Aluar Aluminio ArgentinoIC (BUE:ALUA) Beneish M-Score : 3.42 (As of Apr. 25, 2024)

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

What is Aluar Aluminio ArgentinoIC 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 3.42 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BUE:ALUA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.15 Med: -2.48 Max: 3.42
Current: 3.42

During the past 13 years, the highest Beneish M-Score of Aluar Aluminio ArgentinoIC was 3.42. The lowest was -4.15. And the median was -2.48.

Aluar Aluminio ArgentinoIC Beneish M-Score Historical Data

The historical data trend for Aluar Aluminio ArgentinoIC'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.

Aluar Aluminio ArgentinoIC Beneish M-Score Chart

Aluar Aluminio ArgentinoIC Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

Get a 7-Day Free Trial

-1.46

-3.43

-3.26

-2.13

-2.31

Aluar Aluminio ArgentinoIC Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-3.99	-2.95	-2.31	0.11	3.42

Competitive Comparison of Aluar Aluminio ArgentinoIC's Beneish M-Score

For the Aluminum subindustry, Aluar Aluminio ArgentinoIC'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.

Aluar Aluminio ArgentinoIC's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Aluar Aluminio ArgentinoIC's Beneish M-Score distribution charts can be found below:

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

Aluar Aluminio ArgentinoIC 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 Aluar Aluminio ArgentinoIC 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 * 6.5299

0.528 * 1.5195

0.404 * 0.6344

0.892 * 1.0509

0.115 * 6.3749

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9726

4.679 * -0.002694

0.327 * 0.896

3.42

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ARS80,700 Mil.
Revenue was 176539.863 + 113235.713 + 133652.304 + 70949.445 = ARS494,377 Mil.
Gross Profit was 22562.499 + 26196.414 + 21246.289 + 10999.266 = ARS81,004 Mil.
Total Current Assets was ARS671,129 Mil.
Total Assets was ARS1,100,668 Mil.
Property, Plant and Equipment(Net PPE) was ARS420,511 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS16,046 Mil.
Selling, General, & Admin. Expense(SGA) was ARS27,053 Mil.
Total Current Liabilities was ARS211,906 Mil.
Long-Term Debt & Capital Lease Obligation was ARS0 Mil.
Net Income was -19661.018 + 11849.864 + 51724.045 + 3529.949 = ARS47,443 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 63095.764 + -6391.352 + 30381.089 + -36677.452 = ARS50,408 Mil.

Total Receivables was ARS11,759 Mil.
Revenue was 130923.891 + 116877.069 + 159915.337 + 62706.882 = ARS470,423 Mil.
Gross Profit was 26513.76 + 22661.01 + 50800.659 + 17149.39 = ARS117,125 Mil.
Total Current Assets was ARS159,262 Mil.
Total Assets was ARS298,966 Mil.
Property, Plant and Equipment(Net PPE) was ARS135,839 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS41,568 Mil.
Selling, General, & Admin. Expense(SGA) was ARS26,467 Mil.
Total Current Liabilities was ARS64,239 Mil.
Long-Term Debt & Capital Lease Obligation was ARS0 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)
	=	(80699.681 / 494377.325)	/	(11759.452 / 470423.179)
	=	0.163235	/	0.024998
	=	6.5299

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)
	=	(117124.819 / 470423.179)	/	(81004.468 / 494377.325)
	=	0.248978	/	0.163852
	=	1.5195

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 - (671128.666 + 420510.921) / 1100667.697)	/	(1 - (159262.379 + 135838.674) / 298966.021)
	=	0.008202	/	0.012928
	=	0.6344

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
	=	494377.325	/	470423.179
	=	1.0509

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))
	=	(41568.443 / (41568.443 + 135838.674))	/	(16045.665 / (16045.665 + 420510.921))
	=	0.234311	/	0.036755
	=	6.3749

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)
	=	(27053.495 / 494377.325)	/	(26467.499 / 470423.179)
	=	0.054722	/	0.056263
	=	0.9726

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 + 211905.826) / 1100667.697)	/	((0 + 64238.656) / 298966.021)
	=	0.192525	/	0.214869
	=	0.896

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
	=	(47442.84 - 0	-	50408.049)	/	1100667.697
	=	-0.002694

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.

Aluar Aluminio ArgentinoIC has a M-score of 3.42 signals that the company is likely to be a manipulator.

Aluar Aluminio ArgentinoIC Beneish M-Score Related Terms

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

Aluar Aluminio ArgentinoIC (BUE:ALUA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Aluar Aluminio Argentino SAIC (BUE:ALUA) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Marcelo Torcuato de Alvear 590, 3rd Floor, Buenos Aires, ARG, 1058

Website

http://www.aluar.com.ar

Aluar Aluminio Argentino SAIC is an Argentina based company engaged in manufacturing aluminum and aluminum products. It is used for aerospace, electrical component, construction, and transportation industries. The company offers rolling and alloy ingots, extrusion billets, rods, beams and zinc sows, among others. It also offers integrated solutions for engineering, manufacturing, construction, assembly and industrial services projects.

Aluar Aluminio ArgentinoIC (BUE:ALUA) Headlines

No Headlines