Positivo Tecnologia (BSP:POSI3) Beneish M-Score : -2.12 (As of Dec. 12, 2024)

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What is Positivo Tecnologia 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BSP:POSI3' s Beneish M-Score Range Over the Past 10 Years
Min: -3.52 Med: -2.3 Max: -0.56
Current: -2.12

During the past 13 years, the highest Beneish M-Score of Positivo Tecnologia was -0.56. The lowest was -3.52. And the median was -2.30.

Positivo Tecnologia Beneish M-Score Historical Data

The historical data trend for Positivo Tecnologia'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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Positivo Tecnologia Beneish M-Score Chart

Positivo Tecnologia Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.22

-0.56

-2.07

-1.03

-2.58

Positivo Tecnologia Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.91	-2.58	-1.93	-2.42	-2.12

Competitive Comparison of Positivo Tecnologia's Beneish M-Score

For the Computer Hardware subindustry, Positivo Tecnologia'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.

Positivo Tecnologia's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Positivo Tecnologia's Beneish M-Score distribution charts can be found below:

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

Positivo Tecnologia 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 Positivo Tecnologia 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 * 0.8846

0.528 * 1.3148

0.404 * 1.7179

0.892 * 1.1944

0.115 * 1.0637

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8646

4.679 * -0.050975

0.327 * 0.8561

-2.12

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was R$884 Mil.
Revenue was 752.152 + 737.139 + 876.732 + 1421.847 = R$3,788 Mil.
Gross Profit was 130.633 + 126.354 + 120.279 + 232.441 = R$610 Mil.
Total Current Assets was R$2,914 Mil.
Total Assets was R$4,263 Mil.
Property, Plant and Equipment(Net PPE) was R$156 Mil.
Depreciation, Depletion and Amortization(DDA) was R$58 Mil.
Selling, General, & Admin. Expense(SGA) was R$718 Mil.
Total Current Liabilities was R$1,225 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,019 Mil.
Net Income was 0.56 + 3.646 + 63.956 + 191.94 = R$260 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -54.006 + 332.542 + 83.25 + 115.636 = R$477 Mil.

Total Receivables was R$837 Mil.
Revenue was 754.835 + 670.918 + 626.66 + 1118.929 = R$3,171 Mil.
Gross Profit was 135.041 + 146.746 + 95.93 + 293.472 = R$671 Mil.
Total Current Assets was R$3,365 Mil.
Total Assets was R$4,178 Mil.
Property, Plant and Equipment(Net PPE) was R$132 Mil.
Depreciation, Depletion and Amortization(DDA) was R$53 Mil.
Selling, General, & Admin. Expense(SGA) was R$695 Mil.
Total Current Liabilities was R$1,837 Mil.
Long-Term Debt & Capital Lease Obligation was R$732 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)
	=	(883.907 / 3787.87)	/	(836.594 / 3171.342)
	=	0.233352	/	0.263798
	=	0.8846

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)
	=	(671.189 / 3171.342)	/	(609.707 / 3787.87)
	=	0.211642	/	0.160963
	=	1.3148

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 - (2913.916 + 155.678) / 4263.279)	/	(1 - (3364.845 + 132.045) / 4177.805)
	=	0.279992	/	0.162984
	=	1.7179

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
	=	3787.87	/	3171.342
	=	1.1944

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))
	=	(53.369 / (53.369 + 132.045))	/	(57.756 / (57.756 + 155.678))
	=	0.287837	/	0.270604
	=	1.0637

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)
	=	(718.016 / 3787.87)	/	(695.291 / 3171.342)
	=	0.189557	/	0.219242
	=	0.8646

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)
	=	((1018.872 + 1224.95) / 4263.279)	/	((731.584 + 1836.91) / 4177.805)
	=	0.526314	/	0.614795
	=	0.8561

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
	=	(260.102 - 0	-	477.422)	/	4263.279
	=	-0.050975

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.

Positivo Tecnologia has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.

Positivo Tecnologia Beneish M-Score Related Terms

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Positivo Tecnologia Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Positivo Tecnologia SA (BSP:POSI3) » Definitions » Beneish M-Score

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Address

Rua Joao Bettega 5200, Bairro Cidade Industrial, Curitiba, PR, BRA, 81350-000

Website

https://www.positivotecnologia.com.br

Positivo Tecnologia SA is a technology company. It develops, manufactures and sells computers, cell phones, tablets, devices for smart homes and offices, solutions for electronic security, servers and other equipment for IT infrastructure, as well as payment machines and educational technologies. It also offers integrated services in the rental of IT and mobility devices, in addition to technical support. The set of products and services is aimed at end consumers, companies, schools and public institutions.

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