Rede d oro Luiz Beneish M-Score Historical Data
The historical data trend for Rede d oro Luiz'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.
Rede d oro Luiz Beneish M-Score Chart
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Rede d oro Luiz Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.15 |
-1.94 |
-2.30 |
-1.66 |
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Rede d oro Luiz Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.69 |
-1.66 |
-2.09 |
-2.36 |
-2.60 |
Competitive Comparison of Rede d oro Luiz's Beneish M-Score
For the Medical Care Facilities subindustry, Rede d oro Luiz'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.
Rede d oro Luiz's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Rede d oro Luiz's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rede d oro Luiz's Beneish M-Score falls into.
Rede d oro Luiz 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 Rede d oro Luiz 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 * 0.8184 | + | 0.528 * 0.8757 | + | 0.404 * 0.9066 | + | 0.892 * 1.2246 | + | 0.115 * 1.1241 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.213 | + | 4.679 * -0.005815 | - | 0.327 * 0.9967 |
| = | -2.60 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was R$10,128 Mil.
Revenue was 13023.16 + 12504.108 + 12195.029 + 11812.208 = R$49,535 Mil.
Gross Profit was 2442.49 + 2396.529 + 2225.224 + 2184.065 = R$9,248 Mil.
Total Current Assets was R$48,123 Mil.
Total Assets was R$97,861 Mil.
Property, Plant and Equipment(Net PPE) was R$17,341 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,474 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,328 Mil.
Total Current Liabilities was R$16,631 Mil.
Long-Term Debt & Capital Lease Obligation was R$35,376 Mil.
Net Income was 1145.677 + 971.653 + 804.59 + 768.156 = R$3,690 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 2812.108 + 1014.28 + 568.852 + -136.122 = R$4,259 Mil.
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Total Receivables was R$10,106 Mil.
Revenue was 11835.088 + 11611.29 + 11249.972 + 5751.698 = R$40,448 Mil.
Gross Profit was 1865.107 + 1929.745 + 1592.565 + 1225.634 = R$6,613 Mil.
Total Current Assets was R$44,719 Mil.
Total Assets was R$95,912 Mil.
Property, Plant and Equipment(Net PPE) was R$16,169 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,562 Mil.
Selling, General, & Admin. Expense(SGA) was R$894 Mil.
Total Current Liabilities was R$16,553 Mil.
Long-Term Debt & Capital Lease Obligation was R$34,589 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) |
| = | (10128.31 / 49534.505) | / | (10105.524 / 40448.048) |
| = | 0.20447 | / | 0.24984 |
| | = | 0.8184 |
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) |
| = | (6613.051 / 40448.048) | / | (9248.308 / 49534.505) |
| = | 0.163495 | / | 0.186704 |
| | = | 0.8757 |
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 - (48122.635 + 17340.799) / 97860.816) | / | (1 - (44719.274 + 16169.272) / 95912.257) |
| = | 0.331056 | / | 0.365164 |
| | = | 0.9066 |
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 |
| = | 49534.505 | / | 40448.048 |
| | = | 1.2246 |
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)) |
| = | (1561.922 / (1561.922 + 16169.272)) | / | (1474.499 / (1474.499 + 17340.799)) |
| = | 0.088089 | / | 0.078367 |
| | = | 1.1241 |
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) |
| = | (1328.14 / 49534.505) | / | (894.032 / 40448.048) |
| = | 0.026812 | / | 0.022103 |
| | = | 1.213 |
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) |
| = | ((35376.23 + 16630.763) / 97860.816) | / | ((34589.049 + 16552.575) / 95912.257) |
| = | 0.531438 | / | 0.533213 |
| | = | 0.9967 |
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 |
| = | (3690.076 - 0 | - | 4259.118) | / | 97860.816 |
| | = | -0.005815 |
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.
Rede d oro Luiz has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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