SLC Agricola (BSP:SLCE3) Beneish M-Score : -1.84 (As of Dec. 15, 2024)

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What is SLC Agricola 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 -1.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BSP:SLCE3' s Beneish M-Score Range Over the Past 10 Years
Min: -3.15 Med: -2.28 Max: 0.14
Current: -1.84

During the past 13 years, the highest Beneish M-Score of SLC Agricola was 0.14. The lowest was -3.15. And the median was -2.28.

SLC Agricola Beneish M-Score Historical Data

The historical data trend for SLC Agricola'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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SLC Agricola Beneish M-Score Chart

SLC Agricola Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.28

-2.65

-2.07

-2.66

-2.82

SLC Agricola 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															-3.15	-2.82	-3.09	-3.07	-1.84

Competitive Comparison of SLC Agricola's Beneish M-Score

For the Farm Products subindustry, SLC Agricola'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.

SLC Agricola's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, SLC Agricola's Beneish M-Score distribution charts can be found below:

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

SLC Agricola 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 SLC Agricola 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 * 2.1728

0.528 * 1.3105

0.404 * 0.8699

0.892 * 0.8137

0.115 * 0.9806

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3107

4.679 * -0.066748

0.327 * 1.0646

-1.84

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was R$327 Mil.
Revenue was 1651.825 + 2111.918 + 1994.799 + 1912.705 = R$7,671 Mil.
Gross Profit was 279.087 + 831.062 + 646.216 + 133.676 = R$1,890 Mil.
Total Current Assets was R$7,924 Mil.
Total Assets was R$16,799 Mil.
Property, Plant and Equipment(Net PPE) was R$7,834 Mil.
Depreciation, Depletion and Amortization(DDA) was R$567 Mil.
Selling, General, & Admin. Expense(SGA) was R$579 Mil.
Total Current Liabilities was R$4,631 Mil.
Long-Term Debt & Capital Lease Obligation was R$6,385 Mil.
Net Income was 0.857 + 320.195 + 222.991 + -142.328 = R$402 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 535.125 + 77.81 + -17.71 + 927.776 = R$1,523 Mil.

Total Receivables was R$185 Mil.
Revenue was 2045.131 + 2113.902 + 3017.806 + 2250.794 = R$9,428 Mil.
Gross Profit was 586.252 + 732.98 + 1167.786 + 557.027 = R$3,044 Mil.
Total Current Assets was R$7,972 Mil.
Total Assets was R$16,549 Mil.
Property, Plant and Equipment(Net PPE) was R$7,398 Mil.
Depreciation, Depletion and Amortization(DDA) was R$524 Mil.
Selling, General, & Admin. Expense(SGA) was R$543 Mil.
Total Current Liabilities was R$4,040 Mil.
Long-Term Debt & Capital Lease Obligation was R$6,155 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)
	=	(326.843 / 7671.247)	/	(184.862 / 9427.633)
	=	0.042606	/	0.019609
	=	2.1728

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)
	=	(3044.045 / 9427.633)	/	(1890.041 / 7671.247)
	=	0.322885	/	0.24638
	=	1.3105

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 - (7923.959 + 7833.961) / 16798.717)	/	(1 - (7972.235 + 7398.09) / 16548.948)
	=	0.061957	/	0.07122
	=	0.8699

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
	=	7671.247	/	9427.633
	=	0.8137

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))
	=	(524.098 / (524.098 + 7398.09))	/	(566.784 / (566.784 + 7833.961))
	=	0.066156	/	0.067468
	=	0.9806

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)
	=	(578.593 / 7671.247)	/	(542.52 / 9427.633)
	=	0.075424	/	0.057546
	=	1.3107

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)
	=	((6384.846 + 4631.468) / 16798.717)	/	((6154.504 + 4039.894) / 16548.948)
	=	0.655783	/	0.616015
	=	1.0646

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
	=	(401.715 - 0	-	1523.001)	/	16798.717
	=	-0.066748

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.

SLC Agricola has a M-score of -1.84 suggests that the company is unlikely to be a manipulator.

SLC Agricola Beneish M-Score Related Terms

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SLC Agricola Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » SLC Agricola SA (BSP:SLCE3) » Definitions » Beneish M-Score

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SLCJY:USA

Address

Rua Nilo Pecanha, 2900, Room 301, Porto Alegre, RS, BRA, 91330-002

Website

https://www.slcagricola.com.br

SLC Agricola SA is an agricultural company. Its core business activities include the production and sale of seeds and saplings; the processing and trading of its products, the supply of primary agricultural goods and products; the rendering of inbound logistics, cleaning, drying and storage services as well as rendering services of agricultural machinery and equipment to third parties; the trading, import and export of agricultural products; and processing of sugarcane, ethanol and its byproducts. It operates through two business segments viz. The agricultural production segment comprises the cultivation of primarily cotton, soybean and corn and the Land portfolio segment includes the acquisition and development of land for agriculture. Its products are cotton, corn, soybean, and other.

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