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Luggo Fundo DE Investimento Imobiliario - FII (BSP:LUGG11) Beneish M-Score : -1.70 (As of Jul. 12, 2024)


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What is Luggo Fundo DE Investimento Imobiliario - FII Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.7 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Luggo Fundo DE Investimento Imobiliario - FII's Beneish M-Score or its related term are showing as below:

BSP:LUGG11' s Beneish M-Score Range Over the Past 10 Years
Min: -1.7   Med: -1.7   Max: -1.7
Current: -1.7

During the past 3 years, the highest Beneish M-Score of Luggo Fundo DE Investimento Imobiliario - FII was -1.70. The lowest was -1.70. And the median was -1.70.


Luggo Fundo DE Investimento Imobiliario - FII Beneish M-Score Historical Data

The historical data trend for Luggo Fundo DE Investimento Imobiliario - FII'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.

* Premium members only.

Luggo Fundo DE Investimento Imobiliario - FII Beneish M-Score Chart

Luggo Fundo DE Investimento Imobiliario - FII Annual Data
Trend Jun20 Jun21 Jun22
Beneish M-Score
- - -1.70

Luggo Fundo DE Investimento Imobiliario - FII Semi-Annual Data
Jun20 Jun21 Jun22 Jun23
Beneish M-Score - - -1.70 -1.92

Competitive Comparison of Luggo Fundo DE Investimento Imobiliario - FII's Beneish M-Score

For the REIT - Residential subindustry, Luggo Fundo DE Investimento Imobiliario - FII'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.


Luggo Fundo DE Investimento Imobiliario - FII's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Luggo Fundo DE Investimento Imobiliario - FII's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Luggo Fundo DE Investimento Imobiliario - FII's Beneish M-Score falls into.



Luggo Fundo DE Investimento Imobiliario - FII 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 Luggo Fundo DE Investimento Imobiliario - FII 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 * 1.6834+0.528 * 0.9991+0.404 * 0.9974+0.892 * 0.9106+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5954+4.679 * 0.033641-0.327 * 0.9699
=-1.70

* 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 (Jun22) TTM:Last Year (Jun21) TTM:
Total Receivables was R$1.30 Mil.
Revenue was R$8.05 Mil.
Gross Profit was R$7.76 Mil.
Total Current Assets was R$2.02 Mil.
Total Assets was R$115.72 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$1.00 Mil.
Total Current Liabilities was R$0.62 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Net Income was R$9.74 Mil.
Gross Profit was R$0.00 Mil.
Cash Flow from Operations was R$5.85 Mil.
Total Receivables was R$0.85 Mil.
Revenue was R$8.84 Mil.
Gross Profit was R$8.51 Mil.
Total Current Assets was R$1.67 Mil.
Total Assets was R$111.87 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$1.85 Mil.
Total Current Liabilities was R$0.62 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.




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)
=(1.303 / 8.051) / (0.85 / 8.841)
=0.161843 / 0.096143
=1.6834

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)
=(8.509 / 8.841) / (7.756 / 8.051)
=0.962448 / 0.963359
=0.9991

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 - (2.021 + 0) / 115.721) / (1 - (1.665 + 0) / 111.869)
=0.982536 / 0.985117
=0.9974

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
=8.051 / 8.841
=0.9106

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(1.002 / 8.051) / (1.848 / 8.841)
=0.124457 / 0.209026
=0.5954

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)
=((0 + 0.62) / 115.721) / ((0 + 0.618) / 111.869)
=0.005358 / 0.005524
=0.9699

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
=(9.743 - 0 - 5.85) / 115.721
=0.033641

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.

Luggo Fundo DE Investimento Imobiliario - FII has a M-score of -1.70 signals that the company is likely to be a manipulator.


Luggo Fundo DE Investimento Imobiliario - FII Beneish M-Score Related Terms

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Luggo Fundo DE Investimento Imobiliario - FII (BSP:LUGG11) Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Avenue Presidente Juscelino Kubitschek, 1400 - 8th Floor, Condminio Maria Cecilia Lara Campos - Itaim Bibi, Sao Paulo, SP, BRA, 04543-000
Luggo Fundo DE Investimento Imobiliario - FII is a real estate investment fund which focuses its investments in the residential construction sector.

Luggo Fundo DE Investimento Imobiliario - FII (BSP:LUGG11) Headlines

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