YDUQS Participacoes Beneish M-Score Historical Data
The historical data trend for YDUQS Participacoes'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.
YDUQS Participacoes Beneish M-Score Chart
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YDUQS Participacoes Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.33 |
-3.14 |
-2.71 |
-2.77 |
-2.76 |
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YDUQS Participacoes Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.77 |
-2.75 |
-2.77 |
-2.74 |
-2.76 |
Competitive Comparison of YDUQS Participacoes's Beneish M-Score
For the Education & Training Services subindustry, YDUQS Participacoes'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.
YDUQS Participacoes's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, YDUQS Participacoes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where YDUQS Participacoes's Beneish M-Score falls into.
YDUQS Participacoes 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 YDUQS Participacoes 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 * 1.0532 | + | 0.528 * 0.95 | + | 0.404 * 1.0146 | + | 0.892 * 1.1616 | + | 0.115 * 0.9637 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9981 | + | 4.679 * -0.080679 | - | 0.327 * 0.9966 |
| = | -2.69 |
* 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 $246 Mil.
Revenue was 250.967 + 262.536 + 269.477 + 252.146 = $1,035 Mil.
Gross Profit was 140.703 + 159.844 + 156.092 + 160.085 = $617 Mil.
Total Current Assets was $430 Mil.
Total Assets was $1,896 Mil.
Property, Plant and Equipment(Net PPE) was $523 Mil.
Depreciation, Depletion and Amortization(DDA) was $158 Mil.
Selling, General, & Admin. Expense(SGA) was $293 Mil.
Total Current Liabilities was $292 Mil.
Long-Term Debt & Capital Lease Obligation was $885 Mil.
Net Income was -24.685 + 18.733 + 6.584 + 28.572 = $29 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 11.263 + 64.491 + 48.235 + 58.143 = $182 Mil.
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Total Receivables was $201 Mil.
Revenue was 210.017 + 216.547 + 224.827 + 239.726 = $891 Mil.
Gross Profit was 113.425 + 125.292 + 119.512 + 146.144 = $504 Mil.
Total Current Assets was $400 Mil.
Total Assets was $1,725 Mil.
Property, Plant and Equipment(Net PPE) was $479 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General, & Admin. Expense(SGA) was $253 Mil.
Total Current Liabilities was $211 Mil.
Long-Term Debt & Capital Lease Obligation was $863 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) |
| = | (246.271 / 1035.126) | / | (201.298 / 891.117) |
| = | 0.237914 | / | 0.225894 |
| | = | 1.0532 |
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) |
| = | (504.373 / 891.117) | / | (616.724 / 1035.126) |
| = | 0.566001 | / | 0.595796 |
| | = | 0.95 |
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 - (430.485 + 522.542) / 1895.505) | / | (1 - (400.439 + 479.319) / 1725.17) |
| = | 0.497217 | / | 0.490046 |
| | = | 1.0146 |
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 |
| = | 1035.126 | / | 891.117 |
| | = | 1.1616 |
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)) |
| = | (138.246 / (138.246 + 479.319)) | / | (158.104 / (158.104 + 522.542)) |
| = | 0.223857 | / | 0.232285 |
| | = | 0.9637 |
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) |
| = | (292.785 / 1035.126) | / | (252.544 / 891.117) |
| = | 0.28285 | / | 0.283402 |
| | = | 0.9981 |
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) |
| = | ((884.763 + 291.886) / 1895.505) | / | ((863.376 + 211.159) / 1725.17) |
| = | 0.620758 | / | 0.622857 |
| | = | 0.9966 |
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 |
| = | (29.204 - 0 | - | 182.132) | / | 1895.505 |
| | = | -0.080679 |
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.
YDUQS Participacoes has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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