PanAtlantica Beneish M-Score Historical Data
The historical data trend for PanAtlantica'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.
PanAtlantica Beneish M-Score Chart
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PanAtlantica Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-1.77 |
-1.29 |
-2.72 |
-2.50 |
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PanAtlantica Quarterly Data
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Mar19 |
Jun19 |
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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-2.72 |
-3.34 |
-2.98 |
-2.71 |
-2.50 |
Competitive Comparison of PanAtlantica's Beneish M-Score
For the Steel subindustry, PanAtlantica'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.
PanAtlantica's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, PanAtlantica's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PanAtlantica's Beneish M-Score falls into.
PanAtlantica 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 PanAtlantica 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 * 1.3564 | + | 0.528 * 0.8443 | + | 0.404 * 2.6751 | + | 0.892 * 0.8062 | + | 0.115 * 0.9342 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1488 | + | 4.679 * -0.164889 | - | 0.327 * 0.9038 |
| = | -2.50 |
* 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$264 Mil.
Revenue was 454.715 + 468.48 + 457.272 + 498.799 = R$1,879 Mil.
Gross Profit was 49.349 + 41.155 + 43.345 + 45.864 = R$180 Mil.
Total Current Assets was R$1,164 Mil.
Total Assets was R$1,565 Mil.
Property, Plant and Equipment(Net PPE) was R$308 Mil.
Depreciation, Depletion and Amortization(DDA) was R$13 Mil.
Selling, General, & Admin. Expense(SGA) was R$111 Mil.
Total Current Liabilities was R$458 Mil.
Long-Term Debt & Capital Lease Obligation was R$234 Mil.
Net Income was 8.115 + 0.073 + 0.471 + 4.759 = R$13 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 59.666 + 47.372 + 54.491 + 109.904 = R$271 Mil.
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Total Receivables was R$241 Mil.
Revenue was 468.793 + 585.403 + 631.673 + 645.264 = R$2,331 Mil.
Gross Profit was 37.729 + 43.584 + 71.455 + 35.453 = R$188 Mil.
Total Current Assets was R$1,575 Mil.
Total Assets was R$1,900 Mil.
Property, Plant and Equipment(Net PPE) was R$282 Mil.
Depreciation, Depletion and Amortization(DDA) was R$11 Mil.
Selling, General, & Admin. Expense(SGA) was R$120 Mil.
Total Current Liabilities was R$557 Mil.
Long-Term Debt & Capital Lease Obligation was R$372 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) |
| = | (263.504 / 1879.266) | / | (240.974 / 2331.133) |
| = | 0.140216 | / | 0.103372 |
| | = | 1.3564 |
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) |
| = | (188.221 / 2331.133) | / | (179.713 / 1879.266) |
| = | 0.080742 | / | 0.095629 |
| | = | 0.8443 |
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 - (1163.978 + 307.82) / 1564.782) | / | (1 - (1575.442 + 281.939) / 1899.576) |
| = | 0.059423 | / | 0.022213 |
| | = | 2.6751 |
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 |
| = | 1879.266 | / | 2331.133 |
| | = | 0.8062 |
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)) |
| = | (11.242 / (11.242 + 281.939)) | / | (13.176 / (13.176 + 307.82)) |
| = | 0.038345 | / | 0.041047 |
| | = | 0.9342 |
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) |
| = | (111.362 / 1879.266) | / | (120.244 / 2331.133) |
| = | 0.059258 | / | 0.051582 |
| | = | 1.1488 |
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) |
| = | ((233.923 + 457.758) / 1564.782) | / | ((371.742 + 557.28) / 1899.576) |
| = | 0.44203 | / | 0.489068 |
| | = | 0.9038 |
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 |
| = | (13.418 - 0 | - | 271.433) | / | 1564.782 |
| | = | -0.164889 |
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.
PanAtlantica has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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