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Tecnoglass (Tecnoglass) Beneish M-Score : -2.17 (As of Apr. 27, 2024)


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What is Tecnoglass 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 -2.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TGLS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11   Med: -2.17   Max: -1.77
Current: -2.17

During the past 12 years, the highest Beneish M-Score of Tecnoglass was -1.77. The lowest was -3.11. And the median was -2.17.


Tecnoglass Beneish M-Score Historical Data

The historical data trend for Tecnoglass'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.

* Premium members only.

Tecnoglass Beneish M-Score Chart

Tecnoglass Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.07 -3.11 -2.69 -2.24 -2.17

Tecnoglass Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.24 -2.09 -1.72 -2.00 -2.17

Competitive Comparison of Tecnoglass's Beneish M-Score

For the Building Materials subindustry, Tecnoglass'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.


Tecnoglass's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, Tecnoglass's Beneish M-Score distribution charts can be found below:

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



Tecnoglass 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 Tecnoglass 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 * 0.944+0.528 * 1.0396+0.404 * 0.7862+0.892 * 1.1629+0.115 * 1.4008
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9143+4.679 * 0.034512-0.327 * 0.8032
=-2.17

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $191.2 Mil.
Revenue was 194.603 + 210.743 + 225.28 + 202.639 = $833.3 Mil.
Gross Profit was 82.982 + 90.527 + 109.67 + 107.755 = $390.9 Mil.
Total Current Assets was $535.8 Mil.
Total Assets was $962.7 Mil.
Property, Plant and Equipment(Net PPE) was $324.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.9 Mil.
Selling, General, & Admin. Expense(SGA) was $119.0 Mil.
Total Current Liabilities was $235.9 Mil.
Long-Term Debt & Capital Lease Obligation was $163.0 Mil.
Net Income was 36.339 + 45.863 + 52.445 + 48.235 = $182.9 Mil.
Non Operating Income was 2.706 + 2.855 + 3.633 + 1.636 = $10.8 Mil.
Cash Flow from Operations was 44.341 + 51.272 + 0.151 + 43.063 = $138.8 Mil.
Total Receivables was $174.2 Mil.
Revenue was 211.118 + 201.78 + 169.124 + 134.548 = $716.6 Mil.
Gross Profit was 110.238 + 105.296 + 73.632 + 60.333 = $349.5 Mil.
Total Current Assets was $432.1 Mil.
Total Assets was $734.3 Mil.
Property, Plant and Equipment(Net PPE) was $202.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.7 Mil.
Selling, General, & Admin. Expense(SGA) was $112.0 Mil.
Total Current Liabilities was $209.8 Mil.
Long-Term Debt & Capital Lease Obligation was $169.0 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)
=(191.22 / 833.265) / (174.202 / 716.57)
=0.229483 / 0.243105
=0.944

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)
=(349.499 / 716.57) / (390.934 / 833.265)
=0.487739 / 0.469159
=1.0396

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 - (535.76 + 324.591) / 962.717) / (1 - (432.134 + 202.865) / 734.308)
=0.10633 / 0.135242
=0.7862

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
=833.265 / 716.57
=1.1629

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))
=(19.686 / (19.686 + 202.865)) / (21.878 / (21.878 + 324.591))
=0.088456 / 0.063146
=1.4008

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)
=(119.042 / 833.265) / (111.965 / 716.57)
=0.142862 / 0.156251
=0.9143

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)
=((163.004 + 235.886) / 962.717) / ((168.98 + 209.802) / 734.308)
=0.414338 / 0.515835
=0.8032

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
=(182.882 - 10.83 - 138.827) / 962.717
=0.034512

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.

Tecnoglass has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.


Tecnoglass Beneish M-Score Related Terms

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Tecnoglass (Tecnoglass) Business Description

Traded in Other Exchanges
Address
Avenida Circunvalar a 100 mts de la Via 40, Barrio Las Flores, Barranquilla, COL
Tecnoglass Inc designs, manufactures, distributes, and markets architectural glass and windows. The company's products portfolio includes tempered, laminated, insulating and Solar Control Low-E glass. Its products are installed at hotels, residential buildings, commercial and corporate centers, airports and hospitals as floating facades, curtain walls, windows, doors, handrails, interior and dividers. Its majority of revenue is derived from the sale and installation of architectural glass and windows in the United States.
Executives
Energy Holding Corp 10 percent owner AVALON MANAGEMENT LMT. LANDMARK SQ. 1 FL, 54 EARTH CLOSE,WESTBAY BEACH S PO BOX715, GRAND CAYMAN KY1-1107 E9 XXXXX
Jose M Daes director, officer: Chief Executive Officer AVENIDA CIRCUNVALAR A 100 MTS DE LA VIA, 40, BARRIO LAS FLORES, BARRANQUILLA F8 XXXXX
Christian T Daes director, officer: Chief Operating Officer AVENIDA CIRCUNVALAR A 100 MTS DE LA VIA, 40, BARRIO LAS FLORES, BARRANQUILLA F8 XXXXX
A Lorne Weil director C/O HYDRA INDUSTRIES ACQUISITION CORP, 250 WEST 57TH STREET, SUITE #2223, NEW YORK NY 10107
Julio A. Torres director CARRERA 10 NO. 28-49, TORRE A. OFICINA 20-05, BOGOTA F8 XXXXX
Anne Louise Carricarte director AVENIDA CIRCUNVALAR A 100 MTS DE LA VIA, BARRIO LAS FLORES, BARRANQUILLA F8 080001
Martha L Byorum director ONE BEEKMAN PLACE #9/10A, NEW YORK NY 10022
Cure Cure Carlos Alfredo director C/O TECNOGLASS INC., AVENIDA CIRCUNVALAR, A 100 MTS DE LA VIA 40 BARRIO LAS FLORES, BARRANQUILLA F8 000000
Castro Vergara Luis Fernando director C/O TECNOGLASS INC. AVENIDA CIRCUNVALAR, A 100 MTS DE LA VIA 40 BARRIO LAS FLORES, BARRANQUILLA F8 00000
Santiago Giraldo officer: Chief Financial Officer AVENIDA CIRCUNVALAR A 100 MTS, DE LA VIA 40, BARRIO LAS FLORES, BARRANQUILLA F8 00000
Joaquin Fernandez officer: Chief Financial Officer AVENIDA CIRCUNVALAR A LA 100 MTS DE LA, VIA 40, BARRIO LAS FLORES, BARRANQUILLA F8 XXXXX
Juan Carlos Vilarino director AVENIDA CIRCUNVALAR A 100 MTS, DE LA VIA 40, BARRIO LAS FLORES, BARRANQUILLA F8 XXXXX
Velilla Becerra Alberto Jose 10 percent owner AVALON MGT LTD LANDMARK SQUARE,1ST FL 64, EARTH CLOSE, WEST BAY BEACH, S PO BOX715, GRAND CAYMAN KY1-1107 E9 XXXXX
Samuel R Azout director AVENIDA CIRCUNVALAR A 100 MTS DE LA VIA, 40, BARRIO LAS FLORES, BARRANQUILLA F8 XXXXX
B. Luke Weil officer: Chief Executive Officer CARRERA 10 NO. 28-49, TORRE A. OFICINA 20-05, BOGOTA F8 XXXXX

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