FerreycorpA Beneish M-Score Historical Data
The historical data trend for FerreycorpA'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.
FerreycorpA Beneish M-Score Chart
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FerreycorpA Annual Data
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Dec13 |
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Dec18 |
Dec19 |
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Dec22 |
| Beneish M-Score |
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-2.10 |
-2.70 |
-3.64 |
-2.29 |
0.00 |
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FerreycorpA Quarterly Data
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Jun18 |
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Mar23 |
| Beneish M-Score |
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-5.42 |
-2.48 |
-2.89 |
0.00 |
0.00 |
LIM:FERREYC1 vs FAST, FERG, GWW: Beneish M-Score Comparison
For the Industrial Distribution subindustry, FerreycorpA'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.
FerreycorpA Beneish M-Score vs Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, FerreycorpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FerreycorpA's Beneish M-Score falls into.
FerreycorpA 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 FerreycorpA 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 * 1.2392 | + | 0.528 * 0.9828 | + | 0.404 * 0.8637 | + | 0.892 * 1.0617 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.041708 | - | 0.327 * 0.9861 |
| = | -2.07 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was S/.1,370 Mil.
Revenue was 1560.295 + 1870.08 + 1691.364 + 1582.388 = S/.6,704 Mil.
Gross Profit was 426.739 + 474.417 + 487.019 + 393.956 = S/.1,782 Mil.
Total Current Assets was S/.3,787 Mil.
Total Assets was S/.6,063 Mil.
Property, Plant and Equipment(Net PPE) was S/.1,647 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.0 Mil.
Selling, General, & Admin. Expense(SGA) was S/.0 Mil.
Total Current Liabilities was S/.2,429 Mil.
Long-Term Debt & Capital Lease Obligation was S/.1,021 Mil.
Net Income was 121.004 + 139.155 + 90.558 + 61.287 = S/.412 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S/.0 Mil.
Cash Flow from Operations was 284.515 + -133.095 + 60.569 + -52.879 = S/.159 Mil.
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Total Receivables was S/.1,041 Mil.
Revenue was 1433.697 + 1736.141 + 1690.722 + 1453.682 = S/.6,314 Mil.
Gross Profit was 337.412 + 450.435 + 460.653 + 401.196 = S/.1,650 Mil.
Total Current Assets was S/.3,478 Mil.
Total Assets was S/.5,890 Mil.
Property, Plant and Equipment(Net PPE) was S/.1,704 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.0 Mil.
Selling, General, & Admin. Expense(SGA) was S/.0 Mil.
Total Current Liabilities was S/.2,275 Mil.
Long-Term Debt & Capital Lease Obligation was S/.1,123 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) |
| = | (1369.989 / 6704.127) | / | (1041.285 / 6314.242) |
| = | 0.20435 | / | 0.164911 |
| | = | 1.2392 |
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) |
| = | (1649.696 / 6314.242) | / | (1782.131 / 6704.127) |
| = | 0.261266 | / | 0.265826 |
| | = | 0.9828 |
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 - (3786.605 + 1647.102) / 6063.425) | / | (1 - (3477.932 + 1704.123) / 5890.309) |
| = | 0.103855 | / | 0.120241 |
| | = | 0.8637 |
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 |
| = | 6704.127 | / | 6314.242 |
| | = | 1.0617 |
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 + 1704.123)) | / | (0 / (0 + 1647.102)) |
| = | 0 | / | 0 |
| | = | 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) |
| = | (0 / 6704.127) | / | (0 / 6314.242) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((1020.741 + 2428.728) / 6063.425) | / | ((1123.141 + 2274.931) / 5890.309) |
| = | 0.568898 | / | 0.576892 |
| | = | 0.9861 |
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 |
| = | (412.004 - 0 | - | 159.11) | / | 6063.425 |
| | = | 0.041708 |
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.
FerreycorpA has a M-score of -2.07 suggests that the company is unlikely to be a manipulator.
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