Matba Rofex Sociedad Anonima (BUE:MTR) Beneish M-Score : 0.11 (As of Apr. 29, 2024)

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What is Matba Rofex Sociedad Anonima Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 0.11 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Matba Rofex Sociedad Anonima's Beneish M-Score or its related term are showing as below:

BUE:MTR' s Beneish M-Score Range Over the Past 10 Years
Min: -6.58 Med: -0.85 Max: 8.18
Current: 0.11

During the past 13 years, the highest Beneish M-Score of Matba Rofex Sociedad Anonima was 8.18. The lowest was -6.58. And the median was -0.85.

Matba Rofex Sociedad Anonima Beneish M-Score Historical Data

The historical data trend for Matba Rofex Sociedad Anonima'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.

* Premium members only.

Matba Rofex Sociedad Anonima Beneish M-Score Chart

Matba Rofex Sociedad Anonima Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-1.43

6.30

-1.38

-1.98

-0.81

Matba Rofex Sociedad Anonima Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-0.46	4.16	-0.81	1.08	0.11

Competitive Comparison of Matba Rofex Sociedad Anonima's Beneish M-Score

For the Financial Data & Stock Exchanges subindustry, Matba Rofex Sociedad Anonima'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.

Matba Rofex Sociedad Anonima's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Matba Rofex Sociedad Anonima's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Matba Rofex Sociedad Anonima's Beneish M-Score falls into.

Matba Rofex Sociedad Anonima 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 Matba Rofex Sociedad Anonima for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 3.902

0.528 * 0.6552

0.404 * 0.9635

0.892 * 1.0194

0.115 * 2.4796

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0923

4.679 * -0.0242

0.327 * 0.8139

0.11

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ARS2,157 Mil.
Revenue was 8771.296 + 4797.545 + 6279.007 + 2610.353 = ARS22,458 Mil.
Gross Profit was 4318.164 + 2331.397 + 6279.007 + 1282.365 = ARS14,211 Mil.
Total Current Assets was ARS110,475 Mil.
Total Assets was ARS158,157 Mil.
Property, Plant and Equipment(Net PPE) was ARS3,195 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS961 Mil.
Selling, General, & Admin. Expense(SGA) was ARS384 Mil.
Total Current Liabilities was ARS61,942 Mil.
Long-Term Debt & Capital Lease Obligation was ARS3,016 Mil.
Net Income was 6885.133 + 497.833 + 2259.251 + 813.162 = ARS10,455 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 22516.159 + -7715.483 + 3666.712 + -4184.622 = ARS14,283 Mil.

Total Receivables was ARS542 Mil.
Revenue was 9929.105 + 4579.522 + 4967.989 + 2553.651 = ARS22,030 Mil.
Gross Profit was 5120.581 + 3201.804 + -904.492 + 1715.893 = ARS9,134 Mil.
Total Current Assets was ARS34,877 Mil.
Total Assets was ARS50,641 Mil.
Property, Plant and Equipment(Net PPE) was ARS979 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS1,315 Mil.
Selling, General, & Admin. Expense(SGA) was ARS344 Mil.
Total Current Liabilities was ARS24,810 Mil.
Long-Term Debt & Capital Lease Obligation was ARS746 Mil.

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)
	=	(2157.057 / 22458.201)	/	(542.268 / 22030.267)
	=	0.096048	/	0.024615
	=	3.902

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)
	=	(9133.786 / 22030.267)	/	(14210.933 / 22458.201)
	=	0.414602	/	0.632773
	=	0.6552

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 - (110475.203 + 3195.154) / 158156.707)	/	(1 - (34877.204 + 979.264) / 50640.834)
	=	0.28128	/	0.291946
	=	0.9635

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
	=	22458.201	/	22030.267
	=	1.0194

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))
	=	(1315.378 / (1315.378 + 979.264))	/	(960.761 / (960.761 + 3195.154))
	=	0.573239	/	0.231179
	=	2.4796

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)
	=	(383.543 / 22458.201)	/	(344.436 / 22030.267)
	=	0.017078	/	0.015635
	=	1.0923

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)
	=	((3016.342 + 61941.853) / 158156.707)	/	((746.468 + 24809.97) / 50640.834)
	=	0.41072	/	0.504661
	=	0.8139

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
	=	(10455.379 - 0	-	14282.766)	/	158156.707
	=	-0.0242

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.

Matba Rofex Sociedad Anonima has a M-score of 0.11 signals that the company is likely to be a manipulator.

Matba Rofex Sociedad Anonima Beneish M-Score Related Terms

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Matba Rofex Sociedad Anonima (BUE:MTR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Matba Rofex Sociedad Anonima (BUE:MTR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Paraguay 777 Piso 15, Rosario, ARG

Website

https://www.matbarofex.com.ar

Matba Rofex Sociedad Anonima is an agricultural futures and options Exchange in Latin America. Approximately, more than 75 members trade futures and options contracts on agricultural commodities using the open outcry system or company's electronic platform. The company registers, guarantees, clears and settles every contract traded at the Exchange. It also offers through Fundación MATba a large number of educational and training programs. These programs cover a range of topics involving derivatives, strategies and back office administration, among others.