Infracommerce Caxaas Beneish M-Score Historical Data
The historical data trend for Infracommerce Caxaas'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.
Infracommerce Caxaas Beneish M-Score Chart
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Infracommerce Caxaas Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-0.08 |
-2.55 |
-3.14 |
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Infracommerce Caxaas Quarterly Data
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Dec18 |
Dec19 |
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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-3.33 |
-3.14 |
-3.10 |
-8.29 |
-8.58 |
Competitive Comparison of Infracommerce Caxaas's Beneish M-Score
For the Specialty Business Services subindustry, Infracommerce Caxaas'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.
Infracommerce Caxaas's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Infracommerce Caxaas's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Infracommerce Caxaas's Beneish M-Score falls into.
Infracommerce Caxaas 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 Infracommerce Caxaas 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 * 0.9206 | + | 0.528 * 1.4856 | + | 0.404 * 0.7095 | + | 0.892 * 0.9408 | + | 0.115 * 0.9259 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1342 | + | 4.679 * -1.234222 | - | 0.327 * 1.9354 |
| = | -8.58 |
* 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$378 Mil.
Revenue was 250.075 + 265.085 + 218.996 + 268.531 = R$1,003 Mil.
Gross Profit was 61.642 + 65.727 + 54.832 + 110.687 = R$293 Mil.
Total Current Assets was R$609 Mil.
Total Assets was R$1,448 Mil.
Property, Plant and Equipment(Net PPE) was R$146 Mil.
Depreciation, Depletion and Amortization(DDA) was R$161 Mil.
Selling, General, & Admin. Expense(SGA) was R$518 Mil.
Total Current Liabilities was R$808 Mil.
Long-Term Debt & Capital Lease Obligation was R$395 Mil.
Net Income was -93.421 + -1535.627 + -90.347 + -110.168 = R$-1,830 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -24.448 + -27.188 + -124.637 + 133.456 = R$-43 Mil.
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Total Receivables was R$437 Mil.
Revenue was 290.018 + 299.783 + 214.157 + 261.84 = R$1,066 Mil.
Gross Profit was 124.478 + 129.217 + 90.84 + 117.976 = R$463 Mil.
Total Current Assets was R$867 Mil.
Total Assets was R$3,206 Mil.
Property, Plant and Equipment(Net PPE) was R$178 Mil.
Depreciation, Depletion and Amortization(DDA) was R$167 Mil.
Selling, General, & Admin. Expense(SGA) was R$485 Mil.
Total Current Liabilities was R$893 Mil.
Long-Term Debt & Capital Lease Obligation was R$483 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) |
| = | (378.436 / 1002.687) | / | (436.951 / 1065.798) |
| = | 0.377422 | / | 0.409975 |
| | = | 0.9206 |
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) |
| = | (462.511 / 1065.798) | / | (292.888 / 1002.687) |
| = | 0.433957 | / | 0.292103 |
| | = | 1.4856 |
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 - (609.124 + 146.456) / 1447.67) | / | (1 - (867.463 + 178.167) / 3205.789) |
| = | 0.478072 | / | 0.673831 |
| | = | 0.7095 |
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 |
| = | 1002.687 | / | 1065.798 |
| | = | 0.9408 |
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)) |
| = | (167.404 / (167.404 + 178.167)) | / | (160.701 / (160.701 + 146.456)) |
| = | 0.484427 | / | 0.523188 |
| | = | 0.9259 |
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) |
| = | (517.769 / 1002.687) | / | (485.234 / 1065.798) |
| = | 0.516381 | / | 0.455278 |
| | = | 1.1342 |
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) |
| = | ((395.377 + 807.523) / 1447.67) | / | ((482.817 + 893.482) / 3205.789) |
| = | 0.830921 | / | 0.429317 |
| | = | 1.9354 |
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 |
| = | (-1829.563 - 0 | - | -42.817) | / | 1447.67 |
| | = | -1.234222 |
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.
Infracommerce Caxaas has a M-score of -8.58 suggests that the company is unlikely to be a manipulator.
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