Grupo VasconiaB (MEX:VASCONI) Beneish M-Score : -2.71 (As of Apr. 23, 2025)

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What is Grupo VasconiaB 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:VASCONI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.66 Med: -2.71 Max: -1.89
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Grupo VasconiaB was -1.89. The lowest was -3.66. And the median was -2.71.

Grupo VasconiaB Beneish M-Score Historical Data

The historical data trend for Grupo VasconiaB'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.

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Grupo VasconiaB Beneish M-Score Chart

Grupo VasconiaB Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.04

-2.47

-2.06

-3.48

-2.91

Grupo VasconiaB Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.83	-2.91	-3.66	-3.40	-2.71

Competitive Comparison of Grupo VasconiaB's Beneish M-Score

For the Furnishings, Fixtures & Appliances subindustry, Grupo VasconiaB'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.

Grupo VasconiaB's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Grupo VasconiaB's Beneish M-Score distribution charts can be found below:

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

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Grupo VasconiaB 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 Grupo VasconiaB 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 * 1.2811

0.528 * 1.2923

0.404 * 1.3252

0.892 * 0.8502

0.115 * 1.0722

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.288

4.679 * -0.119253

0.327 * 1.1128

-2.71

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was MXN669 Mil.
Revenue was 659.455 + 621.08 + 557.382 + 904.629 = MXN2,743 Mil.
Gross Profit was 115.653 + 117.364 + 88.191 + 152.009 = MXN473 Mil.
Total Current Assets was MXN1,937 Mil.
Total Assets was MXN5,084 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,642 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN251 Mil.
Selling, General, & Admin. Expense(SGA) was MXN853 Mil.
Total Current Liabilities was MXN3,634 Mil.
Long-Term Debt & Capital Lease Obligation was MXN192 Mil.
Net Income was -62.008 + -79.163 + -150.094 + -132.705 = MXN-424 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was -79.74 + 136.06 + 122.002 + 3.944 = MXN182 Mil.

Total Receivables was MXN614 Mil.
Revenue was 661.178 + 745.2 + 759.107 + 1060.407 = MXN3,226 Mil.
Gross Profit was 186.778 + 164.683 + 179.182 + 188.664 = MXN719 Mil.
Total Current Assets was MXN2,154 Mil.
Total Assets was MXN4,979 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,452 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN252 Mil.
Selling, General, & Admin. Expense(SGA) was MXN779 Mil.
Total Current Liabilities was MXN2,178 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,189 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)
	=	(668.818 / 2742.546)	/	(614.054 / 3225.892)
	=	0.243868	/	0.190352
	=	1.2811

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)
	=	(719.307 / 3225.892)	/	(473.217 / 2742.546)
	=	0.222979	/	0.172547
	=	1.2923

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 - (1936.908 + 2642.435) / 5083.595)	/	(1 - (2154.083 + 2452.06) / 4978.81)
	=	0.099192	/	0.074851
	=	1.3252

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
	=	2742.546	/	3225.892
	=	0.8502

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))
	=	(251.511 / (251.511 + 2452.06))	/	(251.052 / (251.052 + 2642.435))
	=	0.093029	/	0.086765
	=	1.0722

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)
	=	(852.681 / 2742.546)	/	(778.711 / 3225.892)
	=	0.310909	/	0.241394
	=	1.288

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)
	=	((192.064 + 3633.828) / 5083.595)	/	((1188.986 + 2178.161) / 4978.81)
	=	0.752596	/	0.676296
	=	1.1128

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
	=	(-423.97 - 0	-	182.266)	/	5083.595
	=	-0.119253

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.

Grupo VasconiaB has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

Grupo VasconiaB Beneish M-Score Related Terms

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Grupo VasconiaB Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Furnishings, Fixtures & Appliances » Grupo Vasconia SAB (MEX:VASCONI) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

September 16 No. 346 Colonia El Partidor Cuautitlan, State of Mexico, Mexico, MEX, 54879

Website

http://www.grupovasconia.com

Grupo Vasconia SAB is engaged in the manufacturing and sale of steel and aluminum for the household use. The company's business divisions include Industrial Products and Consumer Products. Its products include Sheet, Discs and Foil, trays and Finstock.

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