Brisanet Participacoes Beneish M-Score Historical Data
The historical data trend for Brisanet 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.
Brisanet Participacoes Beneish M-Score Chart
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Brisanet Participacoes Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.81 |
-2.31 |
-2.84 |
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Brisanet Participacoes Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.62 |
-2.84 |
-2.92 |
-3.03 |
-3.15 |
Competitive Comparison of Brisanet Participacoes's Beneish M-Score
For the Telecom Services subindustry, Brisanet 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.
Brisanet Participacoes's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Brisanet Participacoes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Brisanet Participacoes's Beneish M-Score falls into.
Brisanet 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 Brisanet 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 * 0.8869 | + | 0.528 * 1.1016 | + | 0.404 * 0.8789 | + | 0.892 * 1.1774 | + | 0.115 * 0.9884 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1968 | + | 4.679 * -0.131703 | - | 0.327 * 1.2392 |
| = | -3.15 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was R$170 Mil.
Revenue was 364.686 + 346.453 + 315.091 + 256.124 = R$1,282 Mil.
Gross Profit was 151.604 + 140.056 + 123.616 + 77.589 = R$493 Mil.
Total Current Assets was R$1,161 Mil.
Total Assets was R$4,058 Mil.
Property, Plant and Equipment(Net PPE) was R$2,532 Mil.
Depreciation, Depletion and Amortization(DDA) was R$387 Mil.
Selling, General, & Admin. Expense(SGA) was R$90 Mil.
Total Current Liabilities was R$756 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,532 Mil.
Net Income was 15.917 + 17.315 + 20.153 + 62.564 = R$116 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 187.374 + 200.753 + 100.84 + 161.392 = R$650 Mil.
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Total Receivables was R$163 Mil.
Revenue was 310.512 + 300.207 + 275.784 + 202.597 = R$1,089 Mil.
Gross Profit was 143.454 + 141.758 + 122.269 + 53.644 = R$461 Mil.
Total Current Assets was R$717 Mil.
Total Assets was R$3,129 Mil.
Property, Plant and Equipment(Net PPE) was R$2,093 Mil.
Depreciation, Depletion and Amortization(DDA) was R$316 Mil.
Selling, General, & Admin. Expense(SGA) was R$64 Mil.
Total Current Liabilities was R$312 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,112 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) |
| = | (170.225 / 1282.354) | / | (163.007 / 1089.1) |
| = | 0.132744 | / | 0.149671 |
| | = | 0.8869 |
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) |
| = | (461.125 / 1089.1) | / | (492.865 / 1282.354) |
| = | 0.4234 | / | 0.384344 |
| | = | 1.1016 |
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 - (1161.304 + 2531.972) / 4057.688) | / | (1 - (716.924 + 2092.634) / 3129.299) |
| = | 0.089808 | / | 0.102177 |
| | = | 0.8789 |
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 |
| = | 1282.354 | / | 1089.1 |
| | = | 1.1774 |
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)) |
| = | (315.834 / (315.834 + 2092.634)) | / | (387.321 / (387.321 + 2531.972)) |
| = | 0.131135 | / | 0.132676 |
| | = | 0.9884 |
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) |
| = | (89.879 / 1282.354) | / | (63.782 / 1089.1) |
| = | 0.070089 | / | 0.058564 |
| | = | 1.1968 |
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) |
| = | ((1531.865 + 756.225) / 4057.688) | / | ((1112.102 + 311.916) / 3129.299) |
| = | 0.56389 | / | 0.45506 |
| | = | 1.2392 |
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 |
| = | (115.949 - 0 | - | 650.359) | / | 4057.688 |
| | = | -0.131703 |
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.
Brisanet Participacoes has a M-score of -3.15 suggests that the company is unlikely to be a manipulator.
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