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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 -2.61.
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 * 0.2507||+||0.528 * 1.1058||+||0.404 * 1.0281||+||0.892 * 1.1555||+||0.115 * 0.9518|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8596||+||4.679 * -0.0434||-||0.327 * 1.1312|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $4.5 Mil.|
Revenue was 129.013106713 + 136.98556773 + 117.906546349 + 116.074308736 = $500.0 Mil.
Gross Profit was 78.6364149251 + 84.5042379451 + 87.1612141099 + 73.0836403705 = $323.4 Mil.
Total Current Assets was $231.2 Mil.
Total Assets was $1,505.7 Mil.
Property, Plant and Equipment(Net PPE) was $19.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.0 Mil.
Selling, General & Admin. Expense(SGA) was $44.8 Mil.
Total Current Liabilities was $30.4 Mil.
Long-Term Debt was $214.0 Mil.
Net Income was 41.9119647004 + 47.3471497235 + 48.8440360952 + 35.3451327434 = $173.4 Mil.
Non Operating Income was 0.602718737195 + 1.40065378056 + -0.174044298605 + -11.8337522813 = $-10.0 Mil.
Cash Flow from Operations was 56.1298675076 + 87.1400330766 + 63.3822477441 + 42.2095657863 = $248.9 Mil.
|Accounts Receivable was $15.6 Mil.
Revenue was 111.047896049 + 103.179355355 + 104.838626544 + 113.629900077 = $432.7 Mil.
Gross Profit was 77.8541965702 + 78.8380845365 + 83.5205032972 + 69.2623366641 = $309.5 Mil.
Total Current Assets was $304.6 Mil.
Total Assets was $1,741.0 Mil.
Property, Plant and Equipment(Net PPE) was $24.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $34.0 Mil.
Selling, General & Admin. Expense(SGA) was $45.1 Mil.
Total Current Liabilities was $32.6 Mil.
Long-Term Debt was $217.3 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)|
|=||(4.50866159502 / 499.979529528)||/||(15.5668202765 / 432.695778025)|
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)|
|=||(84.5042379451 / 432.695778025)||/||(78.6364149251 / 499.979529528)|
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 - (231.183523669 + 19.0356143883) / 1505.65756264)||/||(1 - (304.595829871 + 24.4088539699) / 1741.00166201)|
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))|
|=||(34.0183587247 / (34.0183587247 + 24.4088539699))||/||(29.9861599904 / (29.9861599904 + 19.0356143883))|
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)|
|=||(44.8093985208 / 499.979529528)||/||(45.1132617757 / 432.695778025)|
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)|
|=||((214.0168184 + 30.4111956386) / 1505.65756264)||/||((217.288962756 + 32.5724862129) / 1741.00166201)|
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|
|=||(173.448283262 - -10.0044240621||-||248.861714115)||/||1505.65756264|
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 -3.19 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 SAB de CV Annual Data
Grupo Aeroportuario del Sureste SAB de CV Quarterly Data