Consultatio Beneish M-Score Historical Data
The historical data trend for Consultatio'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.
Consultatio Beneish M-Score Chart
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Consultatio Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.33 |
-2.04 |
0.14 |
5.08 |
-3.02 |
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Consultatio Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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5.08 |
16.91 |
7.98 |
0.96 |
-3.02 |
Competitive Comparison of Consultatio's Beneish M-Score
For the Real Estate - Development subindustry, Consultatio'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.
Consultatio's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Consultatio's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Consultatio's Beneish M-Score falls into.
Consultatio 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 Consultatio 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 * 1.0318 | + | 0.528 * 0.8103 | + | 0.404 * 0.9793 | + | 0.892 * 0.9663 | + | 0.115 * 1.2319 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8526 | + | 4.679 * -0.059766 | - | 0.327 * 1.6133 |
| = | -3.02 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ARS11,548 Mil.
Revenue was 82555 + 38756 + 15206 + 17339 = ARS153,856 Mil.
Gross Profit was 45766 + 16242 + 5594 + 8085 = ARS75,687 Mil.
Total Current Assets was ARS542,977 Mil.
Total Assets was ARS1,268,121 Mil.
Property, Plant and Equipment(Net PPE) was ARS25,079 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS516 Mil.
Selling, General, & Admin. Expense(SGA) was ARS20,593 Mil.
Total Current Liabilities was ARS218,817 Mil.
Long-Term Debt & Capital Lease Obligation was ARS0 Mil.
Net Income was 13069 + 4171 + -12335 + -60427 = ARS-55,522 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 37901 + -5015 + -1594 + -11024 = ARS20,268 Mil.
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Total Receivables was ARS11,582 Mil.
Revenue was 54129 + 41510 + 31167 + 32412 = ARS159,218 Mil.
Gross Profit was 24221 + 17919 + 10660 + 10664 = ARS63,464 Mil.
Total Current Assets was ARS669,632 Mil.
Total Assets was ARS1,600,893 Mil.
Property, Plant and Equipment(Net PPE) was ARS28,820 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS734 Mil.
Selling, General, & Admin. Expense(SGA) was ARS24,996 Mil.
Total Current Liabilities was ARS171,227 Mil.
Long-Term Debt & Capital Lease Obligation was ARS0 Mil.
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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) |
| = | (11548 / 153856) | / | (11582 / 159218) |
| = | 0.075057 | / | 0.072743 |
| | = | 1.0318 |
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) |
| = | (63464 / 159218) | / | (75687 / 153856) |
| = | 0.398598 | / | 0.491934 |
| | = | 0.8103 |
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 - (542977 + 25079) / 1268121) | / | (1 - (669632 + 28820) / 1600893) |
| = | 0.552049 | / | 0.563711 |
| | = | 0.9793 |
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 |
| = | 153856 | / | 159218 |
| | = | 0.9663 |
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)) |
| = | (734 / (734 + 28820)) | / | (516 / (516 + 25079)) |
| = | 0.024836 | / | 0.02016 |
| | = | 1.2319 |
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) |
| = | (20593 / 153856) | / | (24996 / 159218) |
| = | 0.133846 | / | 0.156992 |
| | = | 0.8526 |
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 + 218817) / 1268121) | / | ((0 + 171227) / 1600893) |
| = | 0.172552 | / | 0.106957 |
| | = | 1.6133 |
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 |
| = | (-55522 - 0 | - | 20268) | / | 1268121 |
| | = | -0.059766 |
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.
Consultatio has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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