AgrometalI (BUE:AGRO) Beneish M-Score : -1.29 (As of May. 01, 2024)

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What is AgrometalI 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.

Warning Sign:

Beneish M-Score -1.29 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BUE:AGRO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.4 Med: -1.87 Max: -0.24
Current: -1.29

During the past 13 years, the highest Beneish M-Score of AgrometalI was -0.24. The lowest was -3.40. And the median was -1.87.

AgrometalI Beneish M-Score Historical Data

The historical data trend for AgrometalI'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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AgrometalI Beneish M-Score Chart

AgrometalI Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.40

-2.32

-0.24

-0.30

AgrometalI Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.34	-0.30	-0.46	-1.29	-

Competitive Comparison of AgrometalI's Beneish M-Score

For the Farm & Heavy Construction Machinery subindustry, AgrometalI'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.

AgrometalI's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry

For the Farm & Heavy Construction Machinery industry and Industrials sector, AgrometalI's Beneish M-Score distribution charts can be found below:

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

AgrometalI 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 AgrometalI 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 * 0.4256

0.528 * 1.0561

0.404 * 1.3044

0.892 * 2.2192

0.115 * 1.0375

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4828

4.679 * 0.104468

0.327 * 0.8027

-1.29

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was ARS2,374 Mil.
Revenue was 4077.379 + 1362.023 + 36445.32 + 2879.42 = ARS44,764 Mil.
Gross Profit was 1662.92 + 206.193 + 14956.982 + 932.009 = ARS17,758 Mil.
Total Current Assets was ARS8,611 Mil.
Total Assets was ARS12,949 Mil.
Property, Plant and Equipment(Net PPE) was ARS4,301 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS723 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,304 Mil.
Total Current Liabilities was ARS4,004 Mil.
Long-Term Debt & Capital Lease Obligation was ARS763 Mil.
Net Income was -68.197 + -391.779 + 1697.917 + -3.368 = ARS1,235 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 602.065 + -354.434 + 414.605 + -780.413 = ARS-118 Mil.

Total Receivables was ARS2,514 Mil.
Revenue was 8350.305 + 2585.934 + 5182.037 + 4053.333 = ARS20,172 Mil.
Gross Profit was 3940.11 + 865.081 + 1952.824 + 1692.898 = ARS8,451 Mil.
Total Current Assets was ARS6,004 Mil.
Total Assets was ARS7,659 Mil.
Property, Plant and Equipment(Net PPE) was ARS1,639 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS288 Mil.
Selling, General, & Admin. Expense(SGA) was ARS396 Mil.
Total Current Liabilities was ARS3,464 Mil.
Long-Term Debt & Capital Lease Obligation was ARS49 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)
	=	(2374.381 / 44764.142)	/	(2513.97 / 20171.609)
	=	0.053042	/	0.124629
	=	0.4256

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)
	=	(8450.913 / 20171.609)	/	(17758.104 / 44764.142)
	=	0.418951	/	0.396704
	=	1.0561

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 - (8610.782 + 4300.927) / 12948.937)	/	(1 - (6003.719 + 1638.749) / 7659.351)
	=	0.002875	/	0.002204
	=	1.3044

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
	=	44764.142	/	20171.609
	=	2.2192

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))
	=	(287.755 / (287.755 + 1638.749))	/	(723.354 / (723.354 + 4300.927))
	=	0.149366	/	0.143972
	=	1.0375

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)
	=	(1304.197 / 44764.142)	/	(396.334 / 20171.609)
	=	0.029135	/	0.019648
	=	1.4828

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)
	=	((763.134 + 4003.759) / 12948.937)	/	((48.74 + 3463.959) / 7659.351)
	=	0.36813	/	0.458616
	=	0.8027

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
	=	(1234.573 - 0	-	-118.177)	/	12948.937
	=	0.104468

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.

AgrometalI has a M-score of -1.29 signals that the company is likely to be a manipulator.

AgrometalI Beneish M-Score Related Terms

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AgrometalI (BUE:AGRO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Farm & Heavy Construction Machinery » Agrometal SAI (BUE:AGRO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Misiones 1974, Monte Maiz, Cordoba, ARG, COR X2659BIN

Website

http://www.agrometal.com

Agrometal SAI is engaged in the manufacturing and distribution of agricultural machinery for precision sowing. It offers ADX Air Drill fine and coarse grain seeders; APX seed drills; TX MEGA and MINI MEGA coarse grain sowing machines; MXY II and MSX grain, coarse, and pastures seed harvesters; TX PIVOT II precision transportable precision grain seed drills; and MXW and XZ fine grain and pasture seeders, as well as hydraulic actuators.