MRS Logistica (BSP:MRSA5B) Beneish M-Score : -3.45 (As of Apr. 26, 2024)

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What is MRS Logistica 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.

Good Sign:

Beneish M-Score -3.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for MRS Logistica's Beneish M-Score or its related term are showing as below:

BSP:MRSA5B' s Beneish M-Score Range Over the Past 10 Years
Min: -3.54 Med: -2.82 Max: -0.23
Current: -3.45

During the past 13 years, the highest Beneish M-Score of MRS Logistica was -0.23. The lowest was -3.54. And the median was -2.82.

MRS Logistica Beneish M-Score Historical Data

The historical data trend for MRS Logistica'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.

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MRS Logistica Beneish M-Score Chart

MRS Logistica Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.23

-3.54

-2.61

-2.65

-3.45

MRS Logistica Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.65	-3.29	-3.49	-3.56	-3.45

Competitive Comparison of MRS Logistica's Beneish M-Score

For the Railroads subindustry, MRS Logistica'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.

MRS Logistica's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, MRS Logistica's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where MRS Logistica's Beneish M-Score falls into.

MRS Logistica 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 MRS Logistica for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7286

0.528 * 0.8159

0.404 * 0.7305

0.892 * 1.1533

0.115 * 1.2393

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1832

4.679 * -0.134085

0.327 * 1.0502

-3.45

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was R$467 Mil.
Revenue was 1793.379 + 1782.532 + 1627.808 + 1245.406 = R$6,449 Mil.
Gross Profit was 765.598 + 942.757 + 816.114 + 467.763 = R$2,992 Mil.
Total Current Assets was R$4,627 Mil.
Total Assets was R$18,065 Mil.
Property, Plant and Equipment(Net PPE) was R$12,409 Mil.
Depreciation, Depletion and Amortization(DDA) was R$911 Mil.
Selling, General, & Admin. Expense(SGA) was R$539 Mil.
Total Current Liabilities was R$3,342 Mil.
Long-Term Debt & Capital Lease Obligation was R$7,355 Mil.
Net Income was 294.489 + 424.39 + 335.378 + 145.894 = R$1,200 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 1009.38 + 986.169 + 919.519 + 707.34 = R$3,622 Mil.

Total Receivables was R$556 Mil.
Revenue was 1473.249 + 1574.9 + 1444.357 + 1099.612 = R$5,592 Mil.
Gross Profit was 576.207 + 668.574 + 554.793 + 317.249 = R$2,117 Mil.
Total Current Assets was R$2,014 Mil.
Total Assets was R$14,531 Mil.
Property, Plant and Equipment(Net PPE) was R$11,385 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,055 Mil.
Selling, General, & Admin. Expense(SGA) was R$395 Mil.
Total Current Liabilities was R$2,660 Mil.
Long-Term Debt & Capital Lease Obligation was R$5,534 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)
	=	(466.833 / 6449.125)	/	(555.547 / 5592.118)
	=	0.072387	/	0.099345
	=	0.7286

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)
	=	(2116.823 / 5592.118)	/	(2992.232 / 6449.125)
	=	0.378537	/	0.463975
	=	0.8159

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 - (4627.422 + 12409.286) / 18065.072)	/	(1 - (2014.023 + 11385.015) / 14531.453)
	=	0.056926	/	0.077929
	=	0.7305

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
	=	6449.125	/	5592.118
	=	1.1533

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))
	=	(1054.67 / (1054.67 + 11385.015))	/	(911.299 / (911.299 + 12409.286))
	=	0.084783	/	0.068413
	=	1.2393

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)
	=	(538.602 / 6449.125)	/	(394.725 / 5592.118)
	=	0.083516	/	0.070586
	=	1.1832

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)
	=	((7354.889 + 3342.471) / 18065.072)	/	((5533.723 + 2659.693) / 14531.453)
	=	0.592157	/	0.56384
	=	1.0502

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
	=	(1200.151 - 0	-	3622.408)	/	18065.072
	=	-0.134085

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.

MRS Logistica has a M-score of -3.45 suggests that the company is unlikely to be a manipulator.

MRS Logistica Beneish M-Score Related Terms

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MRS Logistica (BSP:MRSA5B) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » MRS Logistica SA (BSP:MRSA5B) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

MRSA6B:Brazil MRSA3B:Brazil

Address

Praia de Botafogo 228, Sala 1201 E, Rio de Janeiro, RJ, BRA, 22250906

Website

http://www.mrs.com.br

MRS Logistica SA is a publicly-held corporation engaged in the transportation services. The company operates a public railway transportation concession in the Southeast network, located in the States of Rio de Janeiro, Sao Paulo, and Minas Gerais. It interconnects the states of Rio de Janeiro, Minas Gerais, and Sao Paulo, spanning through the region that concentrates approximately 50% of Brazil's gross domestic product. Through MRS' railways, it also provides transport to reach the ports of Itaguai and Santos and Latin America. The company generates its entire revenue from providing cargo transport services in the Southeast Brazil.

MRS Logistica (BSP:MRSA5B) Headlines

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