Murano Global Investments Beneish M-Score Historical Data
The historical data trend for Murano Global Investments'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.
Murano Global Investments Beneish M-Score Chart
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Murano Global Investments Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.41 |
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Murano Global Investments Quarterly Data
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Dec21 |
Jun22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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|
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- |
- |
-1.37 |
- |
-2.41 |
Competitive Comparison of Murano Global Investments's Beneish M-Score
For the Real Estate - Development subindustry, Murano Global Investments'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.
Murano Global Investments's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Murano Global Investments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Murano Global Investments's Beneish M-Score falls into.
Murano Global Investments 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 Murano Global Investments 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 * 0.3953 | + | 0.528 * 0.9677 | + | 0.404 * 0.9281 | + | 0.892 * 2.294 | + | 0.115 * 0.4863 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2206 | + | 4.679 * -0.060865 | - | 0.327 * 1.3707 |
| = | -2.43 |
* 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 €21.10 Mil.
Revenue was 13.553 + 7.619 + 8.133 + 5.937 = €35.24 Mil.
Gross Profit was 10.132 + 5.878 + 5.369 + 4.185 = €25.56 Mil.
Total Current Assets was €67.69 Mil.
Total Assets was €1,053.76 Mil.
Property, Plant and Equipment(Net PPE) was €923.85 Mil.
Depreciation, Depletion and Amortization(DDA) was €14.54 Mil.
Selling, General, & Admin. Expense(SGA) was €42.49 Mil.
Total Current Liabilities was €192.88 Mil.
Long-Term Debt & Capital Lease Obligation was €359.62 Mil.
Net Income was -26.319 + -38.862 + -47.742 + -8.196 = €-121.12 Mil.
Non Operating Income was -0.468 + -26.837 + -31.611 + 6.054 = €-52.86 Mil.
Cash Flow from Operations was -3.191 + 3.138 + 0.906 + -4.973 = €-4.12 Mil.
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Total Receivables was €23.27 Mil.
Revenue was 6.128 + 3.543 + 3.438 + 2.254 = €15.36 Mil.
Gross Profit was 4.582 + 3.252 + 1.464 + 1.486 = €10.78 Mil.
Total Current Assets was €32.27 Mil.
Total Assets was €1,052.01 Mil.
Property, Plant and Equipment(Net PPE) was €952.81 Mil.
Depreciation, Depletion and Amortization(DDA) was €7.24 Mil.
Selling, General, & Admin. Expense(SGA) was €15.18 Mil.
Total Current Liabilities was €141.96 Mil.
Long-Term Debt & Capital Lease Obligation was €260.46 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) |
| = | (21.104 / 35.242) | / | (23.273 / 15.363) |
| = | 0.598831 | / | 1.514873 |
| | = | 0.3953 |
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) |
| = | (10.784 / 15.363) | / | (25.564 / 35.242) |
| = | 0.701946 | / | 0.725384 |
| | = | 0.9677 |
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 - (67.689 + 923.847) / 1053.755) | / | (1 - (32.272 + 952.807) / 1052.009) |
| = | 0.059045 | / | 0.063621 |
| | = | 0.9281 |
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 |
| = | 35.242 | / | 15.363 |
| | = | 2.294 |
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)) |
| = | (7.235 / (7.235 + 952.807)) | / | (14.541 / (14.541 + 923.847)) |
| = | 0.007536 | / | 0.015496 |
| | = | 0.4863 |
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) |
| = | (42.49 / 35.242) | / | (15.175 / 15.363) |
| = | 1.205664 | / | 0.987763 |
| | = | 1.2206 |
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) |
| = | ((359.618 + 192.882) / 1053.755) | / | ((260.46 + 141.955) / 1052.009) |
| = | 0.524315 | / | 0.38252 |
| | = | 1.3707 |
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 |
| = | (-121.119 - -52.862 | - | -4.12) | / | 1053.755 |
| | = | -0.060865 |
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.
Murano Global Investments has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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