Fertilizantes Heringer Beneish M-Score Historical Data
The historical data trend for Fertilizantes Heringer'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.
Fertilizantes Heringer Beneish M-Score Chart
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Fertilizantes Heringer Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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0.24 |
-2.56 |
-0.81 |
-1.15 |
10.77 |
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Fertilizantes Heringer 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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-1.15 |
7.47 |
-10.98 |
-33.84 |
10.77 |
Competitive Comparison of Fertilizantes Heringer's Beneish M-Score
For the Agricultural Inputs subindustry, Fertilizantes Heringer'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.
Fertilizantes Heringer's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, Fertilizantes Heringer's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fertilizantes Heringer's Beneish M-Score falls into.
Fertilizantes Heringer 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 Fertilizantes Heringer 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 * 1.5264 | + | 0.528 * 26.8851 | + | 0.404 * 1.2013 | + | 0.892 * 0.9402 | + | 0.115 * 0.7967 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5262 | + | 4.679 * -0.160081 | - | 0.327 * 1.2156 |
| = | 10.77 |
* 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$539 Mil.
Revenue was 1427.804 + 1643.047 + 887.304 + 1377.514 = R$5,336 Mil.
Gross Profit was 43.501 + 101.057 + -79.671 + -56.387 = R$8 Mil.
Total Current Assets was R$2,204 Mil.
Total Assets was R$3,003 Mil.
Property, Plant and Equipment(Net PPE) was R$531 Mil.
Depreciation, Depletion and Amortization(DDA) was R$47 Mil.
Selling, General, & Admin. Expense(SGA) was R$382 Mil.
Total Current Liabilities was R$1,972 Mil.
Long-Term Debt & Capital Lease Obligation was R$308 Mil.
Net Income was -31.47 + -62.654 + -135.338 + -131.54 = R$-361 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 44.263 + 41.795 + 35.968 + -2.232 = R$120 Mil.
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Total Receivables was R$375 Mil.
Revenue was 1555.967 + 1804.594 + 1081.563 + 1233.01 = R$5,675 Mil.
Gross Profit was 23.976 + 15.792 + 68.241 + 135.048 = R$243 Mil.
Total Current Assets was R$2,340 Mil.
Total Assets was R$3,017 Mil.
Property, Plant and Equipment(Net PPE) was R$452 Mil.
Depreciation, Depletion and Amortization(DDA) was R$32 Mil.
Selling, General, & Admin. Expense(SGA) was R$266 Mil.
Total Current Liabilities was R$1,551 Mil.
Long-Term Debt & Capital Lease Obligation was R$333 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) |
| = | (538.756 / 5335.669) | / | (375.416 / 5675.134) |
| = | 0.100973 | / | 0.066151 |
| | = | 1.5264 |
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) |
| = | (243.057 / 5675.134) | / | (8.5 / 5335.669) |
| = | 0.042828 | / | 0.001593 |
| | = | 26.8851 |
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 - (2203.653 + 531.11) / 3003.463) | / | (1 - (2340.35 + 452.192) / 3017.25) |
| = | 0.089463 | / | 0.074474 |
| | = | 1.2013 |
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 |
| = | 5335.669 | / | 5675.134 |
| | = | 0.9402 |
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)) |
| = | (31.617 / (31.617 + 452.192)) | / | (47.456 / (47.456 + 531.11)) |
| = | 0.06535 | / | 0.082023 |
| | = | 0.7967 |
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) |
| = | (381.769 / 5335.669) | / | (266.055 / 5675.134) |
| = | 0.07155 | / | 0.046881 |
| | = | 1.5262 |
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) |
| = | ((308.234 + 1971.651) / 3003.463) | / | ((332.856 + 1551.261) / 3017.25) |
| = | 0.759085 | / | 0.624448 |
| | = | 1.2156 |
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 |
| = | (-361.002 - 0 | - | 119.794) | / | 3003.463 |
| | = | -0.160081 |
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.
Fertilizantes Heringer has a M-score of 10.77 signals that the company is likely to be a manipulator.
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