Intelbras Beneish M-Score Historical Data
The historical data trend for Intelbras'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.
Intelbras Beneish M-Score Chart
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Intelbras Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.03 |
-1.48 |
-1.87 |
-2.31 |
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Intelbras Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.17 |
-2.55 |
-2.50 |
-2.31 |
-2.47 |
Competitive Comparison of Intelbras's Beneish M-Score
For the Communication Equipment subindustry, Intelbras'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.
Intelbras's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Intelbras's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intelbras's Beneish M-Score falls into.
Intelbras 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 Intelbras 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 * 1.2357 | + | 0.528 * 0.9139 | + | 0.404 * 0.9675 | + | 0.892 * 0.9325 | + | 0.115 * 1.0044 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.049 | + | 4.679 * -0.021269 | - | 0.327 * 0.9325 |
| = | -2.47 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was R$928 Mil.
Revenue was 1039.031 + 1162.421 + 933.653 + 970.829 = R$4,106 Mil.
Gross Profit was 351.899 + 313.221 + 302.181 + 334.079 = R$1,301 Mil.
Total Current Assets was R$3,818 Mil.
Total Assets was R$5,119 Mil.
Property, Plant and Equipment(Net PPE) was R$632 Mil.
Depreciation, Depletion and Amortization(DDA) was R$83 Mil.
Selling, General, & Admin. Expense(SGA) was R$155 Mil.
Total Current Liabilities was R$1,532 Mil.
Long-Term Debt & Capital Lease Obligation was R$815 Mil.
Net Income was 153.971 + 184.283 + 110.526 + 117.618 = R$566 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 212.342 + 246.849 + 121.823 + 94.269 = R$675 Mil.
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Total Receivables was R$805 Mil.
Revenue was 1036.773 + 1217.831 + 1132.759 + 1015.835 = R$4,403 Mil.
Gross Profit was 327.526 + 344.817 + 322.626 + 280.463 = R$1,275 Mil.
Total Current Assets was R$3,651 Mil.
Total Assets was R$4,858 Mil.
Property, Plant and Equipment(Net PPE) was R$551 Mil.
Depreciation, Depletion and Amortization(DDA) was R$73 Mil.
Selling, General, & Admin. Expense(SGA) was R$158 Mil.
Total Current Liabilities was R$1,557 Mil.
Long-Term Debt & Capital Lease Obligation was R$832 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) |
| = | (927.935 / 4105.934) | / | (805.288 / 4403.198) |
| = | 0.225999 | / | 0.182887 |
| | = | 1.2357 |
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) |
| = | (1275.432 / 4403.198) | / | (1301.38 / 4105.934) |
| = | 0.28966 | / | 0.316951 |
| | = | 0.9139 |
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 - (3817.69 + 632.247) / 5119.368) | / | (1 - (3651.087 + 550.659) / 4858.367) |
| = | 0.130764 | / | 0.135153 |
| | = | 0.9675 |
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 |
| = | 4105.934 | / | 4403.198 |
| | = | 0.9325 |
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)) |
| = | (72.931 / (72.931 + 550.659)) | / | (83.317 / (83.317 + 632.247)) |
| = | 0.116953 | / | 0.116435 |
| | = | 1.0044 |
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) |
| = | (154.667 / 4105.934) | / | (158.122 / 4403.198) |
| = | 0.037669 | / | 0.035911 |
| | = | 1.049 |
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) |
| = | ((814.959 + 1531.905) / 5119.368) | / | ((831.843 + 1556.508) / 4858.367) |
| = | 0.458428 | / | 0.491595 |
| | = | 0.9325 |
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 |
| = | (566.398 - 0 | - | 675.283) | / | 5119.368 |
| | = | -0.021269 |
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.
Intelbras has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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