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 |
| Beneish M-Score |
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-2.31 |
-2.56 |
-2.71 |
-2.62 |
-2.84 |
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 * 0.9038 | + | 0.528 * 0.8422 | + | 0.404 * 1.0869 | + | 0.892 * 1.2816 | + | 0.115 * 0.8902 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7868 | + | 4.679 * -0.110368 | - | 0.327 * 0.9435 |
| = | -2.84 |
* 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$163 Mil.
Revenue was 256.124 + 310.512 + 300.207 + 275.784 = R$1,143 Mil.
Gross Profit was 77.589 + 143.454 + 141.758 + 122.269 = R$485 Mil.
Total Current Assets was R$722 Mil.
Total Assets was R$3,196 Mil.
Property, Plant and Equipment(Net PPE) was R$2,134 Mil.
Depreciation, Depletion and Amortization(DDA) was R$329 Mil.
Selling, General, & Admin. Expense(SGA) was R$68 Mil.
Total Current Liabilities was R$373 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,116 Mil.
Net Income was 62.564 + 31.804 + 44.014 + 25.271 = R$164 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 161.392 + 145.094 + 137.039 + 72.895 = R$516 Mil.
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Total Receivables was R$141 Mil.
Revenue was 202.597 + 254.247 + 236.603 + 198.14 = R$892 Mil.
Gross Profit was 53.644 + 111.919 + 92.221 + 60.969 = R$319 Mil.
Total Current Assets was R$784 Mil.
Total Assets was R$3,078 Mil.
Property, Plant and Equipment(Net PPE) was R$1,993 Mil.
Depreciation, Depletion and Amortization(DDA) was R$269 Mil.
Selling, General, & Admin. Expense(SGA) was R$67 Mil.
Total Current Liabilities was R$450 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,070 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) |
| = | (163.105 / 1142.627) | / | (140.822 / 891.587) |
| = | 0.142746 | / | 0.157945 |
| | = | 0.9038 |
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) |
| = | (318.753 / 891.587) | / | (485.07 / 1142.627) |
| = | 0.357512 | / | 0.424522 |
| | = | 0.8422 |
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 - (721.868 + 2134.311) / 3196.278) | / | (1 - (784.401 + 1992.513) / 3078.284) |
| = | 0.106405 | / | 0.097902 |
| | = | 1.0869 |
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 |
| = | 1142.627 | / | 891.587 |
| | = | 1.2816 |
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)) |
| = | (269.151 / (269.151 + 1992.513)) | / | (329.346 / (329.346 + 2134.311)) |
| = | 0.119006 | / | 0.133682 |
| | = | 0.8902 |
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) |
| = | (67.512 / 1142.627) | / | (66.951 / 891.587) |
| = | 0.059085 | / | 0.075092 |
| | = | 0.7868 |
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) |
| = | ((1116.406 + 372.919) / 3196.278) | / | ((1070.064 + 450.11) / 3078.284) |
| = | 0.465956 | / | 0.493838 |
| | = | 0.9435 |
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 |
| = | (163.653 - 0 | - | 516.42) | / | 3196.278 |
| | = | -0.110368 |
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 -2.84 suggests that the company is unlikely to be a manipulator.
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