Papel Prensa Beneish M-Score Historical Data
The historical data trend for Papel Prensa'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.
Papel Prensa Beneish M-Score Chart
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Papel Prensa Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
Dec25 |
| Beneish M-Score |
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-0.87 |
-0.74 |
-1.14 |
-1.71 |
0.73 |
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Papel Prensa Quarterly Data
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Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
Sep25 |
Dec25 |
Mar26 |
| Beneish M-Score |
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-1.26 |
1.92 |
2.73 |
0.73 |
-0.30 |
Papel Prensa Beneish M-Score Competitor Comparison
For the Paper & Paper Products subindustry, Papel Prensa'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.
Papel Prensa Beneish M-Score vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Papel Prensa's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Papel Prensa's Beneish M-Score falls into.
Papel Prensa 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 Papel Prensa 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 * 2.2926 | + | 0.528 * 3.6831 | + | 0.404 * 1.0595 | + | 0.892 * 0.832 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6366 | + | 4.679 * -0.053284 | - | 0.327 * 1.3439 |
| = | -0.30 |
* 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 (Mar26) TTM: | Last Year (Mar25) TTM: |
Total Receivables was ARS14,624 Mil.
Revenue was 27332.789 + 33692.434 + 25529.663 + 24518.392 = ARS111,073 Mil.
Gross Profit was 1465.497 + 1628.174 + 1253.87 + -1366.28 = ARS2,981 Mil.
Total Current Assets was ARS81,405 Mil.
Total Assets was ARS186,609 Mil.
Property, Plant and Equipment(Net PPE) was ARS81,814 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS184 Mil.
Selling, General, & Admin. Expense(SGA) was ARS6,348 Mil.
Total Current Liabilities was ARS56,686 Mil.
Long-Term Debt & Capital Lease Obligation was ARS2,897 Mil.
Net Income was -5269.5 + -4404.685 + -2374.7 + -3133.082 = ARS-15,182 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was -5926.773 + -4004.285 + 10632.97 + -5940.584 = ARS-5,239 Mil.
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Total Receivables was ARS7,667 Mil.
Revenue was 31217.796 + 40182.295 + 28684.819 + 33420.097 = ARS133,505 Mil.
Gross Profit was 1631.668 + 2150.93 + 2595.467 + 6819.483 = ARS13,198 Mil.
Total Current Assets was ARS76,110 Mil.
Total Assets was ARS150,628 Mil.
Property, Plant and Equipment(Net PPE) was ARS56,698 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS0 Mil.
Selling, General, & Admin. Expense(SGA) was ARS11,984 Mil.
Total Current Liabilities was ARS33,432 Mil.
Long-Term Debt & Capital Lease Obligation was ARS2,357 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) |
| = | (14624.394 / 111073.278) | / | (7667.316 / 133505.007) |
| = | 0.131664 | / | 0.057431 |
| | = | 2.2926 |
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) |
| = | (13197.548 / 133505.007) | / | (2981.261 / 111073.278) |
| = | 0.098854 | / | 0.02684 |
| | = | 3.6831 |
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 - (81405.358 + 81814.296) / 186609.047) | / | (1 - (76110.465 + 56697.926) / 150627.506) |
| = | 0.125339 | / | 0.118299 |
| | = | 1.0595 |
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 |
| = | 111073.278 | / | 133505.007 |
| | = | 0.832 |
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)) |
| = | (0 / (0 + 56697.926)) | / | (183.909 / (183.909 + 81814.296)) |
| = | 0 | / | 0.002243 |
| | = | 1 |
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) |
| = | (6347.599 / 111073.278) | / | (11984.23 / 133505.007) |
| = | 0.057148 | / | 0.089766 |
| | = | 0.6366 |
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) |
| = | ((2896.996 + 56685.987) / 186609.047) | / | ((2356.566 + 33431.809) / 150627.506) |
| = | 0.319293 | / | 0.237595 |
| | = | 1.3439 |
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 |
| = | (-15181.967 - 0 | - | -5238.672) | / | 186609.047 |
| | = | -0.053284 |
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.
Papel Prensa has a M-score of -0.30 signals that the company is likely to be a manipulator.
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