Itausa Investimentos ITAU Beneish M-Score Historical Data
The historical data trend for Itausa Investimentos ITAU'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.
Itausa Investimentos ITAU Beneish M-Score Chart
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Itausa Investimentos ITAU Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.75 |
-2.39 |
-2.41 |
-0.78 |
-0.57 |
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Itausa Investimentos ITAU Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-8.67 |
-0.78 |
-1.07 |
-0.95 |
-0.57 |
Competitive Comparison of Itausa Investimentos ITAU's Beneish M-Score
For the Conglomerates subindustry, Itausa Investimentos ITAU'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.
Itausa Investimentos ITAU's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Itausa Investimentos ITAU's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Itausa Investimentos ITAU's Beneish M-Score falls into.
Itausa Investimentos ITAU 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 Itausa Investimentos ITAU 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 | + | 0.528 * -0.2937 | + | 0.404 * 0.9175 | + | 0.892 * 2.8795 | + | 0.115 * 1.0414 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.6685 | + | 4.679 * 0.125204 | - | 0.327 * 0.784 |
| = | -0.57 |
* 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 (Sep22) TTM: |
Total Receivables was R$2,979 Mil.
Revenue was 1948 + 1769 + 1712 + 1980 = R$7,409 Mil.
Gross Profit was 504 + 531 + 664 + 615 = R$2,314 Mil.
Total Current Assets was R$12,653 Mil.
Total Assets was R$105,348 Mil.
Property, Plant and Equipment(Net PPE) was R$5,105 Mil.
Depreciation, Depletion and Amortization(DDA) was R$881 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,155 Mil.
Total Current Liabilities was R$4,798 Mil.
Long-Term Debt & Capital Lease Obligation was R$10,361 Mil.
Net Income was 2984 + 4091 + 2798 + 3324 = R$13,197 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 249 + 0 + -105 + -137 = R$7 Mil.
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Total Receivables was R$0 Mil.
Revenue was 2161 + 6134 + 2131 + -7853 = R$2,573 Mil.
Gross Profit was 740 + 6134 + 743 + -7853 = R$-236 Mil.
Total Current Assets was R$4,538 Mil.
Total Assets was R$95,943 Mil.
Property, Plant and Equipment(Net PPE) was R$4,458 Mil.
Depreciation, Depletion and Amortization(DDA) was R$807 Mil.
Selling, General, & Admin. Expense(SGA) was R$-600 Mil.
Total Current Liabilities was R$3,122 Mil.
Long-Term Debt & Capital Lease Obligation was R$14,487 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) |
| = | (2979 / 7409) | / | (0 / 2573) |
| = | 0.402079 | / | 0 |
| | = | 1 |
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) |
| = | (-236 / 2573) | / | (2314 / 7409) |
| = | -0.091722 | / | 0.312323 |
| | = | -0.2937 |
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 - (12653 + 5105) / 105348) | / | (1 - (4538 + 4458) / 95943) |
| = | 0.831435 | / | 0.906236 |
| | = | 0.9175 |
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 |
| = | 7409 | / | 2573 |
| | = | 2.8795 |
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)) |
| = | (807 / (807 + 4458)) | / | (881 / (881 + 5105)) |
| = | 0.153276 | / | 0.147177 |
| | = | 1.0414 |
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) |
| = | (1155 / 7409) | / | (-600 / 2573) |
| = | 0.155891 | / | -0.233191 |
| | = | -0.6685 |
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) |
| = | ((10361 + 4798) / 105348) | / | ((14487 + 3122) / 95943) |
| = | 0.143895 | / | 0.183536 |
| | = | 0.784 |
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 |
| = | (13197 - 0 | - | 7) | / | 105348 |
| | = | 0.125204 |
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.
Itausa Investimentos ITAU has a M-score of -0.57 signals that the company is likely to be a manipulator.
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