Sao Martinho (BSP:SMTO3) Beneish M-Score : -2.36 (As of Apr. 09, 2025)

View and export this data going back to 2007. Start your Free Trial

What is Sao Martinho 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BSP:SMTO3' s Beneish M-Score Range Over the Past 10 Years
Min: -3.31 Med: -2.83 Max: -1.55
Current: -2.36

During the past 13 years, the highest Beneish M-Score of Sao Martinho was -1.55. The lowest was -3.31. And the median was -2.83.

Sao Martinho Beneish M-Score Historical Data

The historical data trend for Sao Martinho'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.

* Premium members only.

Sao Martinho Beneish M-Score Chart

Sao Martinho Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

Get a 7-Day Free Trial

-3.06

-2.70

-2.95

-2.50

-1.55

Sao Martinho Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.39	-1.55	-2.06	-2.42	-2.36

Competitive Comparison of Sao Martinho's Beneish M-Score

For the Specialty Chemicals subindustry, Sao Martinho'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.

Sao Martinho's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Sao Martinho's Beneish M-Score distribution charts can be found below:

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

Save Embed

;

Save Embed

;

Sao Martinho 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 Sao Martinho 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 * 1.4077

0.528 * 1.2076

0.404 * 1.1988

0.892 * 1.2486

0.115 * 0.8025

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0481

4.679 * -0.127628

0.327 * 1.1158

-2.36

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was R$792 Mil.
Revenue was 1822.338 + 1958.412 + 1643.709 + 2421.761 = R$7,846 Mil.
Gross Profit was 428.307 + 567.846 + 512.17 + 342.517 = R$1,851 Mil.
Total Current Assets was R$7,586 Mil.
Total Assets was R$22,316 Mil.
Property, Plant and Equipment(Net PPE) was R$10,651 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,291 Mil.
Selling, General, & Admin. Expense(SGA) was R$685 Mil.
Total Current Liabilities was R$3,345 Mil.
Long-Term Debt & Capital Lease Obligation was R$7,779 Mil.
Net Income was 157.921 + 187.449 + 106.32 + 627.282 = R$1,079 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 331.526 + 300.853 + 365.321 + 2929.398 = R$3,927 Mil.

Total Receivables was R$451 Mil.
Revenue was 1592.401 + 1534.989 + 1342.587 + 1814.218 = R$6,284 Mil.
Gross Profit was 339.951 + 481.99 + 510.989 + 457.185 = R$1,790 Mil.
Total Current Assets was R$6,284 Mil.
Total Assets was R$19,493 Mil.
Property, Plant and Equipment(Net PPE) was R$10,236 Mil.
Depreciation, Depletion and Amortization(DDA) was R$972 Mil.
Selling, General, & Admin. Expense(SGA) was R$523 Mil.
Total Current Liabilities was R$2,414 Mil.
Long-Term Debt & Capital Lease Obligation was R$6,294 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)
	=	(791.844 / 7846.22)	/	(450.519 / 6284.195)
	=	0.10092	/	0.071691
	=	1.4077

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)
	=	(1790.115 / 6284.195)	/	(1850.84 / 7846.22)
	=	0.28486	/	0.235889
	=	1.2076

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 - (7586.111 + 10650.656) / 22315.804)	/	(1 - (6284.258 + 10236.399) / 19492.875)
	=	0.182787	/	0.152477
	=	1.1988

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
	=	7846.22	/	6284.195
	=	1.2486

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))
	=	(972.244 / (972.244 + 10236.399))	/	(1290.818 / (1290.818 + 10650.656))
	=	0.086741	/	0.108095
	=	0.8025

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)
	=	(684.806 / 7846.22)	/	(523.277 / 6284.195)
	=	0.087278	/	0.083269
	=	1.0481

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)
	=	((7778.564 + 3344.821) / 22315.804)	/	((6294.383 + 2413.866) / 19492.875)
	=	0.498453	/	0.44674
	=	1.1158

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
	=	(1078.972 - 0	-	3927.098)	/	22315.804
	=	-0.127628

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.

Sao Martinho has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.

Sao Martinho Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Sao Martinho's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Sao Martinho Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » Sao Martinho SA (BSP:SMTO3) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Fazenda Sao Martinho, Pradopolis, SP, BRA, CEP 14850-000

Website

https://www.saomartinho.com.br

Sao Martinho SA operates the following segments: sugar, ethanol, electricity, real estate ventures, Yeast, and other products. Sales of sugar and ethanol, both of which the company produces with sugar cane, comprise the vast majority of the company's revenue. Sao Martinho produces sugar and ethanol in its four Brazilian mills. The company derives its sugar cane mostly from its own plantations, agricultural partnerships, shareholders, and related companies. Sao Martinho exports most of its sugar, and it sells most of its ethanol domestically.

Sao Martinho Headlines

No Headlines