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Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario (BSP:ALZR11) Beneish M-Score : 0.97 (As of May. 21, 2024)


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What is Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario 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 0.97 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's Beneish M-Score or its related term are showing as below:

BSP:ALZR11' s Beneish M-Score Range Over the Past 10 Years
Min: -9.54   Med: -1.29   Max: 0.97
Current: 0.97

During the past 6 years, the highest Beneish M-Score of Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario was 0.97. The lowest was -9.54. And the median was -1.29.


Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario Beneish M-Score Historical Data

The historical data trend for Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario'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.

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario Beneish M-Score Chart

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario Annual Data
Trend Jun18 Jun19 Jun20 Jun21 Jun22 Jun23
Beneish M-Score
Get a 7-Day Free Trial - -0.49 -9.54 -2.09 0.97

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario Semi-Annual Data
Jun18 Jun19 Jun20 Jun21 Jun22 Jun23
Beneish M-Score Get a 7-Day Free Trial - -0.49 -9.54 -2.09 0.97

Competitive Comparison of Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's Beneish M-Score

For the Real Estate Services subindustry, Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario'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.


Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's Beneish M-Score falls into.



Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario 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 Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario 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 * 0.2282+0.528 * 2.473+0.404 * 0.599+0.892 * 4.7135+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5945+4.679 * 0.04845-0.327 * 0.6684
=0.97

* 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 (Jun23) TTM:Last Year (Jun22) TTM:
Total Receivables was R$12.9 Mil.
Revenue was R$260.7 Mil.
Gross Profit was R$105.4 Mil.
Total Current Assets was R$591.1 Mil.
Total Assets was R$1,238.5 Mil.
Property, Plant and Equipment(Net PPE) was R$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was R$0.5 Mil.
Total Current Liabilities was R$53.9 Mil.
Long-Term Debt & Capital Lease Obligation was R$128.5 Mil.
Net Income was R$106.3 Mil.
Gross Profit was R$0.0 Mil.
Cash Flow from Operations was R$46.3 Mil.
Total Receivables was R$12.0 Mil.
Revenue was R$55.3 Mil.
Gross Profit was R$55.3 Mil.
Total Current Assets was R$115.4 Mil.
Total Assets was R$906.5 Mil.
Property, Plant and Equipment(Net PPE) was R$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was R$0.1 Mil.
Total Current Liabilities was R$15.8 Mil.
Long-Term Debt & Capital Lease Obligation was R$183.9 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)
=(12.946 / 260.697) / (12.038 / 55.308)
=0.049659 / 0.217654
=0.2282

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)
=(55.308 / 55.308) / (105.418 / 260.697)
=1 / 0.40437
=2.473

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 - (591.121 + 0) / 1238.498) / (1 - (115.39 + 0) / 906.468)
=0.522711 / 0.872704
=0.599

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
=260.697 / 55.308
=4.7135

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(0.451 / 260.697) / (0.06 / 55.308)
=0.00173 / 0.001085
=1.5945

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)
=((128.518 + 53.875) / 1238.498) / ((183.946 + 15.782) / 906.468)
=0.14727 / 0.220337
=0.6684

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
=(106.303 - 0 - 46.298) / 1238.498
=0.04845

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.

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario has a M-score of 0.97 signals that the company is likely to be a manipulator.


Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario Beneish M-Score Related Terms

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Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario (BSP:ALZR11) Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Rua Tabapua No. 1.227-Conj. 202, Itaim Bibi, Sau Paulo, SP, BRA, 04534-003
Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliariois a real estate investment company in Brazil. The company focuses on structured projects, such as Built-To-Suit and Sale and Leaseback. It offers property development for leases in the logistics, residential and office segments. The company is also engaged in an asset management business of premium real estate investments, such as FIIs, private equity real estate vehicles, CMBS and RMBS.

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