Fiplasto (BUE:FIPL) Beneish M-Score : 0.09 (As of May. 11, 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 0.09 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: -3.25 Med: -2.23 Max: 0.6
Current: 0.09

During the past 13 years, the highest Beneish M-Score of Fiplasto was 0.60. The lowest was -3.25. 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

-0.06

Fiplasto 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															-2.30	0.60	-0.06	0.15	0.09

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 * 2.6301

0.528 * 0.7192

0.404 * 0.6268

0.892 * 1.0448

0.115 * 4.5822

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5033

4.679 * 0.150891

0.327 * 0.6279

0.09

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ARS2,863 Mil.
Revenue was 5584.143 + 3177.317 + 2872.114 + 1705.978 = ARS13,340 Mil.
Gross Profit was 3509.57 + 1664.812 + 811.469 + 341.392 = ARS6,327 Mil.
Total Current Assets was ARS19,097 Mil.
Total Assets was ARS30,987 Mil.
Property, Plant and Equipment(Net PPE) was ARS11,155 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS511 Mil.
Selling, General, & Admin. Expense(SGA) was ARS241 Mil.
Total Current Liabilities was ARS8,824 Mil.
Long-Term Debt & Capital Lease Obligation was ARS23 Mil.
Net Income was 4924.965 + 533.452 + 333.069 + 2335.089 = ARS8,127 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 6349.279 + -374.656 + -425.971 + -2097.702 = ARS3,451 Mil.

Total Receivables was ARS1,042 Mil.
Revenue was 4920.015 + 3291.536 + 2994.024 + 1562.493 = ARS12,768 Mil.
Gross Profit was 1842.923 + 1297.23 + 779.141 + 436.506 = ARS4,356 Mil.
Total Current Assets was ARS2,031 Mil.
Total Assets was ARS4,966 Mil.
Property, Plant and Equipment(Net PPE) was ARS2,746 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS690 Mil.
Selling, General, & Admin. Expense(SGA) was ARS459 Mil.
Total Current Liabilities was ARS2,224 Mil.
Long-Term Debt & Capital Lease Obligation was ARS34 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)
	=	(2863.279 / 13339.552)	/	(1042.007 / 12768.068)
	=	0.214646	/	0.08161
	=	2.6301

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)
	=	(4355.8 / 12768.068)	/	(6327.243 / 13339.552)
	=	0.341148	/	0.474322
	=	0.7192

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 - (19097.377 + 11154.867) / 30986.835)	/	(1 - (2031.39 + 2746.426) / 4965.637)
	=	0.023707	/	0.037824
	=	0.6268

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
	=	13339.552	/	12768.068
	=	1.0448

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))
	=	(689.819 / (689.819 + 2746.426))	/	(511.091 / (511.091 + 11154.867))
	=	0.200748	/	0.04381
	=	4.5822

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)
	=	(241.126 / 13339.552)	/	(458.55 / 12768.068)
	=	0.018076	/	0.035914
	=	0.5033

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)
	=	((23.447 + 8824.098) / 30986.835)	/	((34.352 + 2223.563) / 4965.637)
	=	0.285526	/	0.454708
	=	0.6279

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
	=	(8126.575 - 0	-	3450.95)	/	30986.835
	=	0.150891

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 0.09 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

Comparable Companies

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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