Enauta Participacoes Beneish M-Score Historical Data
The historical data trend for Enauta 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.
Enauta Participacoes Beneish M-Score Chart
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Enauta Participacoes Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.14 |
-4.13 |
0.60 |
-13.97 |
-1.87 |
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Enauta Participacoes Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-4.95 |
-3.71 |
-1.87 |
-0.46 |
-0.54 |
Competitive Comparison of Enauta Participacoes's Beneish M-Score
For the Oil & Gas E&P subindustry, Enauta 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.
Enauta Participacoes's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Enauta Participacoes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enauta Participacoes's Beneish M-Score falls into.
Enauta 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 Enauta 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 * 1.9788 | + | 0.528 * 2.3901 | + | 0.404 * 2.2774 | + | 0.892 * 1.12 | + | 0.115 * 0.6481 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.6295 | + | 4.679 * -0.08612 | - | 0.327 * 1.4715 |
| = | -0.54 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was R$171 Mil.
Revenue was 553.755 + 815.961 + 426.722 + 96.044 = R$1,892 Mil.
Gross Profit was 147.369 + 332.001 + 55.054 + -164.44 = R$370 Mil.
Total Current Assets was R$5,563 Mil.
Total Assets was R$12,849 Mil.
Property, Plant and Equipment(Net PPE) was R$4,368 Mil.
Depreciation, Depletion and Amortization(DDA) was R$912 Mil.
Selling, General, & Admin. Expense(SGA) was R$-18 Mil.
Total Current Liabilities was R$2,218 Mil.
Long-Term Debt & Capital Lease Obligation was R$5,175 Mil.
Net Income was -219.076 + 209.191 + 67.544 + -272.488 = R$-215 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 522.109 + 430.303 + -48.366 + -12.326 = R$892 Mil.
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Total Receivables was R$77 Mil.
Revenue was 420.104 + 445.692 + 657.132 + 166.849 = R$1,690 Mil.
Gross Profit was 178.912 + 213.247 + 370.332 + 27.087 = R$790 Mil.
Total Current Assets was R$2,019 Mil.
Total Assets was R$7,750 Mil.
Property, Plant and Equipment(Net PPE) was R$4,958 Mil.
Depreciation, Depletion and Amortization(DDA) was R$625 Mil.
Selling, General, & Admin. Expense(SGA) was R$25 Mil.
Total Current Liabilities was R$1,624 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,407 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) |
| = | (170.519 / 1892.482) | / | (76.944 / 1689.777) |
| = | 0.090103 | / | 0.045535 |
| | = | 1.9788 |
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) |
| = | (789.578 / 1689.777) | / | (369.984 / 1892.482) |
| = | 0.467268 | / | 0.195502 |
| | = | 2.3901 |
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 - (5563.309 + 4367.573) / 12848.879) | / | (1 - (2019.078 + 4957.921) / 7749.812) |
| = | 0.227101 | / | 0.09972 |
| | = | 2.2774 |
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 |
| = | 1892.482 | / | 1689.777 |
| | = | 1.12 |
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)) |
| = | (624.72 / (624.72 + 4957.921)) | / | (911.56 / (911.56 + 4367.573)) |
| = | 0.111904 | / | 0.172672 |
| | = | 0.6481 |
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) |
| = | (-17.627 / 1892.482) | / | (25 / 1689.777) |
| = | -0.009314 | / | 0.014795 |
| | = | -0.6295 |
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) |
| = | ((5175.438 + 2218.362) / 12848.879) | / | ((1407.064 + 1623.504) / 7749.812) |
| = | 0.575443 | / | 0.391051 |
| | = | 1.4715 |
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 |
| = | (-214.829 - 0 | - | 891.72) | / | 12848.879 |
| | = | -0.08612 |
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.
Enauta Participacoes has a M-score of -0.54 signals that the company is likely to be a manipulator.
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