B3 - Brasil Bolsa Balcao Beneish M-Score Historical Data
The historical data trend for B3 - Brasil Bolsa Balcao'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.
B3 - Brasil Bolsa Balcao Beneish M-Score Chart
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B3 - Brasil Bolsa Balcao Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.34 |
-2.29 |
-2.87 |
-1.86 |
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B3 - Brasil Bolsa Balcao 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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-2.87 |
-2.92 |
-2.69 |
-2.68 |
-1.86 |
Competitive Comparison of B3 - Brasil Bolsa Balcao's Beneish M-Score
For the Financial Data & Stock Exchanges subindustry, B3 - Brasil Bolsa Balcao'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.
B3 - Brasil Bolsa Balcao's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, B3 - Brasil Bolsa Balcao's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where B3 - Brasil Bolsa Balcao's Beneish M-Score falls into.
B3 - Brasil Bolsa Balcao 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 B3 - Brasil Bolsa Balcao 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 * 1.6737 | + | 0.528 * 1.0207 | + | 0.404 * 0.9683 | + | 0.892 * 0.9813 | + | 0.115 * 0.9622 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0415 | + | 4.679 * 0.007618 | - | 0.327 * 1.0118 |
| = | -1.86 |
* 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 R$884 Mil.
Revenue was 2241.98 + 2237.286 + 2228.351 + 2209.25 = R$8,917 Mil.
Gross Profit was 1644.848 + 1695.722 + 1718.901 + 1697.939 = R$6,757 Mil.
Total Current Assets was R$18,844 Mil.
Total Assets was R$49,422 Mil.
Property, Plant and Equipment(Net PPE) was R$873 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,090 Mil.
Selling, General, & Admin. Expense(SGA) was R$56 Mil.
Total Current Liabilities was R$12,154 Mil.
Long-Term Debt & Capital Lease Obligation was R$9,759 Mil.
Net Income was 915.543 + 1074.241 + 1052.794 + 1089.351 = R$4,132 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -1017.803 + 1304.614 + 2113.257 + 1355.378 = R$3,755 Mil.
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Total Receivables was R$538 Mil.
Revenue was 2307.43 + 2255.051 + 2241.536 + 2283.201 = R$9,087 Mil.
Gross Profit was 1739.404 + 1760.535 + 1741.482 + 1787.784 = R$7,029 Mil.
Total Current Assets was R$17,130 Mil.
Total Assets was R$47,595 Mil.
Property, Plant and Equipment(Net PPE) was R$921 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,056 Mil.
Selling, General, & Admin. Expense(SGA) was R$55 Mil.
Total Current Liabilities was R$9,306 Mil.
Long-Term Debt & Capital Lease Obligation was R$11,551 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) |
| = | (884.309 / 8916.867) | / | (538.464 / 9087.218) |
| = | 0.099173 | / | 0.059255 |
| | = | 1.6737 |
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) |
| = | (7029.205 / 9087.218) | / | (6757.41 / 8916.867) |
| = | 0.773527 | / | 0.757823 |
| | = | 1.0207 |
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 - (18843.82 + 872.894) / 49421.622) | / | (1 - (17129.613 + 920.622) / 47594.773) |
| = | 0.601051 | / | 0.620752 |
| | = | 0.9683 |
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 |
| = | 8916.867 | / | 9087.218 |
| | = | 0.9813 |
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)) |
| = | (1056.304 / (1056.304 + 920.622)) | / | (1090.035 / (1090.035 + 872.894)) |
| = | 0.534316 | / | 0.55531 |
| | = | 0.9622 |
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) |
| = | (56.442 / 8916.867) | / | (55.234 / 9087.218) |
| = | 0.00633 | / | 0.006078 |
| | = | 1.0415 |
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) |
| = | ((9759.402 + 12154.194) / 49421.622) | / | ((11550.937 + 9306.446) / 47594.773) |
| = | 0.443401 | / | 0.438228 |
| | = | 1.0118 |
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 |
| = | (4131.929 - 0 | - | 3755.446) | / | 49421.622 |
| | = | 0.007618 |
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.
B3 - Brasil Bolsa Balcao has a M-score of -1.86 suggests that the company is unlikely to be a manipulator.
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