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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 * 0.8151||+||0.528 * 1.0105||+||0.404 * 0.9418||+||0.892 * 1.0728||+||0.115 * 0.942|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9611||+||4.679 * -0.0355||-||0.327 * 1.0239|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $36.1 Mil.|
Revenue was 117.906546349 + 116.074308736 + 111.047896049 + 103.179355355 = $448.2 Mil.
Gross Profit was 87.1612141099 + 73.0836403705 + 77.8541965702 + 78.8380845365 = $316.9 Mil.
Total Current Assets was $311.4 Mil.
Total Assets was $1,638.3 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 $45.5 Mil.
Total Current Liabilities was $36.0 Mil.
Long-Term Debt was $214.6 Mil.
Net Income was 48.8440360952 + 35.3451327434 + 43.9203747073 + 42.6951020534 = $170.8 Mil.
Non Operating Income was -0.174044298605 + -11.8337522813 + 1.60950366397 + 1.6848043592 = $-8.7 Mil.
Cash Flow from Operations was 63.3822477441 + 42.2095657863 + 72.1149807358 + 59.901794785 = $237.6 Mil.
|Accounts Receivable was $41.2 Mil.
Revenue was 104.838626544 + 113.629900077 + 100.332133282 + 98.998534403 = $417.8 Mil.
Gross Profit was 83.5205032972 + 69.2623366641 + 72.5721179625 + 73.1770286948 = $298.5 Mil.
Total Current Assets was $229.8 Mil.
Total Assets was $1,653.8 Mil.
Property, Plant and Equipment(Net PPE) was $24.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.8 Mil.
Selling, General & Admin. Expense(SGA) was $44.1 Mil.
Total Current Liabilities was $35.3 Mil.
Long-Term Debt was $211.7 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)|
|=||(36.0548646432 / 448.208106489)||/||(41.2306526188 / 417.799194306)|
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)|
|=||(73.0836403705 / 417.799194306)||/||(87.1612141099 / 448.208106489)|
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 - (311.396948318 + 21.12511895) / 1638.28534865)||/||(1 - (229.764496324 + 24.461835822) / 1653.84188585)|
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))|
|=||(32.7900039806 / (32.7900039806 + 24.461835822))||/||(32.7683181735 / (32.7683181735 + 21.12511895))|
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)|
|=||(45.4848246276 / 448.208106489)||/||(44.1139096785 / 417.799194306)|
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)|
|=||((214.629958983 + 35.997440525) / 1638.28534865)||/||((211.749564163 + 35.3488213447) / 1653.84188585)|
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|
|=||(170.804645599 - -8.71348855669||-||237.608589051)||/||1638.28534865|
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 -2.78 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