A3 Mercados (BUE:MTR) Beneish M-Score : -2.47 (As of Apr. 04, 2025)

View and export this data going back to 2012. Start your Free Trial

What is A3 Mercados 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.

Good Sign:

Beneish M-Score -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for A3 Mercados's Beneish M-Score or its related term are showing as below:

BUE:MTR' s Beneish M-Score Range Over the Past 10 Years
Min: -6.59 Med: -0.94 Max: 8.18
Current: -2.47

During the past 13 years, the highest Beneish M-Score of A3 Mercados was 8.18. The lowest was -6.59. And the median was -0.94.

A3 Mercados Beneish M-Score Historical Data

The historical data trend for A3 Mercados'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.

A3 Mercados Beneish M-Score Chart

A3 Mercados Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

Get a 7-Day Free Trial

6.30

-1.37

-1.99

1.46

-2.33

A3 Mercados Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															0.19	-0.95	-2.33	1.09	-2.47

Competitive Comparison of A3 Mercados's Beneish M-Score

For the Financial Data & Stock Exchanges subindustry, A3 Mercados'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.

A3 Mercados's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, A3 Mercados's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where A3 Mercados's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

A3 Mercados 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 A3 Mercados 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 * 1.351

0.528 * 0.707

0.404 * 1.0883

0.892 * 0.8939

0.115 * 1.795

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.373

4.679 * -0.009116

0.327 * 1.2623

-2.47

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ARS2,605 Mil.
Revenue was 16904 + 13168 + 20373.091 + 8435.44 = ARS58,881 Mil.
Gross Profit was 16904 + 5403 + 10264.302 + 3232.434 = ARS35,804 Mil.
Total Current Assets was ARS206,210 Mil.
Total Assets was ARS307,276 Mil.
Property, Plant and Equipment(Net PPE) was ARS7,002 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS3,372 Mil.
Selling, General, & Admin. Expense(SGA) was ARS2,006 Mil.
Total Current Liabilities was ARS156,899 Mil.
Long-Term Debt & Capital Lease Obligation was ARS2,405 Mil.
Net Income was 4032 + -779 + 2372.066 + -8124.962 = ARS-2,500 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 30484 + -7480 + 19331.009 + -42033.783 = ARS301 Mil.

Total Receivables was ARS2,157 Mil.
Revenue was 19101 + 14824 + 21815.197 + 10128.841 = ARS65,869 Mil.
Gross Profit was 4318.164 + 6211 + 12687.928 + 5101.388 = ARS28,318 Mil.
Total Current Assets was ARS110,475 Mil.
Total Assets was ARS158,157 Mil.
Property, Plant and Equipment(Net PPE) was ARS3,195 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS4,475 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,634 Mil.
Total Current Liabilities was ARS61,942 Mil.
Long-Term Debt & Capital Lease Obligation was ARS3,016 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)
	=	(2605 / 58880.531)	/	(2157.057 / 65869.038)
	=	0.044242	/	0.032748
	=	1.351

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)
	=	(28318.48 / 65869.038)	/	(35803.736 / 58880.531)
	=	0.429921	/	0.608074
	=	0.707

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 - (206210 + 7002) / 307276)	/	(1 - (110475.203 + 3195.154) / 158156.707)
	=	0.306122	/	0.28128
	=	1.0883

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
	=	58880.531	/	65869.038
	=	0.8939

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))
	=	(4475.487 / (4475.487 + 3195.154))	/	(3371.984 / (3371.984 + 7002))
	=	0.583457	/	0.325042
	=	1.795

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)
	=	(2005.906 / 58880.531)	/	(1634.372 / 65869.038)
	=	0.034067	/	0.024812
	=	1.373

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)
	=	((2405 + 156899) / 307276)	/	((3016.342 + 61941.853) / 158156.707)
	=	0.518439	/	0.41072
	=	1.2623

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
	=	(-2499.896 - 0	-	301.226)	/	307276
	=	-0.009116

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.

A3 Mercados has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.

A3 Mercados Beneish M-Score Related Terms

Thank you for viewing the detailed overview of A3 Mercados's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

A3 Mercados Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » A3 Mercados SA (BUE:MTR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Paraguay 777 Piso 15, Rosario, ARG

Website

https://www.matbarofex.com.ar

Matba Rofex Sociedad Anonima is an agricultural futures and options Exchange in Latin America. Approximately, more than 75 members trade futures and options contracts on agricultural commodities using the open outcry system or company's electronic platform. The company registers, guarantees, clears and settles every contract traded at the Exchange. It also offers through Fundación MATba a large number of educational and training programs. These programs cover a range of topics involving derivatives, strategies and back office administration, among others.