Localiza Rent A Car Beneish M-Score Historical Data
The historical data trend for Localiza Rent A Car'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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Localiza Rent A Car Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.37 |
-2.04 |
-1.39 |
0.45 |
-1.49 |
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Localiza Rent A Car 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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0.45 |
0.74 |
1.25 |
-0.71 |
-1.49 |
Competitive Comparison
For the Rental & Leasing Services subindustry, Localiza Rent A Car'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.
Localiza Rent A Car Beneish M-Score Distribution
For the Business Services industry and Industrials sector, Localiza Rent A Car's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Localiza Rent A Car's Beneish M-Score falls into.
Localiza Rent A Car 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 Localiza Rent A Car 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 * 0.7497 | + | 0.528 * 1.0349 | + | 0.404 * 0.8147 | + | 0.892 * 1.6252 | + | 0.115 * 0.5616 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4288 | + | 4.679 * 0.144746 | - | 0.327 * 1.0218 |
| = | -1.49 |
* 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$3,905 Mil.
Revenue was 7908.5 + 7321.957 + 6846.3 + 6825.8 = R$28,903 Mil.
Gross Profit was 2437.249 + 2238.563 + 2938.6 + 3092.6 = R$10,707 Mil.
Total Current Assets was R$17,764 Mil.
Total Assets was R$80,947 Mil.
Property, Plant and Equipment(Net PPE) was R$52,116 Mil.
Depreciation, Depletion and Amortization(DDA) was R$4,624 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,237 Mil.
Total Current Liabilities was R$18,417 Mil.
Long-Term Debt & Capital Lease Obligation was R$34,348 Mil.
Net Income was 705.802 + 665.027 + -88.8 + 521.6 = R$1,804 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -2023.695 + -2363.44 + -4236.9 + -1289.1 = R$-9,913 Mil.
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Total Receivables was R$3,205 Mil.
Revenue was 5885.539 + 6136.946 + 3049.431 + 2711.6 = R$17,784 Mil.
Gross Profit was 1971.401 + 2140.657 + 1261.033 + 1444.8 = R$6,818 Mil.
Total Current Assets was R$11,615 Mil.
Total Assets was R$65,652 Mil.
Property, Plant and Equipment(Net PPE) was R$43,020 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,064 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,775 Mil.
Total Current Liabilities was R$11,237 Mil.
Long-Term Debt & Capital Lease Obligation was R$30,645 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) |
| = | (3904.591 / 28902.557) | / | (3204.608 / 17783.516) |
| = | 0.135095 | / | 0.180201 |
| | = | 0.7497 |
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) |
| = | (6817.891 / 17783.516) | / | (10707.012 / 28902.557) |
| = | 0.383383 | / | 0.370452 |
| | = | 1.0349 |
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 - (17764.403 + 52116.268) / 80947.084) | / | (1 - (11615.182 + 43020.498) / 65652.017) |
| = | 0.136712 | / | 0.167799 |
| | = | 0.8147 |
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 |
| = | 28902.557 | / | 17783.516 |
| | = | 1.6252 |
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)) |
| = | (2063.553 / (2063.553 + 43020.498)) | / | (4624.294 / (4624.294 + 52116.268)) |
| = | 0.045771 | / | 0.081499 |
| | = | 0.5616 |
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) |
| = | (1236.827 / 28902.557) | / | (1774.859 / 17783.516) |
| = | 0.042793 | / | 0.099804 |
| | = | 0.4288 |
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) |
| = | ((34347.604 + 18417.023) / 80947.084) | / | ((30644.875 + 11236.806) / 65652.017) |
| = | 0.651841 | / | 0.637934 |
| | = | 1.0218 |
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 |
| = | (1803.629 - 0 | - | -9913.135) | / | 80947.084 |
| | = | 0.144746 |
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.
Localiza Rent A Car has a M-score of -1.49 signals that the company is likely to be a manipulator.
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