BR Malls Participacoes (BSP:BRML3) Beneish M-Score : -2.47 (As of Apr. 26, 2024)

View and export this data going back to 2007. Start your Free Trial

What is BR Malls Participacoes 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.

Good Sign:

Beneish M-Score -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for BR Malls Participacoes's Beneish M-Score or its related term are showing as below:

BSP:BRML3' s Beneish M-Score Range Over the Past 10 Years
Min: -11.19 Med: -2.52 Max: -1.18
Current: -2.47

During the past 13 years, the highest Beneish M-Score of BR Malls Participacoes was -1.18. The lowest was -11.19. And the median was -2.52.

BR Malls Participacoes Beneish M-Score Historical Data

The historical data trend for BR Malls 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.

* Premium members only.

BR Malls Participacoes Beneish M-Score Chart

BR Malls Participacoes Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

Get a 7-Day Free Trial

-3.03

-2.67

-2.40

-2.41

-2.46

BR Malls Participacoes Quarterly Data
	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22
Beneish M-Score	Get a 7-Day Free Trial															-2.24	-2.47	-2.46	-2.39	-2.47

Competitive Comparison of BR Malls Participacoes's Beneish M-Score

For the Real Estate Services subindustry, BR Malls 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.

BR Malls Participacoes's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, BR Malls Participacoes's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BR Malls Participacoes's Beneish M-Score falls into.

BR Malls 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 BR Malls Participacoes for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.6198

0.528 * 1.0025

0.404 * 1.0246

0.892 * 1.4024

0.115 * 1.1075

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8336

4.679 * -0.018353

0.327 * 0.8953

-2.47

This Year (Jun22) TTM:

Last Year (Jun21) TTM:

Total Receivables was R$307 Mil.
Revenue was 334.732 + 325.514 + 358.006 + 291.742 = R$1,310 Mil.
Gross Profit was 296.355 + 288.784 + 321.805 + 268.207 = R$1,175 Mil.
Total Current Assets was R$1,678 Mil.
Total Assets was R$18,379 Mil.
Property, Plant and Equipment(Net PPE) was R$56 Mil.
Depreciation, Depletion and Amortization(DDA) was R$63 Mil.
Selling, General, & Admin. Expense(SGA) was R$223 Mil.
Total Current Liabilities was R$744 Mil.
Long-Term Debt & Capital Lease Obligation was R$2,996 Mil.
Net Income was 156.283 + 72.104 + 186.276 + 57.149 = R$472 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 204.849 + 213.238 + 230.251 + 160.786 = R$809 Mil.

Total Receivables was R$354 Mil.
Revenue was 250.829 + 230.691 + 254.254 + 198.352 = R$934 Mil.
Gross Profit was 228.811 + 204.08 + 228.284 + 178.864 = R$840 Mil.
Total Current Assets was R$2,226 Mil.
Total Assets was R$19,416 Mil.
Property, Plant and Equipment(Net PPE) was R$28 Mil.
Depreciation, Depletion and Amortization(DDA) was R$40 Mil.
Selling, General, & Admin. Expense(SGA) was R$191 Mil.
Total Current Liabilities was R$878 Mil.
Long-Term Debt & Capital Lease Obligation was R$3,534 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)
	=	(307.461 / 1309.994)	/	(353.729 / 934.126)
	=	0.234704	/	0.378674
	=	0.6198

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)
	=	(840.039 / 934.126)	/	(1175.151 / 1309.994)
	=	0.899278	/	0.897066
	=	1.0025

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 - (1677.916 + 55.877) / 18379.356)	/	(1 - (2226.108 + 27.97) / 19416.192)
	=	0.905666	/	0.883907
	=	1.0246

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
	=	1309.994	/	934.126
	=	1.4024

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))
	=	(39.507 / (39.507 + 27.97))	/	(62.667 / (62.667 + 55.877))
	=	0.585488	/	0.528639
	=	1.1075

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)
	=	(223.314 / 1309.994)	/	(191.037 / 934.126)
	=	0.170469	/	0.204509
	=	0.8336

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)
	=	((2995.748 + 743.53) / 18379.356)	/	((3533.809 + 878.421) / 19416.192)
	=	0.20345	/	0.227245
	=	0.8953

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
	=	(471.812 - 0	-	809.124)	/	18379.356
	=	-0.018353

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.

BR Malls Participacoes has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.

BR Malls Participacoes Beneish M-Score Related Terms

Thank you for viewing the detailed overview of BR Malls Participacoes's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

BR Malls Participacoes (BSP:BRML3) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » BR Malls Participacoes SA (BSP:BRML3) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Avenue Borges de Medeiros, 633, 1° andar Leblon, Rio de Janeiro, RJ, BRA, 22430-041

Website

http://www.brmalls.com.br

BR Malls Participacoes SA is a shopping mall service provider in Brazil. The company primarily invests in and develops shopping malls and car parking operations. It specializes in administrating shopping malls, leasing their spaces, managing commercial developments and facilitating leasing processes of real estate properties. The company generates the majority of its revenue from leasing out mall space to retailers. The company operates exclusively in Brazil and has large exposure to the middle-class retail segment.

BR Malls Participacoes (BSP:BRML3) Headlines

No Headlines