Moura Dubeux Engenharia Beneish M-Score Historical Data
The historical data trend for Moura Dubeux Engenharia'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.
Moura Dubeux Engenharia Beneish M-Score Chart
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Moura Dubeux Engenharia Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.47 |
-2.34 |
-1.92 |
-2.02 |
-1.48 |
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Moura Dubeux Engenharia Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.02 |
-1.88 |
-1.73 |
-1.67 |
-1.48 |
Competitive Comparison of Moura Dubeux Engenharia's Beneish M-Score
For the Real Estate Services subindustry, Moura Dubeux Engenharia'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.
Moura Dubeux Engenharia's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Moura Dubeux Engenharia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Moura Dubeux Engenharia's Beneish M-Score falls into.
Moura Dubeux Engenharia 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 Moura Dubeux Engenharia 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 * 1.5747 | + | 0.528 * 1.0353 | + | 0.404 * 0.891 | + | 0.892 * 1.3638 | + | 0.115 * 0.9281 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9901 | + | 4.679 * 0.059052 | - | 0.327 * 1.2963 |
| = | -1.48 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was R$964 Mil.
Revenue was 367.705 + 501.746 + 392.13 + 308.443 = R$1,570 Mil.
Gross Profit was 115.937 + 166.09 + 143.901 + 100.686 = R$527 Mil.
Total Current Assets was R$1,940 Mil.
Total Assets was R$4,148 Mil.
Property, Plant and Equipment(Net PPE) was R$71 Mil.
Depreciation, Depletion and Amortization(DDA) was R$11 Mil.
Selling, General, & Admin. Expense(SGA) was R$161 Mil.
Total Current Liabilities was R$787 Mil.
Long-Term Debt & Capital Lease Obligation was R$511 Mil.
Net Income was 45.05 + 89.16 + 74.964 + 42.32 = R$251 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 25.663 + 22.17 + 26.129 + -67.426 = R$7 Mil.
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Total Receivables was R$449 Mil.
Revenue was 282.911 + 301.901 + 313.329 + 253.102 = R$1,151 Mil.
Gross Profit was 100.765 + 110.185 + 105.842 + 82.997 = R$400 Mil.
Total Current Assets was R$1,394 Mil.
Total Assets was R$3,438 Mil.
Property, Plant and Equipment(Net PPE) was R$56 Mil.
Depreciation, Depletion and Amortization(DDA) was R$8 Mil.
Selling, General, & Admin. Expense(SGA) was R$119 Mil.
Total Current Liabilities was R$584 Mil.
Long-Term Debt & Capital Lease Obligation was R$246 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) |
| = | (963.912 / 1570.024) | / | (448.838 / 1151.243) |
| = | 0.613947 | / | 0.389873 |
| | = | 1.5747 |
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) |
| = | (399.789 / 1151.243) | / | (526.614 / 1570.024) |
| = | 0.347267 | / | 0.335418 |
| | = | 1.0353 |
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 - (1939.944 + 71.272) / 4148.169) | / | (1 - (1393.879 + 56.405) / 3438.225) |
| = | 0.515156 | / | 0.578188 |
| | = | 0.891 |
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 |
| = | 1570.024 | / | 1151.243 |
| | = | 1.3638 |
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)) |
| = | (7.651 / (7.651 + 56.405)) | / | (10.527 / (10.527 + 71.272)) |
| = | 0.119442 | / | 0.128694 |
| | = | 0.9281 |
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) |
| = | (160.844 / 1570.024) | / | (119.116 / 1151.243) |
| = | 0.102447 | / | 0.103467 |
| | = | 0.9901 |
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) |
| = | ((511.241 + 787.221) / 4148.169) | / | ((245.895 + 584.353) / 3438.225) |
| = | 0.313021 | / | 0.241476 |
| | = | 1.2963 |
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 |
| = | (251.494 - 0 | - | 6.536) | / | 4148.169 |
| | = | 0.059052 |
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.
Moura Dubeux Engenharia has a M-score of -1.48 signals that the company is likely to be a manipulator.
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