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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 SAB de CV has a M-score of -2.91 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Grupo Aeroportuario del Sureste SAB de CV was 4.41. The lowest was -4.43. And the median was -2.56.
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 * 0.922||+||0.528 * 0.7681||+||0.404 * 0.9847||+||0.892 * 1.0206||+||0.115 * 0.9858|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 2.7481||+||4.679 * 0.001||-||0.327 * 0.8625|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $100.7 Mil.|
Revenue was 103.196828574 + 105.849544654 + 111.807971563 + 100.818657635 = $421.7 Mil.
Gross Profit was 78.8514356093 + 84.3257825055 + 68.1517924671 + 72.9240301724 = $304.3 Mil.
Total Current Assets was $281.8 Mil.
Total Assets was $1,724.6 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.
Net Income was 42.702332384 + 48.5479452055 + 48.7743155347 + 39.3216594828 = $179.3 Mil.
Non Operating Income was 1.68508967747 + 0.776765898829 + -6.780139162 + 0.0257850985222 = $-4.3 Mil.
Cash Flow from Operations was 59.9119390347 + 27.7948266626 + 46.3946452882 + 47.8325892857 = $181.9 Mil.
|Accounts Receivable was $107.0 Mil.
Revenue was 100.565506974 + 112.609208586 + 105.2607908 + 94.7442239107 = $413.2 Mil.
Gross Profit was 74.3352922739 + 87.4268392594 + 3.21282293636 + 64.0113195844 = $229.0 Mil.
Total Current Assets was $259.2 Mil.
Total Assets was $1,721.4 Mil.
Property, Plant and Equipment(Net PPE) was $24.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.4 Mil.
Selling, General & Admin. Expense(SGA) was $15.9 Mil.
Total Current Liabilities was $70.6 Mil.
Long-Term Debt was $221.7 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)|
|=||(100.717804634 / 421.673002426)||/||(107.04090268 / 413.179730271)|
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)|
|=||(84.3257825055 / 413.179730271)||/||(78.8514356093 / 421.673002426)|
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 - (281.764067431 + 24.8433530906) / 1724.63790316)||/||(1 - (259.199733584 + 24.8590346341) / 1721.44036985)|
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))|
|=||(32.411977241 / (32.411977241 + 24.8590346341))||/||(33.4849551556 / (33.4849551556 + 24.8433530906))|
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)|
|=||(44.5948510707 / 421.673002426)||/||(15.9006141836 / 413.179730271)|
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)|
|=||((213.727734585 + 38.8814563929) / 1724.63790316)||/||((221.724964739 + 70.6273311393) / 1721.44036985)|
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|
|=||(179.346252607 - -4.29249848718||-||181.934000271)||/||1724.63790316|
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 -2.91 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