Anima Holding Beneish M-Score Historical Data
The historical data trend for Anima Holding'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.
Anima Holding Beneish M-Score Chart
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Anima Holding Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.11 |
-1.01 |
-2.25 |
-2.55 |
-2.94 |
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Anima Holding Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-2.42 |
-2.62 |
-2.83 |
-2.94 |
Competitive Comparison of Anima Holding's Beneish M-Score
For the Education & Training Services subindustry, Anima Holding'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.
Anima Holding's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Anima Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Anima Holding's Beneish M-Score falls into.
Anima Holding 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 Anima Holding 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 * 0.8675 | + | 0.528 * 0.9721 | + | 0.404 * 1.083 | + | 0.892 * 1.0476 | + | 0.115 * 0.9456 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.939 | + | 4.679 * -0.086003 | - | 0.327 * 1.0057 |
| = | -2.94 |
* 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$723 Mil.
Revenue was 905.686 + 940.408 + 932.424 + 954.422 = R$3,733 Mil.
Gross Profit was 501.648 + 568.09 + 510.407 + 633.979 = R$2,214 Mil.
Total Current Assets was R$1,770 Mil.
Total Assets was R$9,655 Mil.
Property, Plant and Equipment(Net PPE) was R$1,626 Mil.
Depreciation, Depletion and Amortization(DDA) was R$509 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,412 Mil.
Total Current Liabilities was R$1,692 Mil.
Long-Term Debt & Capital Lease Obligation was R$4,081 Mil.
Net Income was -120.374 + -30.235 + -101.811 + -77.21 = R$-330 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 23.099 + 228.572 + 188.467 + 60.632 = R$501 Mil.
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Total Receivables was R$795 Mil.
Revenue was 845.142 + 905.237 + 910.472 + 902.38 = R$3,563 Mil.
Gross Profit was 416.298 + 527.355 + 522.584 + 588.154 = R$2,054 Mil.
Total Current Assets was R$2,380 Mil.
Total Assets was R$10,732 Mil.
Property, Plant and Equipment(Net PPE) was R$1,929 Mil.
Depreciation, Depletion and Amortization(DDA) was R$562 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,436 Mil.
Total Current Liabilities was R$1,821 Mil.
Long-Term Debt & Capital Lease Obligation was R$4,559 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) |
| = | (722.5 / 3732.94) | / | (794.995 / 3563.231) |
| = | 0.193547 | / | 0.223111 |
| | = | 0.8675 |
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) |
| = | (2054.391 / 3563.231) | / | (2214.124 / 3732.94) |
| = | 0.576553 | / | 0.593131 |
| | = | 0.9721 |
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 - (1770.484 + 1626.379) / 9655.477) | / | (1 - (2379.589 + 1929.01) / 10732.094) |
| = | 0.648193 | / | 0.598531 |
| | = | 1.083 |
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 |
| = | 3732.94 | / | 3563.231 |
| | = | 1.0476 |
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)) |
| = | (561.76 / (561.76 + 1929.01)) | / | (509.39 / (509.39 + 1626.379)) |
| = | 0.225537 | / | 0.238504 |
| | = | 0.9456 |
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) |
| = | (1412.196 / 3732.94) | / | (1435.635 / 3563.231) |
| = | 0.378307 | / | 0.402903 |
| | = | 0.939 |
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) |
| = | ((4080.724 + 1692.177) / 9655.477) | / | ((4558.666 + 1821.441) / 10732.094) |
| = | 0.597889 | / | 0.594489 |
| | = | 1.0057 |
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 |
| = | (-329.63 - 0 | - | 500.77) | / | 9655.477 |
| | = | -0.086003 |
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.
Anima Holding has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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