Dexco Beneish M-Score Historical Data
The historical data trend for Dexco'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.
Dexco Beneish M-Score Chart
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Dexco Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.93 |
-2.86 |
-2.27 |
-2.54 |
-2.76 |
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Dexco 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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-2.54 |
-2.62 |
-2.70 |
-2.63 |
-2.76 |
Competitive Comparison of Dexco's Beneish M-Score
For the Lumber & Wood Production subindustry, Dexco'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.
Dexco's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Dexco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dexco's Beneish M-Score falls into.
Dexco 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 Dexco 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 * 0.9594 | + | 0.528 * 1.0516 | + | 0.404 * 1.0516 | + | 0.892 * 0.87 | + | 0.115 * 0.8343 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9939 | + | 4.679 * -0.031047 | - | 0.327 * 1.024 |
| = | -2.76 |
* 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$1,223 Mil.
Revenue was 1948.683 + 1768.953 + 1953.755 + 1712.018 = R$7,383 Mil.
Gross Profit was 505.117 + 529.22 + 678.106 + 663.424 = R$2,376 Mil.
Total Current Assets was R$5,761 Mil.
Total Assets was R$17,921 Mil.
Property, Plant and Equipment(Net PPE) was R$4,996 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,166 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,109 Mil.
Total Current Liabilities was R$3,609 Mil.
Long-Term Debt & Capital Lease Obligation was R$6,571 Mil.
Net Income was 186.913 + 297.376 + 157.658 + 147.654 = R$790 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 610.512 + 365.69 + 302.717 + 67.064 = R$1,346 Mil.
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Total Receivables was R$1,466 Mil.
Revenue was 1980.439 + 2161.642 + 2213.567 + 2131.002 = R$8,487 Mil.
Gross Profit was 614.079 + 739.018 + 775.744 + 742.946 = R$2,872 Mil.
Total Current Assets was R$5,174 Mil.
Total Assets was R$15,625 Mil.
Property, Plant and Equipment(Net PPE) was R$4,512 Mil.
Depreciation, Depletion and Amortization(DDA) was R$845 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,283 Mil.
Total Current Liabilities was R$3,265 Mil.
Long-Term Debt & Capital Lease Obligation was R$5,403 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) |
| = | (1223.276 / 7383.409) | / | (1465.512 / 8486.65) |
| = | 0.165679 | / | 0.172684 |
| | = | 0.9594 |
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) |
| = | (2871.787 / 8486.65) | / | (2375.867 / 7383.409) |
| = | 0.338389 | / | 0.321785 |
| | = | 1.0516 |
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 - (5761.356 + 4996.07) / 17920.591) | / | (1 - (5173.901 + 4511.839) / 15624.811) |
| = | 0.399717 | / | 0.380105 |
| | = | 1.0516 |
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 |
| = | 7383.409 | / | 8486.65 |
| | = | 0.87 |
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)) |
| = | (845.445 / (845.445 + 4511.839)) | / | (1165.568 / (1165.568 + 4996.07)) |
| = | 0.157812 | / | 0.189165 |
| | = | 0.8343 |
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) |
| = | (1109.046 / 7383.409) | / | (1282.545 / 8486.65) |
| = | 0.150208 | / | 0.151125 |
| | = | 0.9939 |
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) |
| = | ((6570.891 + 3608.696) / 17920.591) | / | ((5402.843 + 3264.92) / 15624.811) |
| = | 0.568039 | / | 0.554744 |
| | = | 1.024 |
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 |
| = | (789.601 - 0 | - | 1345.983) | / | 17920.591 |
| | = | -0.031047 |
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.
Dexco has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
Dexco (BSP:DXCO3) Business Description
Traded in Other Exchanges
N/A
Address
Paulista Avenue, 1938, 5th floor, Sao Paulo, SP, BRA, 01310-942
Dexco SA is engaged in the production of wooden panels, vitreous chinaware, metal bathroom fittings and showers, and ceramic and cement floors. It operates in these segments; The Wood segment operates four industrial units in Brazil and three in Colombia producing MDP panels (medium density panels), MDF and HDF panels (medium and high fiber density panels), under the Duratex brand, the Durafloor brand for laminates and semi-finished components for furniture, The Deca segment operates eight industrial units in Brazil, producing vitreous chinaware, metal fittings, and showers, under the brands Deca, Hydra, Belize, Elizabeth, and Hydra Corona, and the Ceramic Tile segment operates four industrial plants in Brazil, producing ceramic tiles, under the Ceusa, Portinari, and Castelatto brands.
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