Oceanpact Servicos Maritimos Beneish M-Score Historical Data
The historical data trend for Oceanpact Servicos Maritimos'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.
Oceanpact Servicos Maritimos Beneish M-Score Chart
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Oceanpact Servicos Maritimos Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.05 |
-2.34 |
-2.86 |
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Oceanpact Servicos Maritimos Quarterly Data
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Dec17 |
Dec18 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.34 |
-2.56 |
-1.86 |
-2.57 |
-2.86 |
Competitive Comparison of Oceanpact Servicos Maritimos's Beneish M-Score
For the Specialty Business Services subindustry, Oceanpact Servicos Maritimos'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.
Oceanpact Servicos Maritimos's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Oceanpact Servicos Maritimos's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Oceanpact Servicos Maritimos's Beneish M-Score falls into.
Oceanpact Servicos Maritimos 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 Oceanpact Servicos Maritimos 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 * 0.9635 | + | 0.528 * 0.6855 | + | 0.404 * 1.0167 | + | 0.892 * 1.373 | + | 0.115 * 0.8752 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0613 | + | 4.679 * -0.104328 | - | 0.327 * 1.0139 |
| = | -2.86 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was R$382 Mil.
Revenue was 462.553 + 452.228 + 399.303 + 334.799 = R$1,649 Mil.
Gross Profit was 112.214 + 110.474 + 76.815 + 76.171 = R$376 Mil.
Total Current Assets was R$695 Mil.
Total Assets was R$2,383 Mil.
Property, Plant and Equipment(Net PPE) was R$1,442 Mil.
Depreciation, Depletion and Amortization(DDA) was R$248 Mil.
Selling, General, & Admin. Expense(SGA) was R$167 Mil.
Total Current Liabilities was R$565 Mil.
Long-Term Debt & Capital Lease Obligation was R$924 Mil.
Net Income was 20.619 + -13.925 + 72.167 + -5.546 = R$73 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 120.252 + 110.481 + 59.439 + 31.784 = R$322 Mil.
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Total Receivables was R$288 Mil.
Revenue was 360.732 + 309.407 + 246.845 + 283.973 = R$1,201 Mil.
Gross Profit was 86.901 + 43.729 + 19.14 + 37.788 = R$188 Mil.
Total Current Assets was R$525 Mil.
Total Assets was R$2,274 Mil.
Property, Plant and Equipment(Net PPE) was R$1,519 Mil.
Depreciation, Depletion and Amortization(DDA) was R$224 Mil.
Selling, General, & Admin. Expense(SGA) was R$115 Mil.
Total Current Liabilities was R$648 Mil.
Long-Term Debt & Capital Lease Obligation was R$754 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) |
| = | (381.587 / 1648.883) | / | (288.46 / 1200.957) |
| = | 0.231422 | / | 0.240192 |
| | = | 0.9635 |
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) |
| = | (187.558 / 1200.957) | / | (375.674 / 1648.883) |
| = | 0.156174 | / | 0.227835 |
| | = | 0.6855 |
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 - (695.407 + 1442.299) / 2383.27) | / | (1 - (524.503 + 1519.238) / 2274.211) |
| = | 0.103037 | / | 0.101341 |
| | = | 1.0167 |
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 |
| = | 1648.883 | / | 1200.957 |
| | = | 1.373 |
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)) |
| = | (223.645 / (223.645 + 1519.238)) | / | (247.806 / (247.806 + 1442.299)) |
| = | 0.128319 | / | 0.146622 |
| | = | 0.8752 |
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) |
| = | (167.327 / 1648.883) | / | (114.838 / 1200.957) |
| = | 0.101479 | / | 0.095622 |
| | = | 1.0613 |
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) |
| = | ((923.718 + 564.991) / 2383.27) | / | ((753.572 + 647.565) / 2274.211) |
| = | 0.62465 | / | 0.616098 |
| | = | 1.0139 |
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 |
| = | (73.315 - 0 | - | 321.956) | / | 2383.27 |
| | = | -0.104328 |
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.
Oceanpact Servicos Maritimos has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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