Monteiro Aranha Beneish M-Score Historical Data
The historical data trend for Monteiro Aranha'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.
Monteiro Aranha Beneish M-Score Chart
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Monteiro Aranha Annual Data
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Monteiro Aranha Quarterly Data
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BSP:MOAR3 vs HON, MMM: Beneish M-Score Comparison
For the Conglomerates subindustry, Monteiro Aranha'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.
Monteiro Aranha Beneish M-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Monteiro Aranha's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Monteiro Aranha's Beneish M-Score falls into.
Monteiro Aranha 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 Monteiro Aranha 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Sep25) TTM: | Last Year (Sep24) TTM: |
Total Receivables was R$18.63 Mil.
Revenue was 0 + 0 + 0 + 0 = R$0.00 Mil.
Gross Profit was 0 + 0 + 0 + -0.021 = R$-0.02 Mil.
Total Current Assets was R$1,347.40 Mil.
Total Assets was R$2,218.61 Mil.
Property, Plant and Equipment(Net PPE) was R$5.48 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.32 Mil.
Selling, General, & Admin. Expense(SGA) was R$16.80 Mil.
Total Current Liabilities was R$374.76 Mil.
Long-Term Debt & Capital Lease Obligation was R$478.97 Mil.
Net Income was 30.304 + 8.543 + -72.099 + 65.143 = R$31.89 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0.00 Mil.
Cash Flow from Operations was -18.855 + 42.706 + -30.19 + -67.736 = R$-74.08 Mil.
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Total Receivables was R$25.93 Mil.
Revenue was 0 + 0 + 0 + 0 = R$0.00 Mil.
Gross Profit was 0 + 0 + 0 + 47.622 = R$47.62 Mil.
Total Current Assets was R$1,639.85 Mil.
Total Assets was R$2,900.00 Mil.
Property, Plant and Equipment(Net PPE) was R$5.69 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.83 Mil.
Selling, General, & Admin. Expense(SGA) was R$16.11 Mil.
Total Current Liabilities was R$310.05 Mil.
Long-Term Debt & Capital Lease Obligation was R$554.16 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) |
| = | (18.629 / 0) | / | (25.934 / 0) |
| = | | / | |
| | = | |
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) |
| = | (47.622 / 0) | / | (-0.021 / 0) |
| = | | / | |
| | = | |
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 - (1347.399 + 5.478) / 2218.613) | / | (1 - (1639.852 + 5.686) / 2900) |
| = | 0.390215 | / | 0.432573 |
| | = | |
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 |
| = | 0 | / | 0 |
| | = | |
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)) |
| = | (0.827 / (0.827 + 5.686)) | / | (0.318 / (0.318 + 5.478)) |
| = | 0.126977 | / | 0.054865 |
| | = | |
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) |
| = | (16.799 / 0) | / | (16.11 / 0) |
| = | | / | |
| | = | |
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) |
| = | ((478.974 + 374.755) / 2218.613) | / | ((554.162 + 310.051) / 2900) |
| = | 0.384803 | / | 0.298004 |
| | = | |
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 |
| = | (31.891 - 0 | - | -74.075) | / | 2218.613 |
| | = | 0.047762 |
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.
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