CresudCIF y A (CresudCIF y A) Beneish M-Score : 0.90 (As of Apr. 25, 2024)

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What is CresudCIF y A 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 0.9 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for CresudCIF y A's Beneish M-Score or its related term are showing as below:

CRESY' s Beneish M-Score Range Over the Past 10 Years
Min: -5.04 Med: -2.1 Max: 265
Current: 0.9

During the past 13 years, the highest Beneish M-Score of CresudCIF y A was 265.00. The lowest was -5.04. And the median was -2.10.

CresudCIF y A Beneish M-Score Historical Data

The historical data trend for CresudCIF y A'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.

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CresudCIF y A Beneish M-Score Chart

CresudCIF y A Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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0.19

-2.49

-3.09

-1.65

-1.99

CresudCIF y A 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															-1.10	-	-1.99	-0.67	0.90

Competitive Comparison of CresudCIF y A's Beneish M-Score

For the Conglomerates subindustry, CresudCIF y A'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.

CresudCIF y A's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, CresudCIF y A's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CresudCIF y A's Beneish M-Score falls into.

CresudCIF y A 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 CresudCIF y A 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 * 4.3579

0.528 * 1.0088

0.404 * 0.911

0.892 * 0.4407

0.115 * 10.7865

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4016

4.679 * -0.063707

0.327 * 1.101

0.80

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $634.3 Mil.
Revenue was 280.44 + 192.95 + 333.004 + 143.427 = $949.8 Mil.
Gross Profit was 157.87 + 71.027 + 114.496 + 63.017 = $406.4 Mil.
Total Current Assets was $1,689.0 Mil.
Total Assets was $7,461.9 Mil.
Property, Plant and Equipment(Net PPE) was $1,292.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.1 Mil.
Selling, General, & Admin. Expense(SGA) was $174.9 Mil.
Total Current Liabilities was $1,430.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,493.8 Mil.
Net Income was -37.981 + 225.658 + 97.429 + 38.547 = $323.7 Mil.
Non Operating Income was 165.817 + 301.632 + 21.625 + 10.2 = $499.3 Mil.
Cash Flow from Operations was 36.26 + 101.949 + 122.883 + 38.659 = $299.8 Mil.

Total Receivables was $330.3 Mil.
Revenue was 602.881 + 512.112 + 748.209 + 292.199 = $2,155.4 Mil.
Gross Profit was 269.389 + 164.419 + 270.706 + 225.813 = $930.3 Mil.
Total Current Assets was $823.4 Mil.
Total Assets was $4,256.5 Mil.
Property, Plant and Equipment(Net PPE) was $627.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.4 Mil.
Selling, General, & Admin. Expense(SGA) was $283.2 Mil.
Total Current Liabilities was $820.2 Mil.
Long-Term Debt & Capital Lease Obligation was $694.6 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)
	=	(634.299 / 949.821)	/	(330.295 / 2155.401)
	=	0.667809	/	0.153241
	=	4.3579

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)
	=	(930.327 / 2155.401)	/	(406.41 / 949.821)
	=	0.431626	/	0.427881
	=	1.0088

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 - (1688.994 + 1292.061) / 7461.864)	/	(1 - (823.418 + 627.325) / 4256.505)
	=	0.600495	/	0.65917
	=	0.911

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
	=	949.821	/	2155.401
	=	0.4407

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))
	=	(33.449 / (33.449 + 627.325))	/	(6.092 / (6.092 + 1292.061))
	=	0.050621	/	0.004693
	=	10.7865

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)
	=	(174.933 / 949.821)	/	(283.229 / 2155.401)
	=	0.184175	/	0.131404
	=	1.4016

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)
	=	((1493.82 + 1429.975) / 7461.864)	/	((694.584 + 820.209) / 4256.505)
	=	0.391832	/	0.355877
	=	1.101

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
	=	(323.653 - 499.274	-	299.751)	/	7461.864
	=	-0.063707

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.

CresudCIF y A has a M-score of 0.80 signals that the company is likely to be a manipulator.

CresudCIF y A Beneish M-Score Related Terms

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CresudCIF y A (CresudCIF y A) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » Cresud SACIF y A (NAS:CRESY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CD8:Germany CD8:Germany CRES:Argentina

Address

Carlos M. Della Paolera 261, 9th Floor, Buenos Aires, ARG, C1001ADA

Website

https://www.cresud.com.ar

Cresud SACIF y A is engaged in agricultural business and urban properties and investment business. Under its agricultural business the company produces oilseed grains and cereals, sugar cane and meat. The Agricultural business of the company is further comprised of four reportable segments which are Agricultural production, Land transformation and Sales, Corporate and Other segments. The company participates in the real estate business in Argentina through its subsidiary IRSA. The real estate business is further comprised of five reportable segments, namely Shopping Malls, Offices, Sales and Developments, Hotels and others.