Molinos Agro Beneish M-Score Historical Data
The historical data trend for Molinos Agro'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.
Molinos Agro Beneish M-Score Chart
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Molinos Agro Annual Data
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Trend |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-1.62 |
-0.58 |
-0.95 |
-1.01 |
-2.48 |
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Molinos Agro Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
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Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.55 |
-2.48 |
3.05 |
4.70 |
2.79 |
Competitive Comparison of Molinos Agro's Beneish M-Score
For the Farm Products subindustry, Molinos Agro'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.
Molinos Agro's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Molinos Agro's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Molinos Agro's Beneish M-Score falls into.
Molinos Agro 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 Molinos Agro 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 * 5.9006 | + | 0.528 * 1.4202 | + | 0.404 * 1.7117 | + | 0.892 * 0.6382 | + | 0.115 * 2.448 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.1937 | + | 4.679 * 0.044435 | - | 0.327 * 1.0176 |
| = | 2.79 |
* 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 ARS132,189 Mil.
Revenue was 714315 + 634162 + 613706 + -126493.19 = ARS1,835,690 Mil.
Gross Profit was 3474 + 7915 + 27409 + -6561.526 = ARS32,236 Mil.
Total Current Assets was ARS567,481 Mil.
Total Assets was ARS703,906 Mil.
Property, Plant and Equipment(Net PPE) was ARS121,055 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS6,371 Mil.
Selling, General, & Admin. Expense(SGA) was ARS-8,357 Mil.
Total Current Liabilities was ARS528,168 Mil.
Long-Term Debt & Capital Lease Obligation was ARS747 Mil.
Net Income was 814 + 5657 + 21572 + 14673.695 = ARS42,717 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was -17649 + -46384 + -36056 + 111527.63 = ARS11,439 Mil.
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Total Receivables was ARS35,104 Mil.
Revenue was 490066 + 522304 + 610174 + 1253943.009 = ARS2,876,487 Mil.
Gross Profit was 19222 + 14309 + 18769 + 19442.991 = ARS71,743 Mil.
Total Current Assets was ARS365,477 Mil.
Total Assets was ARS443,056 Mil.
Property, Plant and Equipment(Net PPE) was ARS71,928 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS10,031 Mil.
Selling, General, & Admin. Expense(SGA) was ARS67,606 Mil.
Total Current Liabilities was ARS327,127 Mil.
Long-Term Debt & Capital Lease Obligation was ARS41 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) |
| = | (132189 / 1835689.81) | / | (35104.477 / 2876487.009) |
| = | 0.072011 | / | 0.012204 |
| | = | 5.9006 |
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) |
| = | (71742.991 / 2876487.009) | / | (32236.474 / 1835689.81) |
| = | 0.024941 | / | 0.017561 |
| | = | 1.4202 |
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 - (567481 + 121055) / 703906) | / | (1 - (365476.587 + 71928.253) / 443056.393) |
| = | 0.021835 | / | 0.012756 |
| | = | 1.7117 |
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 |
| = | 1835689.81 | / | 2876487.009 |
| | = | 0.6382 |
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)) |
| = | (10030.581 / (10030.581 + 71928.253)) | / | (6370.62 / (6370.62 + 121055)) |
| = | 0.122386 | / | 0.049995 |
| | = | 2.448 |
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) |
| = | (-8356.519 / 1835689.81) | / | (67606.175 / 2876487.009) |
| = | -0.004552 | / | 0.023503 |
| | = | -0.1937 |
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) |
| = | ((747 + 528168) / 703906) | / | ((41.117 + 327127.315) / 443056.393) |
| = | 0.7514 | / | 0.738435 |
| | = | 1.0176 |
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 |
| = | (42716.695 - 0 | - | 11438.63) | / | 703906 |
| | = | 0.044435 |
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.
Molinos Agro has a M-score of 2.79 signals that the company is likely to be a manipulator.
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