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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, S.A.B. de C.V. has a M-score of -3.19 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Grupo Aeroportuario del Sureste, S.A.B. de C.V. was 4.09. The lowest was -4.33. And the median was -2.59.
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, S.A.B. de C.V. 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 * 1.3282||+||0.528 * 0.9527||+||0.404 * 1.0584||+||0.892 * 1.0809||+||0.115 * 0.9682|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0013||+||4.679 * -0.0027||-||0.327 * 4.2475|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $92.1 Mil.|
Revenue was 111.807971563 + 100.818657635 + 100.565506974 + 112.609208586 = $425.8 Mil.
Gross Profit was 68.1517924671 + 72.9240301724 + 74.3352922739 + 87.4268392594 = $302.8 Mil.
Total Current Assets was $193.2 Mil.
Total Assets was $1,619.8 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 $45.0 Mil.
Total Current Liabilities was $50.5 Mil.
Long-Term Debt was $211.7 Mil.
Net Income was 48.7743155347 + 39.3216594828 + 51.2854568249 + 39.8662133377 = $179.2 Mil.
Non Operating Income was -6.780139162 + 0.0257850985222 + -2.10014104372 + 6.35687366869 = $-2.5 Mil.
Cash Flow from Operations was 46.3946452882 + 47.8325892857 + 40.0007052186 + 51.954284778 = $186.2 Mil.
|Accounts Receivable was $64.1 Mil.
Revenue was 105.2607908 + 94.7442239107 + 95.4438042502 + 98.4970894608 = $393.9 Mil.
Gross Profit was 63.1264177694 + 64.0113195844 + 65.568243041 + 74.2111672794 = $266.9 Mil.
Total Current Assets was $249.3 Mil.
Total Assets was $1,505.1 Mil.
Property, Plant and Equipment(Net PPE) was $24.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.9 Mil.
Selling, General & Admin. Expense(SGA) was $41.6 Mil.
Total Current Liabilities was $54.7 Mil.
Long-Term Debt was $2.6 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)|
|=||(92.0673876872 / 425.801344758)||/||(64.1335066163 / 393.945908422)|
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)|
|=||(72.9240301724 / 393.945908422)||/||(68.1517924671 / 425.801344758)|
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 - (193.171532295 + 24.3587959462) / 1619.76206323)||/||(1 - (249.274023314 + 24.7821361059) / 1505.13846881)|
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))|
|=||(30.8959281396 / (30.8959281396 + 24.7821361059))||/||(32.7070811911 / (32.7070811911 + 24.3587959462))|
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)|
|=||(45.0098911879 / 425.801344758)||/||(41.5866591116 / 393.945908422)|
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)|
|=||((211.697020118 + 50.5194373015) / 1619.76206323)||/||((2.62547258979 + 54.7400756144) / 1505.13846881)|
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|
|=||(179.24764518 - -2.49762143852||-||186.18222457)||/||1619.76206323|
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, S.A.B. de C.V. has a M-score of -3.19 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, S.A.B. de C.V. Annual Data
Grupo Aeroportuario del Sureste, S.A.B. de C.V. Quarterly Data