Arezzo Industria E Comercio Beneish M-Score Historical Data
The historical data trend for Arezzo Industria E Comercio's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Arezzo Industria E Comercio Beneish M-Score Chart
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Arezzo Industria E Comercio Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-1.32 |
-1.58 |
-2.02 |
-2.28 |
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Arezzo Industria E Comercio Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.11 |
-2.03 |
-2.23 |
-2.28 |
-2.29 |
Competitive Comparison of Arezzo Industria E Comercio's Beneish M-Score
For the Footwear & Accessories subindustry, Arezzo Industria E Comercio's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Arezzo Industria E Comercio's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Arezzo Industria E Comercio's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arezzo Industria E Comercio's Beneish M-Score falls into.
Arezzo Industria E Comercio Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Arezzo Industria E Comercio 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 * 1.0695 | + | 0.528 * 0.9876 | + | 0.404 * 1.181 | + | 0.892 * 1.1073 | + | 0.115 * 0.8856 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0244 | + | 4.679 * -0.004217 | - | 0.327 * 0.9996 |
| = | -2.29 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was R$998 Mil.
Revenue was 1072.182 + 1424.631 + 1265.823 + 1131.023 = R$4,894 Mil.
Gross Profit was 566.857 + 796.997 + 680.726 + 614.514 = R$2,659 Mil.
Total Current Assets was R$2,677 Mil.
Total Assets was R$5,724 Mil.
Property, Plant and Equipment(Net PPE) was R$846 Mil.
Depreciation, Depletion and Amortization(DDA) was R$233 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,140 Mil.
Total Current Liabilities was R$1,872 Mil.
Long-Term Debt & Capital Lease Obligation was R$722 Mil.
Net Income was 73.1 + 121.77 + 113.863 + 100.626 = R$409 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -55.735 + 297.189 + 114.613 + 77.43 = R$433 Mil.
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Total Receivables was R$843 Mil.
Revenue was 1025.291 + 1311.413 + 1137.985 + 944.752 = R$4,419 Mil.
Gross Profit was 536.824 + 704.985 + 601.302 + 528.607 = R$2,372 Mil.
Total Current Assets was R$2,691 Mil.
Total Assets was R$5,132 Mil.
Property, Plant and Equipment(Net PPE) was R$770 Mil.
Depreciation, Depletion and Amortization(DDA) was R$182 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,887 Mil.
Total Current Liabilities was R$1,590 Mil.
Long-Term Debt & Capital Lease Obligation was R$737 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (998.284 / 4893.659) | / | (842.918 / 4419.441) |
| = | 0.203995 | / | 0.19073 |
| | = | 1.0695 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (2371.718 / 4419.441) | / | (2659.094 / 4893.659) |
| = | 0.536656 | / | 0.543375 |
| | = | 0.9876 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (2676.632 + 845.792) / 5723.547) | / | (1 - (2691.016 + 769.765) / 5131.922) |
| = | 0.384573 | / | 0.325636 |
| | = | 1.181 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 4893.659 | / | 4419.441 |
| | = | 1.1073 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (181.993 / (181.993 + 769.765)) | / | (232.903 / (232.903 + 845.792)) |
| = | 0.191218 | / | 0.215912 |
| | = | 0.8856 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (2140.411 / 4893.659) | / | (1886.988 / 4419.441) |
| = | 0.437385 | / | 0.426974 |
| | = | 1.0244 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((721.765 + 1872.091) / 5723.547) | / | ((737.011 + 1589.572) / 5131.922) |
| = | 0.45319 | / | 0.453355 |
| | = | 0.9996 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (409.359 - 0 | - | 433.497) | / | 5723.547 |
| | = | -0.004217 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Arezzo Industria E Comercio has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
Arezzo Industria E Comercio (BSP:ARZZ3) Business Description
Traded in Other Exchanges
N/A
Address
Rua Fernandes Tourinho, 147 - sala 402, Rooms 1301 and 1303, Belo Horizonte, MG, BRA, 30112000
Arezzo Industria e Comercio S.A. together with its subsidiaries engages in the manufacturing, development, molding, and sale of footwear, bags, and women's clothing and accessories. It operates more than 400 franchises and approximately 48 stores and an e-commerce website for the sale of products under the brand names Schutz, Arezzo, Alexandre Birman, Fiever, Vans, Reserva, Reserva Mini, Reserva Go, Oficina, INK, EVA, Troc, Baw, MyShoes, Carol Bassi, Brizza, Reversa, Simples Reserva, Unbrand Reserva and Anacapri. The company derives revenue through the sale of products and Royalty income.
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