Koraude Participacoes Beneish M-Score Historical Data
The historical data trend for Koraude Participacoes'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.
Koraude Participacoes Beneish M-Score Chart
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Koraude Participacoes Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.88 |
-1.40 |
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Koraude Participacoes Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.44 |
-1.40 |
-2.71 |
-2.66 |
-2.58 |
Competitive Comparison of Koraude Participacoes's Beneish M-Score
For the Medical Care Facilities subindustry, Koraude Participacoes'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.
Koraude Participacoes's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Koraude Participacoes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Koraude Participacoes's Beneish M-Score falls into.
Koraude Participacoes 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 Koraude Participacoes 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 * 0.9856 | + | 0.528 * 1.0465 | + | 0.404 * 1.0431 | + | 0.892 * 1.0195 | + | 0.115 * 1.0021 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6155 | + | 4.679 * -0.034984 | - | 0.327 * 1.1523 |
| = | -2.58 |
* 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$970 Mil.
Revenue was 564.066 + 582.574 + 565.143 + 564.689 = R$2,276 Mil.
Gross Profit was 102.782 + 115.842 + 122.275 + 114.366 = R$455 Mil.
Total Current Assets was R$1,314 Mil.
Total Assets was R$4,723 Mil.
Property, Plant and Equipment(Net PPE) was R$1,328 Mil.
Depreciation, Depletion and Amortization(DDA) was R$160 Mil.
Selling, General, & Admin. Expense(SGA) was R$45 Mil.
Total Current Liabilities was R$947 Mil.
Long-Term Debt & Capital Lease Obligation was R$2,349 Mil.
Net Income was -25.977 + -27.943 + -27.864 + -18.935 = R$-101 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -1.264 + -15.042 + -117.891 + 198.722 = R$65 Mil.
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Total Receivables was R$966 Mil.
Revenue was 576.951 + 565.02 + 553.027 + 537.978 = R$2,233 Mil.
Gross Profit was 109.112 + 126.732 + 124.041 + 107.425 = R$467 Mil.
Total Current Assets was R$1,378 Mil.
Total Assets was R$4,761 Mil.
Property, Plant and Equipment(Net PPE) was R$1,372 Mil.
Depreciation, Depletion and Amortization(DDA) was R$166 Mil.
Selling, General, & Admin. Expense(SGA) was R$72 Mil.
Total Current Liabilities was R$719 Mil.
Long-Term Debt & Capital Lease Obligation was R$2,165 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) |
| = | (970.139 / 2276.472) | / | (965.53 / 2232.976) |
| = | 0.426159 | / | 0.432396 |
| | = | 0.9856 |
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) |
| = | (467.31 / 2232.976) | / | (455.265 / 2276.472) |
| = | 0.209277 | / | 0.199987 |
| | = | 1.0465 |
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 - (1313.601 + 1328.299) / 4723.451) | / | (1 - (1378.091 + 1371.669) / 4761.265) |
| = | 0.440684 | / | 0.422473 |
| | = | 1.0431 |
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 |
| = | 2276.472 | / | 2232.976 |
| | = | 1.0195 |
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)) |
| = | (166.085 / (166.085 + 1371.669)) | / | (160.456 / (160.456 + 1328.299)) |
| = | 0.108005 | / | 0.107779 |
| | = | 1.0021 |
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) |
| = | (45.182 / 2276.472) | / | (72.007 / 2232.976) |
| = | 0.019847 | / | 0.032247 |
| | = | 0.6155 |
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) |
| = | ((2349.267 + 946.741) / 4723.451) | / | ((2164.805 + 718.536) / 4761.265) |
| = | 0.697797 | / | 0.605583 |
| | = | 1.1523 |
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 |
| = | (-100.719 - 0 | - | 64.525) | / | 4723.451 |
| | = | -0.034984 |
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.
Koraude Participacoes has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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