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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 4.09. The lowest was -4.33. And the median was -2.58.
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 * 0.7256||+||0.528 * 1.0771||+||0.404 * 1.0124||+||0.892 * 1.1423||+||0.115 * 0.951|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.892||+||4.679 * -0.051||-||0.327 * 1.1126|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $21.6 Mil.|
Revenue was 136.98556773 + 117.906546349 + 116.074308736 + 111.047896049 = $482.0 Mil.
Gross Profit was 84.5042379451 + 87.1612141099 + 73.0836403705 + 77.8541965702 = $322.6 Mil.
Total Current Assets was $243.3 Mil.
Total Assets was $1,575.8 Mil.
Property, Plant and Equipment(Net PPE) was $20.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $31.6 Mil.
Selling, General & Admin. Expense(SGA) was $45.4 Mil.
Total Current Liabilities was $45.1 Mil.
Long-Term Debt was $211.7 Mil.
Net Income was 47.3471497235 + 48.8440360952 + 35.3451327434 + 43.9203747073 = $175.5 Mil.
Non Operating Income was 1.40065378056 + -0.174044298605 + -11.8337522813 + 1.60950366397 = $-9.0 Mil.
Cash Flow from Operations was 87.1400330766 + 63.3822477441 + 42.2095657863 + 72.1149807358 = $264.8 Mil.
|Accounts Receivable was $26.1 Mil.
Revenue was 103.179355355 + 104.838626544 + 113.629900077 + 100.332133282 = $422.0 Mil.
Gross Profit was 78.8380845365 + 83.5205032972 + 69.2623366641 + 72.5721179625 = $304.2 Mil.
Total Current Assets was $281.7 Mil.
Total Assets was $1,724.3 Mil.
Property, Plant and Equipment(Net PPE) was $24.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.5 Mil.
Selling, General & Admin. Expense(SGA) was $44.6 Mil.
Total Current Liabilities was $38.9 Mil.
Long-Term Debt was $213.7 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)|
|=||(21.6273450824 / 482.014318864)||/||(26.0943416556 / 421.980015259)|
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)|
|=||(87.1612141099 / 421.980015259)||/||(84.5042379451 / 482.014318864)|
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 - (243.338932245 + 20.7494573363) / 1575.78376143)||/||(1 - (281.716359326 + 24.8391466305) / 1724.34588862)|
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))|
|=||(33.4925401412 / (33.4925401412 + 24.8391466305))||/||(31.6134778238 / (31.6134778238 + 20.7494573363))|
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)|
|=||(45.4468612486 / 482.014318864)||/||(44.6016147371 / 421.980015259)|
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)|
|=||((211.72024394 + 45.0846296966) / 1575.78376143)||/||((213.691546347 + 38.8748730105) / 1724.34588862)|
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|
|=||(175.456693269 - -8.99763913533||-||264.846827343)||/||1575.78376143|
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 -2.82 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