil.|
Revenue was 109.050113135 + 103.193651185 + 105.849544654 + 111.807971563 = $429.9 Mil.
Gross Profit was 76.453577655 + 78.8490078052 + 84.3257825055 + 68.1517924671 = $307.8 Mil.
Total Current Assets was $299.1 Mil.
Total Assets was $1,709.7 Mil.
Property, Plant and Equipment(Net PPE) was $24.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.8 Mil.
Selling, General & Admin. Expense(SGA) was $44.8 Mil.
Total Current Liabilities was $32.0 Mil.
Long-Term Debt was $213.4 Mil.
Net Income was 43.130234801 + 42.7010175963 + 48.5479452055 + 48.7743155347 = $183.2 Mil.
Non Operating Income was 1.58054823992 + 1.68503779423 + 0.776765898829 + -6.780139162 = $-2.7 Mil.
Cash Flow from Operations was 70.8176119292 + 59.9100943701 + 27.7948266626 + 46.3946452882 = $204.9 Mil.
|Accounts Receivable was $27.0 Mil.
Revenue was 100.818657635 + 100.565506974 + 112.609208586 + 105.2607908 = $419.3 Mil.
Gross Profit was 72.9240301724 + 74.3352922739 + 87.4268392594 + 3.21282293636 = $237.9 Mil.
Total Current Assets was $297.8 Mil.
Total Assets was $1,738.9 Mil.
Property, Plant and Equipment(Net PPE) was $24.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.7 Mil.
Selling, General & Admin. Expense(SGA) was $16.4 Mil.
Total Current Liabilities was $75.8 Mil.
Long-Term Debt was $218.2 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)|
|=||(15.2867687971 / 429.901280536)||/||(27.0147013547 / 419.254163995)|
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)|
|=||(78.8490078052 / 419.254163995)||/||(76.453577655 / 429.901280536)|
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 - (299.116065136 + 23.969731815) / 1709.68055195)||/||(1 - (297.82635468 + 24.3980141626) / 1738.88138855)|
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))|
|=||(32.7026567946 / (32.7026567946 + 24.3980141626))||/||(33.8163564428 / (33.8163564428 + 23.969731815))|
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)|
|=||(44.848673559 / 429.901280536)||/||(16.4483170366 / 419.254163995)|
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)|
|=||((213.379873141 + 31.9864980155) / 1709.68055195)||/||((218.186268473 + 75.8306650246) / 1738.88138855)|
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|
|=||(183.153513137 - -2.73778722902||-||204.91717825)||/||1709.68055195|
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 -3.27 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