Fiplasto (BUE:FIPL) Beneish M-Score : 29.90 (As of May. 25, 2024)

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What is Fiplasto 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 29.9 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BUE:FIPL' s Beneish M-Score Range Over the Past 10 Years
Min: -11.68 Med: -2.23 Max: 29.9
Current: 29.9

During the past 13 years, the highest Beneish M-Score of Fiplasto was 29.90. The lowest was -11.68. And the median was -2.23.

Fiplasto Beneish M-Score Historical Data

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

Fiplasto Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-1.91

-3.25

-0.95

-2.05

-11.68

Fiplasto Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															6.35	-11.68	10.58	11.54	29.90

Competitive Comparison of Fiplasto's Beneish M-Score

For the Furnishings, Fixtures & Appliances subindustry, Fiplasto'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.

Fiplasto's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Fiplasto's Beneish M-Score distribution charts can be found below:

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

Fiplasto 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 Fiplasto 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 * 38.7101

0.528 * 0.2637

0.404 * 0.4217

0.892 * 0.1185

0.115 * 7.4388

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.2632

4.679 * -0.273955

0.327 * 1.4559

29.90

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ARS4,747 Mil.
Revenue was 6604.001 + 5584.143 + 3177.317 + -13253.219 = ARS2,112 Mil.
Gross Profit was 1665.13 + 3509.57 + 1664.812 + -4482.838 = ARS2,357 Mil.
Total Current Assets was ARS25,459 Mil.
Total Assets was ARS43,645 Mil.
Property, Plant and Equipment(Net PPE) was ARS17,319 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS628 Mil.
Selling, General, & Admin. Expense(SGA) was ARS142 Mil.
Total Current Liabilities was ARS13,685 Mil.
Long-Term Debt & Capital Lease Obligation was ARS228 Mil.
Net Income was -1506.151 + 4924.965 + 533.452 + -7719.608 = ARS-3,767 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 660.014 + 6349.279 + -374.656 + 1554.745 = ARS8,189 Mil.

Total Receivables was ARS1,035 Mil.
Revenue was 6616.963 + 4920.015 + 3291.536 + 2994.024 = ARS17,823 Mil.
Gross Profit was 1324.154 + 1842.923 + 1297.23 + 779.141 = ARS5,243 Mil.
Total Current Assets was ARS4,259 Mil.
Total Assets was ARS7,944 Mil.
Property, Plant and Equipment(Net PPE) was ARS3,311 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS1,166 Mil.
Selling, General, & Admin. Expense(SGA) was ARS530 Mil.
Total Current Liabilities was ARS1,707 Mil.
Long-Term Debt & Capital Lease Obligation was ARS32 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)
	=	(4746.712 / 2112.242)	/	(1034.658 / 17822.538)
	=	2.247239	/	0.058053
	=	38.7101

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)
	=	(5243.448 / 17822.538)	/	(2356.674 / 2112.242)
	=	0.294203	/	1.115722
	=	0.2637

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 - (25459.273 + 17319.062) / 43644.9)	/	(1 - (4259.249 + 3310.573) / 7943.82)
	=	0.019855	/	0.04708
	=	0.4217

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
	=	2112.242	/	17822.538
	=	0.1185

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))
	=	(1166.014 / (1166.014 + 3310.573))	/	(628.431 / (628.431 + 17319.062))
	=	0.260469	/	0.035015
	=	7.4388

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)
	=	(142.163 / 2112.242)	/	(530.027 / 17822.538)
	=	0.067304	/	0.029739
	=	2.2632

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)
	=	((228.283 + 13685.388) / 43644.9)	/	((32.061 + 1707.346) / 7943.82)
	=	0.318793	/	0.218964
	=	1.4559

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
	=	(-3767.342 - 0	-	8189.382)	/	43644.9
	=	-0.273955

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.

Fiplasto has a M-score of 29.90 signals that the company is likely to be a manipulator.

Fiplasto Beneish M-Score Related Terms

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Fiplasto (BUE:FIPL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Furnishings, Fixtures & Appliances » Fiplasto SA (BUE:FIPL) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Piso 10, Alsina 756, Buenos Aires, ARG, C1087AAL

Website

http://www.fiplasto.com.ar

Fiplasto SA operates in the furniture industry. The principal business activity of the company is the manufacturing and marketing of wood fiber boards. The company serves a wide variety of industries in Argentina and the world that use its hardboard products for applications as diverse as auto parts, packaging, manufacture of furniture and doors, boards, formworks for construction, exhibitors, and posters. The company has two segments, Hardboard and Furniture, where it generates the majority of its revenue from the Hardboard segment.

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