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Btsp I Fundo DE Investimento Imobiliario FII (BSP:BTSG11) Beneish M-Score : -2.19 (As of Dec. 14, 2024)


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What is Btsp I Fundo DE Investimento Imobiliario FII 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 -2.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Btsp I Fundo DE Investimento Imobiliario FII's Beneish M-Score or its related term are showing as below:

BSP:BTSG11' s Beneish M-Score Range Over the Past 10 Years
Min: -2.19   Med: -0.18   Max: 1.83
Current: -2.19

During the past 4 years, the highest Beneish M-Score of Btsp I Fundo DE Investimento Imobiliario FII was 1.83. The lowest was -2.19. And the median was -0.18.


Btsp I Fundo DE Investimento Imobiliario FII Beneish M-Score Historical Data

The historical data trend for Btsp I Fundo DE Investimento Imobiliario FII'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.

Btsp I Fundo DE Investimento Imobiliario FII Beneish M-Score Chart

Btsp I Fundo DE Investimento Imobiliario FII Annual Data
Trend Dec20 Dec21 Dec22 Dec23
Beneish M-Score
- - 1.83 -2.19

Btsp I Fundo DE Investimento Imobiliario FII Semi-Annual Data
Dec20 Dec21 Dec22 Dec23
Beneish M-Score - - 1.83 -2.19

Competitive Comparison of Btsp I Fundo DE Investimento Imobiliario FII's Beneish M-Score

For the REIT - Industrial subindustry, Btsp I Fundo DE Investimento Imobiliario FII'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.


Btsp I Fundo DE Investimento Imobiliario FII's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Btsp I Fundo DE Investimento Imobiliario FII's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Btsp I Fundo DE Investimento Imobiliario FII's Beneish M-Score falls into.



Btsp I Fundo DE Investimento Imobiliario FII 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 Btsp I Fundo DE Investimento Imobiliario FII 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 * 0.9702+0.528 * 1+0.404 * 1+0.892 * 1.0728+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9667+4.679 * 0.051568-0.327 * 0.9792
=-2.19

* 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$0.77 Mil.
Revenue was R$9.03 Mil.
Gross Profit was R$9.03 Mil.
Total Current Assets was R$1.65 Mil.
Total Assets was R$113.35 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$0.62 Mil.
Total Current Liabilities was R$0.78 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Net Income was R$14.18 Mil.
Gross Profit was R$0.00 Mil.
Cash Flow from Operations was R$8.34 Mil.
Total Receivables was R$0.74 Mil.
Revenue was R$8.42 Mil.
Gross Profit was R$8.42 Mil.
Total Current Assets was R$1.56 Mil.
Total Assets was R$107.44 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$0.59 Mil.
Total Current Liabilities was R$0.76 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 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)
=(0.765 / 9.032) / (0.735 / 8.419)
=0.084699 / 0.087303
=0.9702

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)
=(8.419 / 8.419) / (9.032 / 9.032)
=1 / 1
=1

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 - (1.645 + 0) / 113.345) / (1 - (1.555 + 0) / 107.439)
=0.985487 / 0.985527
=1

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
=9.032 / 8.419
=1.0728

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(0.615 / 9.032) / (0.593 / 8.419)
=0.068091 / 0.070436
=0.9667

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)
=((0 + 0.783) / 113.345) / ((0 + 0.758) / 107.439)
=0.006908 / 0.007055
=0.9792

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
=(14.181 - 0 - 8.336) / 113.345
=0.051568

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.

Btsp I Fundo DE Investimento Imobiliario FII has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.


Btsp I Fundo DE Investimento Imobiliario FII Beneish M-Score Related Terms

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Btsp I Fundo DE Investimento Imobiliario FII Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Avenida Barbacena, 1219, 21st Floor, santo agostinho, Belo Horizonte, MG, BRA, 30190131
Btsp I Fundo DE Investimento Imobiliario FII objective is an exploration of real estate projects aimed primarily at logistical and industrial operations, located in the Southeast and Central-West regions, through the acquisition of land for their construction or the acquisition of properties under construction or ready, for subsequent sale. , lease or lease.

Btsp I Fundo DE Investimento Imobiliario FII Headlines

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