Eternit Beneish M-Score Historical Data
The historical data trend for Eternit'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.
Eternit Beneish M-Score Chart
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Eternit Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.23 |
-1.97 |
-1.50 |
-0.34 |
-2.33 |
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Eternit Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.96 |
-2.33 |
-2.60 |
-2.18 |
-2.17 |
Competitive Comparison of Eternit's Beneish M-Score
For the Building Products & Equipment subindustry, Eternit'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.
Eternit's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Eternit's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eternit's Beneish M-Score falls into.
Eternit 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 Eternit 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 * 1.0864 | + | 0.528 * 1.1758 | + | 0.404 * 1.3345 | + | 0.892 * 0.9982 | + | 0.115 * 0.8349 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9928 | + | 4.679 * -0.00025 | - | 0.327 * 0.931 |
| = | -2.17 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was R$193 Mil.
Revenue was 331.992 + 276.46 + 266.666 + 282.262 = R$1,157 Mil.
Gross Profit was 85.35 + 57.884 + 55.449 + 62.134 = R$261 Mil.
Total Current Assets was R$570 Mil.
Total Assets was R$1,307 Mil.
Property, Plant and Equipment(Net PPE) was R$568 Mil.
Depreciation, Depletion and Amortization(DDA) was R$46 Mil.
Selling, General, & Admin. Expense(SGA) was R$202 Mil.
Total Current Liabilities was R$279 Mil.
Long-Term Debt & Capital Lease Obligation was R$80 Mil.
Net Income was 18.616 + 11.689 + 0.239 + 82.991 = R$114 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 41.609 + 12.936 + 39.907 + 19.41 = R$114 Mil.
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Total Receivables was R$178 Mil.
Revenue was 290.99 + 259.585 + 296.376 + 312.556 = R$1,160 Mil.
Gross Profit was 78.229 + 66.914 + 83.524 + 78.555 = R$307 Mil.
Total Current Assets was R$606 Mil.
Total Assets was R$1,249 Mil.
Property, Plant and Equipment(Net PPE) was R$522 Mil.
Depreciation, Depletion and Amortization(DDA) was R$35 Mil.
Selling, General, & Admin. Expense(SGA) was R$204 Mil.
Total Current Liabilities was R$293 Mil.
Long-Term Debt & Capital Lease Obligation was R$75 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) |
| = | (192.543 / 1157.38) | / | (177.557 / 1159.507) |
| = | 0.166361 | / | 0.153131 |
| | = | 1.0864 |
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) |
| = | (307.222 / 1159.507) | / | (260.817 / 1157.38) |
| = | 0.264959 | / | 0.225351 |
| | = | 1.1758 |
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 - (569.779 + 567.911) / 1306.928) | / | (1 - (606.002 + 521.68) / 1248.87) |
| = | 0.129493 | / | 0.097038 |
| | = | 1.3345 |
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 |
| = | 1157.38 | / | 1159.507 |
| | = | 0.9982 |
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)) |
| = | (35.033 / (35.033 + 521.68)) | / | (46.294 / (46.294 + 567.911)) |
| = | 0.062928 | / | 0.075372 |
| | = | 0.8349 |
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) |
| = | (202.461 / 1157.38) | / | (204.313 / 1159.507) |
| = | 0.17493 | / | 0.176207 |
| | = | 0.9928 |
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) |
| = | ((80.493 + 278.509) / 1306.928) | / | ((75.252 + 293.245) / 1248.87) |
| = | 0.274691 | / | 0.295064 |
| | = | 0.931 |
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 |
| = | (113.535 - 0 | - | 113.862) | / | 1306.928 |
| | = | -0.00025 |
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.
Eternit has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
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