Helbor Empreendimentos Beneish M-Score Historical Data
The historical data trend for Helbor Empreendimentos'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.
Helbor Empreendimentos Beneish M-Score Chart
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Helbor Empreendimentos Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.46 |
-3.05 |
-1.43 |
-2.03 |
-2.67 |
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Helbor Empreendimentos Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.03 |
-2.19 |
-2.30 |
-2.41 |
-2.67 |
Competitive Comparison of Helbor Empreendimentos's Beneish M-Score
For the Real Estate Services subindustry, Helbor Empreendimentos'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.
Helbor Empreendimentos's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Helbor Empreendimentos's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Helbor Empreendimentos's Beneish M-Score falls into.
Helbor Empreendimentos 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 Helbor Empreendimentos 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 * 1.1789 | + | 0.528 * 0.8847 | + | 0.404 * 1.2035 | + | 0.892 * 0.9955 | + | 0.115 * 0.8088 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9621 | + | 4.679 * -0.070234 | - | 0.327 * 1.0839 |
| = | -2.67 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was R$858 Mil.
Revenue was 305.907 + 346.558 + 321.957 + 295.954 = R$1,270 Mil.
Gross Profit was 117.923 + 111.778 + 104.156 + 92.29 = R$426 Mil.
Total Current Assets was R$2,926 Mil.
Total Assets was R$6,697 Mil.
Property, Plant and Equipment(Net PPE) was R$63 Mil.
Depreciation, Depletion and Amortization(DDA) was R$31 Mil.
Selling, General, & Admin. Expense(SGA) was R$168 Mil.
Total Current Liabilities was R$1,921 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,156 Mil.
Net Income was 31.828 + 9.192 + 8.501 + 6.987 = R$57 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 696.011 + -27.494 + -85.737 + -55.884 = R$527 Mil.
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Total Receivables was R$731 Mil.
Revenue was 346.981 + 324.618 + 334.239 + 270.251 = R$1,276 Mil.
Gross Profit was 117.332 + 94.099 + 88.202 + 79.06 = R$379 Mil.
Total Current Assets was R$3,203 Mil.
Total Assets was R$6,081 Mil.
Property, Plant and Equipment(Net PPE) was R$81 Mil.
Depreciation, Depletion and Amortization(DDA) was R$29 Mil.
Selling, General, & Admin. Expense(SGA) was R$176 Mil.
Total Current Liabilities was R$1,457 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,120 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) |
| = | (857.887 / 1270.376) | / | (731.001 / 1276.089) |
| = | 0.675302 | / | 0.572845 |
| | = | 1.1789 |
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) |
| = | (378.693 / 1276.089) | / | (426.147 / 1270.376) |
| = | 0.296761 | / | 0.33545 |
| | = | 0.8847 |
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 - (2926.495 + 63.38) / 6697.413) | / | (1 - (3203.364 + 80.59) / 6080.884) |
| = | 0.553578 | / | 0.459955 |
| | = | 1.2035 |
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 |
| = | 1270.376 | / | 1276.089 |
| | = | 0.9955 |
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)) |
| = | (28.944 / (28.944 + 80.59)) | / | (30.753 / (30.753 + 63.38)) |
| = | 0.264247 | / | 0.326697 |
| | = | 0.8088 |
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) |
| = | (168.327 / 1270.376) | / | (175.739 / 1276.089) |
| = | 0.132502 | / | 0.137717 |
| | = | 0.9621 |
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) |
| = | ((1155.652 + 1921.14) / 6697.413) | / | ((1119.735 + 1457.487) / 6080.884) |
| = | 0.4594 | / | 0.423824 |
| | = | 1.0839 |
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 |
| = | (56.508 - 0 | - | 526.896) | / | 6697.413 |
| | = | -0.070234 |
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.
Helbor Empreendimentos has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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