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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 -4.32. And the median was -2.60.
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 * 0.9739||+||0.528 * 1.1556||+||0.404 * 0.9646||+||0.892 * 1.2361||+||0.115 * 0.9937|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7273||+||4.679 * -0.0202||-||0.327 * 0.9837|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $33.2 Mil.|
Revenue was 117.828681304 + 170.194732155 + 129.013106713 + 136.98556773 = $554.0 Mil.
Gross Profit was 92.4148199407 + 18.1360430239 + 78.6364149251 + 84.5042379451 = $273.7 Mil.
Total Current Assets was $224.2 Mil.
Total Assets was $1,539.4 Mil.
Property, Plant and Equipment(Net PPE) was $18.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $28.8 Mil.
Selling, General & Admin. Expense(SGA) was $14.1 Mil.
Total Current Liabilities was $34.0 Mil.
Long-Term Debt was $208.5 Mil.
Net Income was 52.6555986001 + 42.8149458687 + 41.9119647004 + 47.3471497235 = $184.7 Mil.
Non Operating Income was 1.50343442823 + -10.6677953789 + 0.602718737195 + 1.40065378056 = $-7.2 Mil.
Cash Flow from Operations was 56.6844012864 + 23.0689647092 + 56.1298675076 + 87.1400330766 = $223.0 Mil.
|Accounts Receivable was $27.5 Mil.
Revenue was 117.906546349 + 116.074308736 + 111.047896049 + 103.179355355 = $448.2 Mil.
Gross Profit was 87.1612141099 + 12.0079887056 + 77.8541965702 + 78.8380845365 = $255.9 Mil.
Total Current Assets was $195.9 Mil.
Total Assets was $1,714.6 Mil.
Property, Plant and Equipment(Net PPE) was $21.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.8 Mil.
Selling, General & Admin. Expense(SGA) was $15.7 Mil.
Total Current Liabilities was $33.3 Mil.
Long-Term Debt was $241.4 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)|
|=||(33.1502016415 / 554.022087902)||/||(27.5383100902 / 448.208106489)|
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)|
|=||(255.861483922 / 448.208106489)||/||(273.691515835 / 554.022087902)|
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 - (224.225112448 + 18.2532344884) / 1539.43580087)||/||(1 - (195.932994258 + 21.1263658737) / 1714.57811321)|
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))|
|=||(32.7683181735 / (32.7683181735 + 21.1263658737))||/||(28.7739610433 / (28.7739610433 + 18.2532344884))|
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)|
|=||(14.1082856496 / 554.022087902)||/||(15.6935639961 / 448.208106489)|
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)|
|=||((208.549542549 + 34.0271577908) / 1539.43580087)||/||((241.386579163 + 33.2532895816) / 1714.57811321)|
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|
|=||(184.729658893 - -7.16098843294||-||223.02326658)||/||1539.43580087|
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 -2.27 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