M&G Poliester Beneish M-Score Historical Data
The historical data trend for M&G Poliester'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.
M&G Poliester Beneish M-Score Chart
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M&G Poliester Annual Data
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M&G Poliester Quarterly Data
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Competitive Comparison of M&G Poliester's Beneish M-Score
For the subindustry, M&G Poliester'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.
M&G Poliester's Beneish M-Score Distribution in the Industry
For the industry and sector, M&G Poliester's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where M&G Poliester's Beneish M-Score falls into.
M&G Poliester 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 M&G Poliester 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 * 0.8761 | + | 0.528 * 1.0137 | + | 0.404 * 0.8027 | + | 0.892 * 1.069 | + | 0.115 * 0.9816 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9174 | + | 4.679 * -0.101577 | - | 0.327 * 0.9814 |
| = | -3.06 |
* 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 (Jun14) TTM: | Last Year (Jun13) TTM: |
Total Receivables was R$169 Mil.
Revenue was 402.184 + 424.007 + 555.157 + 384.834 = R$1,766 Mil.
Gross Profit was 60.037 + 53.944 + 72.735 + 82.543 = R$269 Mil.
Total Current Assets was R$511 Mil.
Total Assets was R$1,117 Mil.
Property, Plant and Equipment(Net PPE) was R$461 Mil.
Depreciation, Depletion and Amortization(DDA) was R$32 Mil.
Selling, General, & Admin. Expense(SGA) was R$170 Mil.
Total Current Liabilities was R$524 Mil.
Long-Term Debt & Capital Lease Obligation was R$179 Mil.
Net Income was 9.464 + 1.064 + -5.308 + 16.86 = R$22 Mil.
Non Operating Income was 0 + 0 + -13.527 + 0 = R$-14 Mil.
Cash Flow from Operations was 62.644 + -19.233 + 72.55 + 33.145 = R$149 Mil.
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Total Receivables was R$180 Mil.
Revenue was 344.68 + 441.897 + 471.591 + 394.002 = R$1,652 Mil.
Gross Profit was 68.631 + 55.307 + 69.599 + 61.787 = R$255 Mil.
Total Current Assets was R$682 Mil.
Total Assets was R$1,509 Mil.
Property, Plant and Equipment(Net PPE) was R$582 Mil.
Depreciation, Depletion and Amortization(DDA) was R$39 Mil.
Selling, General, & Admin. Expense(SGA) was R$173 Mil.
Total Current Liabilities was R$723 Mil.
Long-Term Debt & Capital Lease Obligation was R$244 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) |
| = | (168.745 / 1766.182) | / | (180.176 / 1652.17) |
| = | 0.095542 | / | 0.109054 |
| | = | 0.8761 |
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) |
| = | (255.324 / 1652.17) | / | (269.259 / 1766.182) |
| = | 0.154539 | / | 0.152453 |
| | = | 1.0137 |
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 - (510.719 + 460.738) / 1117.371) | / | (1 - (681.695 + 581.566) / 1508.687) |
| = | 0.130587 | / | 0.162675 |
| | = | 0.8027 |
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 |
| = | 1766.182 | / | 1652.17 |
| | = | 1.069 |
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)) |
| = | (39.216 / (39.216 + 581.566)) | / | (31.69 / (31.69 + 460.738)) |
| = | 0.063172 | / | 0.064355 |
| | = | 0.9816 |
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) |
| = | (169.582 / 1766.182) | / | (172.923 / 1652.17) |
| = | 0.096016 | / | 0.104664 |
| | = | 0.9174 |
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) |
| = | ((178.545 + 524.239) / 1117.371) | / | ((243.828 + 723.099) / 1508.687) |
| = | 0.628962 | / | 0.640906 |
| | = | 0.9814 |
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 |
| = | (22.08 - -13.527 | - | 149.106) | / | 1117.371 |
| | = | -0.101577 |
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.
M&G Poliester has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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