AenzaA Beneish M-Score Historical Data
The historical data trend for AenzaA'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.
AenzaA Beneish M-Score Chart
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AenzaA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.32 |
-2.74 |
-2.74 |
-2.67 |
-2.83 |
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AenzaA Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.70 |
-2.69 |
-2.83 |
-2.71 |
-2.37 |
LIM:AENZAC1 vs PWR, EME, FIX: Beneish M-Score Comparison
For the Engineering & Construction subindustry, AenzaA'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.
AenzaA Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, AenzaA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AenzaA's Beneish M-Score falls into.
AenzaA 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 AenzaA 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 * 1.3477 | + | 0.528 * 0.6402 | + | 0.404 * 0.9504 | + | 0.892 * 1.0326 | + | 0.115 * 0.9623 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1893 | + | 4.679 * 0.010215 | - | 0.327 * 0.9956 |
| = | -2.33 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was S/.1,744 Mil.
Revenue was 971.216 + 997.285 + 1199.185 + 1215.231 = S/.4,383 Mil.
Gross Profit was 116.037 + 127.999 + 193.572 + 286.788 = S/.724 Mil.
Total Current Assets was S/.2,896 Mil.
Total Assets was S/.5,926 Mil.
Property, Plant and Equipment(Net PPE) was S/.333 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.221 Mil.
Selling, General, & Admin. Expense(SGA) was S/.77 Mil.
Total Current Liabilities was S/.1,966 Mil.
Long-Term Debt & Capital Lease Obligation was S/.1,702 Mil.
Net Income was -51.349 + -15.54 + 52.022 + 55.139 = S/.40 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S/.0 Mil.
Cash Flow from Operations was -191.333 + -93.931 + 163.19 + 101.817 = S/.-20 Mil.
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Total Receivables was S/.1,253 Mil.
Revenue was 1036.921 + 850.138 + 1259.091 + 1098.436 = S/.4,245 Mil.
Gross Profit was 134.286 + 80.922 + 130.594 + 103.351 = S/.449 Mil.
Total Current Assets was S/.2,805 Mil.
Total Assets was S/.6,006 Mil.
Property, Plant and Equipment(Net PPE) was S/.325 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.203 Mil.
Selling, General, & Admin. Expense(SGA) was S/.63 Mil.
Total Current Liabilities was S/.2,768 Mil.
Long-Term Debt & Capital Lease Obligation was S/.966 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) |
| = | (1743.777 / 4382.917) | / | (1253.042 / 4244.586) |
| = | 0.397858 | / | 0.295209 |
| | = | 1.3477 |
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) |
| = | (449.153 / 4244.586) | / | (724.396 / 4382.917) |
| = | 0.105818 | / | 0.165277 |
| | = | 0.6402 |
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 - (2895.587 + 332.969) / 5925.695) | / | (1 - (2804.821 + 324.948) / 6006.339) |
| = | 0.45516 | / | 0.478922 |
| | = | 0.9504 |
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 |
| = | 4382.917 | / | 4244.586 |
| | = | 1.0326 |
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)) |
| = | (202.542 / (202.542 + 324.948)) | / | (221.065 / (221.065 + 332.969)) |
| = | 0.383973 | / | 0.39901 |
| | = | 0.9623 |
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) |
| = | (76.947 / 4382.917) | / | (62.66 / 4244.586) |
| = | 0.017556 | / | 0.014762 |
| | = | 1.1893 |
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) |
| = | ((1701.96 + 1966.271) / 5925.695) | / | ((966.493 + 2768.231) / 6006.339) |
| = | 0.619038 | / | 0.621797 |
| | = | 0.9956 |
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 |
| = | (40.272 - 0 | - | -20.257) | / | 5925.695 |
| | = | 0.010215 |
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.
AenzaA has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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