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Votorantim Securities Master Fundo Investimento Imobiliario FII (BSP:VOTS11) Beneish M-Score : 0.00 (As of May. 19, 2024)


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What is Votorantim Securities Master Fundo Investimento Imobiliario FII Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

The historical rank and industry rank for Votorantim Securities Master Fundo Investimento Imobiliario FII's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of Votorantim Securities Master Fundo Investimento Imobiliario FII was -1.88. The lowest was -4.34. And the median was -2.42.


Votorantim Securities Master Fundo Investimento Imobiliario FII 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 Votorantim Securities Master Fundo Investimento Imobiliario FII 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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$0.00 Mil.
Revenue was R$10.40 Mil.
Gross Profit was R$10.40 Mil.
Total Current Assets was R$0.00 Mil.
Total Assets was R$78.92 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$0.11 Mil.
Total Current Liabilities was R$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Net Income was R$10.29 Mil.
Gross Profit was R$0.00 Mil.
Cash Flow from Operations was R$9.65 Mil.
Total Receivables was R$0.00 Mil.
Revenue was R$6.90 Mil.
Gross Profit was R$6.90 Mil.
Total Current Assets was R$0.00 Mil.
Total Assets was R$78.27 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$0.12 Mil.
Total Current Liabilities was R$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 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)
=(0 / 10.401) / (0 / 6.9)
=0 / 0
=

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)
=(6.9 / 6.9) / (10.401 / 10.401)
=1 / 1
=

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 - (0 + 0) / 78.918) / (1 - (0 + 0) / 78.273)
=1 / 1
=

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
=10.401 / 6.9
=

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=

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)
=(0.112 / 10.401) / (0.118 / 6.9)
=0.010768 / 0.017101
=

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)
=((0 + 0) / 78.918) / ((0 + 0) / 78.273)
=0 / 0
=

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
=(10.289 - 0 - 9.645) / 78.918
=0.00816

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.


Votorantim Securities Master Fundo Investimento Imobiliario FII Beneish M-Score Related Terms

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Votorantim Securities Master Fundo Investimento Imobiliario FII (BSP:VOTS11) Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Avenida Nacoes Unidas, 14.171, Tower A, 11th Floor, Sao Paulo, SP, BRA, 04794-000
Website
Votorantim Securities Master Fundo Investimento Imobiliario FII is a real estate fund. The objective of the fund is to provide the shareholders with capital gain and/or profitability through investments in financial assets of real estate origin, such as certificates of receivables real estate, mortgage letters of credit, shares of other investment funds and others.