Braskem Beneish M-Score Historical Data
The historical data trend for Braskem'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.
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Braskem Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.21 |
-2.46 |
-1.93 |
-2.65 |
-1.68 |
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Braskem 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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-2.65 |
-1.92 |
-1.37 |
-0.28 |
-1.68 |
Competitive Comparison
For the Chemicals subindustry, Braskem'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.
Braskem Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, Braskem's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Braskem's Beneish M-Score falls into.
Braskem 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 Braskem 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 * 1.3978 | + | 0.528 * 2.7494 | + | 0.404 * 0.9757 | + | 0.892 * 0.7311 | + | 0.115 * 0.9286 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2313 | + | 4.679 * -0.037955 | - | 0.327 * 1.036 |
| = | -1.68 |
* 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$5,629 Mil.
Revenue was 16691 + 16676 + 17756 + 19446 = R$70,569 Mil.
Gross Profit was 1008 + 569 + 459 + 985 = R$3,021 Mil.
Total Current Assets was R$37,441 Mil.
Total Assets was R$91,741 Mil.
Property, Plant and Equipment(Net PPE) was R$42,227 Mil.
Depreciation, Depletion and Amortization(DDA) was R$5,205 Mil.
Selling, General, & Admin. Expense(SGA) was R$4,387 Mil.
Total Current Liabilities was R$24,494 Mil.
Long-Term Debt & Capital Lease Obligation was R$56,163 Mil.
Net Income was -1575 + -2418 + -771 + 184 = R$-4,580 Mil.
Non Operating Income was 157 + -1445 + 934 + 1529 = R$1,175 Mil.
Cash Flow from Operations was 1014 + -2464 + 1979 + -2802 = R$-2,273 Mil.
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Total Receivables was R$5,508 Mil.
Revenue was 18990 + 25387 + 25411 + 26731 = R$96,519 Mil.
Gross Profit was -78 + 2229 + 4079 + 5130 = R$11,360 Mil.
Total Current Assets was R$34,457 Mil.
Total Assets was R$88,049 Mil.
Property, Plant and Equipment(Net PPE) was R$41,716 Mil.
Depreciation, Depletion and Amortization(DDA) was R$4,733 Mil.
Selling, General, & Admin. Expense(SGA) was R$4,873 Mil.
Total Current Liabilities was R$24,186 Mil.
Long-Term Debt & Capital Lease Obligation was R$50,535 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) |
| = | (5629 / 70569) | / | (5508 / 96519) |
| = | 0.079766 | / | 0.057066 |
| | = | 1.3978 |
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) |
| = | (11360 / 96519) | / | (3021 / 70569) |
| = | 0.117697 | / | 0.042809 |
| | = | 2.7494 |
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 - (37441 + 42227) / 91741) | / | (1 - (34457 + 41716) / 88049) |
| = | 0.131599 | / | 0.134879 |
| | = | 0.9757 |
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 |
| = | 70569 | / | 96519 |
| | = | 0.7311 |
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)) |
| = | (4733 / (4733 + 41716)) | / | (5205 / (5205 + 42227)) |
| = | 0.101897 | / | 0.109736 |
| | = | 0.9286 |
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) |
| = | (4387 / 70569) | / | (4873 / 96519) |
| = | 0.062166 | / | 0.050487 |
| | = | 1.2313 |
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) |
| = | ((56163 + 24494) / 91741) | / | ((50535 + 24186) / 88049) |
| = | 0.879182 | / | 0.84863 |
| | = | 1.036 |
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 |
| = | (-4580 - 1175 | - | -2273) | / | 91741 |
| | = | -0.037955 |
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.
Braskem has a M-score of -1.68 signals that the company is likely to be a manipulator.
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