Agrogalaxy Participacoes Beneish M-Score Historical Data
The historical data trend for Agrogalaxy Participacoes'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.
Agrogalaxy Participacoes Beneish M-Score Chart
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Agrogalaxy Participacoes Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.98 |
-1.74 |
-2.68 |
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Agrogalaxy Participacoes Quarterly Data
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Dec16 |
Dec17 |
Dec18 |
Sep19 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.74 |
-2.18 |
-2.47 |
-2.84 |
-2.68 |
Competitive Comparison of Agrogalaxy Participacoes's Beneish M-Score
For the Agricultural Inputs subindustry, Agrogalaxy Participacoes'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.
Agrogalaxy Participacoes's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, Agrogalaxy Participacoes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Agrogalaxy Participacoes's Beneish M-Score falls into.
Agrogalaxy Participacoes 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 Agrogalaxy Participacoes 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 * 0.8806 | + | 0.528 * 1.2056 | + | 0.404 * 1.6571 | + | 0.892 * 0.8108 | + | 0.115 * 0.9045 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0509 | + | 4.679 * -0.059324 | - | 0.327 * 0.9789 |
| = | -2.68 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was R$3,327 Mil.
Revenue was 2412.748 + 2369.051 + 1832.007 + 2785.29 = R$9,399 Mil.
Gross Profit was 244.229 + 351.856 + -24.92 + 406.416 = R$978 Mil.
Total Current Assets was R$5,553 Mil.
Total Assets was R$7,714 Mil.
Property, Plant and Equipment(Net PPE) was R$393 Mil.
Depreciation, Depletion and Amortization(DDA) was R$147 Mil.
Selling, General, & Admin. Expense(SGA) was R$767 Mil.
Total Current Liabilities was R$6,147 Mil.
Long-Term Debt & Capital Lease Obligation was R$134 Mil.
Net Income was 89.55 + -31.255 + -388.825 + -43.605 = R$-374 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 65.421 + 84.169 + 197.075 + -263.177 = R$83 Mil.
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Total Receivables was R$4,660 Mil.
Revenue was 3405.883 + 3074.306 + 1967.028 + 3145.293 = R$11,593 Mil.
Gross Profit was 545.431 + 447.223 + 127.737 + 333.186 = R$1,454 Mil.
Total Current Assets was R$8,208 Mil.
Total Assets was R$9,910 Mil.
Property, Plant and Equipment(Net PPE) was R$332 Mil.
Depreciation, Depletion and Amortization(DDA) was R$109 Mil.
Selling, General, & Admin. Expense(SGA) was R$900 Mil.
Total Current Liabilities was R$7,191 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,053 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) |
| = | (3327.372 / 9399.096) | / | (4660.062 / 11592.51) |
| = | 0.35401 | / | 0.401989 |
| | = | 0.8806 |
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) |
| = | (1453.577 / 11592.51) | / | (977.581 / 9399.096) |
| = | 0.125389 | / | 0.104008 |
| | = | 1.2056 |
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 - (5553.467 + 392.75) / 7714.016) | / | (1 - (8207.602 + 332.286) / 9910.493) |
| = | 0.229167 | / | 0.138298 |
| | = | 1.6571 |
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 |
| = | 9399.096 | / | 11592.51 |
| | = | 0.8108 |
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)) |
| = | (108.911 / (108.911 + 332.286)) | / | (147.42 / (147.42 + 392.75)) |
| = | 0.246853 | / | 0.272914 |
| | = | 0.9045 |
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) |
| = | (766.553 / 9399.096) | / | (899.653 / 11592.51) |
| = | 0.081556 | / | 0.077606 |
| | = | 1.0509 |
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) |
| = | ((134.132 + 6147.186) / 7714.016) | / | ((1052.825 + 7190.67) / 9910.493) |
| = | 0.814273 | / | 0.831795 |
| | = | 0.9789 |
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 |
| = | (-374.135 - 0 | - | 83.488) | / | 7714.016 |
| | = | -0.059324 |
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.
Agrogalaxy Participacoes has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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