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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 -4.05. 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 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 * 1.0416||+||0.528 * 1.0111||+||0.404 * 1.0201||+||0.892 * 1.0615||+||0.115 * 0.974|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8618||+||4.679 * -0.0216||-||0.327 * 1.0433|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $5.0 Mil.|
Revenue was 122.417686919 + 120.285893491 + 117.828681304 + 170.194732155 = $530.7 Mil.
Gross Profit was 82.1258496331 + 82.7014334881 + 92.4148199407 + 18.1360430239 = $275.4 Mil.
Total Current Assets was $200.3 Mil.
Total Assets was $1,452.5 Mil.
Property, Plant and Equipment(Net PPE) was $16.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $28.3 Mil.
Selling, General & Admin. Expense(SGA) was $13.7 Mil.
Total Current Liabilities was $31.1 Mil.
Long-Term Debt was $214.9 Mil.
Net Income was 47.6417094515 + 46.4582551544 + 52.6555986001 + 42.8149458687 = $189.6 Mil.
Non Operating Income was 1.51406181796 + 1.64089890532 + 1.50343442823 + -10.6677953789 = $-6.0 Mil.
Cash Flow from Operations was 60.0141345694 + 87.2347725396 + 56.6844012864 + 23.0689647092 = $227.0 Mil.
|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 + 12.0079887056 = $262.3 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 $15.0 Mil.
Total Current Liabilities was $30.4 Mil.
Long-Term Debt was $214.0 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)|
|=||(4.98508595065 / 530.72699387)||/||(4.50866159502 / 499.979529528)|
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)|
|=||(262.309855686 / 499.979529528)||/||(275.378146086 / 530.72699387)|
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 - (200.264347627 + 16.7534660874) / 1452.50176682)||/||(1 - (231.183523669 + 19.0356143883) / 1505.65756264)|
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))|
|=||(29.9861599904 / (29.9861599904 + 19.0356143883))||/||(28.2870051159 / (28.2870051159 + 16.7534660874))|
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)|
|=||(13.738309102 / 530.72699387)||/||(15.0181378893 / 499.979529528)|
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)|
|=||((214.928703569 + 31.0910640421) / 1452.50176682)||/||((214.0168184 + 30.4111956386) / 1505.65756264)|
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|
|=||(189.570509075 - -6.00940022742||-||227.002273105)||/||1452.50176682|
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 -2.47 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