Serrano 61 Desarrollo Socimi (XMAD:YSRR) Beneish M-Score : -2.71 (As of Apr. 18, 2025)

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What is Serrano 61 Desarrollo Socimi 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 Serrano 61 Desarrollo Socimi's Beneish M-Score or its related term are showing as below:

XMAD:YSRR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -2.63 Max: 1.38
Current: -2.71

During the past 8 years, the highest Beneish M-Score of Serrano 61 Desarrollo Socimi was 1.38. The lowest was -2.87. And the median was -2.63.

Serrano 61 Desarrollo Socimi Beneish M-Score Historical Data

The historical data trend for Serrano 61 Desarrollo Socimi'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.

Serrano 61 Desarrollo Socimi Beneish M-Score Chart

Serrano 61 Desarrollo Socimi Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.59

1.38

-2.87

-2.67

-2.71

Serrano 61 Desarrollo Socimi Semi-Annual Data
	Dec16	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial										-	-2.67	-	-2.71	-

Competitive Comparison of Serrano 61 Desarrollo Socimi's Beneish M-Score

For the REIT - Retail subindustry, Serrano 61 Desarrollo Socimi'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.

Serrano 61 Desarrollo Socimi's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Serrano 61 Desarrollo Socimi's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Serrano 61 Desarrollo Socimi's Beneish M-Score falls into.

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Serrano 61 Desarrollo Socimi 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 Serrano 61 Desarrollo Socimi 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 * 0.5942

0.528 * 1

0.404 * 1.0095

0.892 * 1.1693

0.115 * 0.988

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5337

4.679 * -0.02051

0.327 * 0.9886

-2.71

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €0.32 Mil.
Revenue was €4.59 Mil.
Gross Profit was €4.59 Mil.
Total Current Assets was €1.89 Mil.
Total Assets was €85.03 Mil.
Property, Plant and Equipment(Net PPE) was €0.04 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.29 Mil.
Selling, General, & Admin. Expense(SGA) was €1.02 Mil.
Total Current Liabilities was €36.83 Mil.
Long-Term Debt & Capital Lease Obligation was €0.52 Mil.
Net Income was €-1.37 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.38 Mil.

Total Receivables was €0.46 Mil.
Revenue was €3.93 Mil.
Gross Profit was €3.93 Mil.
Total Current Assets was €2.71 Mil.
Total Assets was €87.03 Mil.
Property, Plant and Equipment(Net PPE) was €0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.36 Mil.
Selling, General, & Admin. Expense(SGA) was €1.63 Mil.
Total Current Liabilities was €4.79 Mil.
Long-Term Debt & Capital Lease Obligation was €33.88 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)
	=	(0.321 / 4.593)	/	(0.462 / 3.928)
	=	0.069889	/	0.117617
	=	0.5942

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)
	=	(3.928 / 3.928)	/	(4.593 / 4.593)
	=	1	/	1
	=	1

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 - (1.89 + 0.04) / 85.031)	/	(1 - (2.713 + 0.059) / 87.033)
	=	0.977302	/	0.96815
	=	1.0095

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
	=	4.593	/	3.928
	=	1.1693

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))
	=	(1.356 / (1.356 + 0.059))	/	(1.291 / (1.291 + 0.04))
	=	0.958304	/	0.969947
	=	0.988

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)
	=	(1.016 / 4.593)	/	(1.628 / 3.928)
	=	0.221206	/	0.41446
	=	0.5337

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)
	=	((0.52 + 36.834) / 85.031)	/	((33.88 + 4.794) / 87.033)
	=	0.439299	/	0.44436
	=	0.9886

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
	=	(-1.365 - 0	-	0.379)	/	85.031
	=	-0.02051

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.

Serrano 61 Desarrollo Socimi has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

Serrano 61 Desarrollo Socimi Beneish M-Score Related Terms

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Serrano 61 Desarrollo Socimi Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Serrano 61 Desarrollo Socimi SA (XMAD:YSRR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Calle Serrano 61, Madrid, ESP, 28006

Website

http://www.serrano61socimi.com

Serrano 61 Desarrollo Socimi SA is s real estate investment fund. The company focuses its investments in the retail sector like shopping malls and parking spaces.

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