Even Construtora Eorporadora Beneish M-Score Historical Data
The historical data trend for Even Construtora Eorporadora'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.
Even Construtora Eorporadora Beneish M-Score Chart
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Even Construtora Eorporadora Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.85 |
-3.15 |
-1.66 |
-2.24 |
-1.38 |
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Even Construtora Eorporadora Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.94 |
-2.08 |
-1.63 |
-1.38 |
-1.65 |
Competitive Comparison of Even Construtora Eorporadora's Beneish M-Score
For the Real Estate - Development subindustry, Even Construtora Eorporadora'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.
Even Construtora Eorporadora's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Even Construtora Eorporadora's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Even Construtora Eorporadora's Beneish M-Score falls into.
Even Construtora Eorporadora 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 Even Construtora Eorporadora 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 * 1.0924 | + | 0.528 * 0.9837 | + | 0.404 * 1.0579 | + | 0.892 * 1.208 | + | 0.115 * 1.7458 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8816 | + | 4.679 * 0.092903 | - | 0.327 * 0.978 |
| = | -1.65 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was R$1,746 Mil.
Revenue was 649.633 + 938.523 + 651.805 + 758.732 = R$2,999 Mil.
Gross Profit was 160.47 + 223.637 + 124.005 + 161.138 = R$669 Mil.
Total Current Assets was R$5,586 Mil.
Total Assets was R$7,424 Mil.
Property, Plant and Equipment(Net PPE) was R$45 Mil.
Depreciation, Depletion and Amortization(DDA) was R$10 Mil.
Selling, General, & Admin. Expense(SGA) was R$305 Mil.
Total Current Liabilities was R$1,573 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,259 Mil.
Net Income was 64.939 + 57.174 + 48.035 + 56.06 = R$226 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -42.731 + -117.071 + -225.559 + -78.158 = R$-464 Mil.
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Total Receivables was R$1,323 Mil.
Revenue was 624.59 + 495.912 + 689.468 + 672.437 = R$2,482 Mil.
Gross Profit was 137.822 + 96.594 + 156.149 + 154.413 = R$545 Mil.
Total Current Assets was R$5,175 Mil.
Total Assets was R$6,731 Mil.
Property, Plant and Equipment(Net PPE) was R$20 Mil.
Depreciation, Depletion and Amortization(DDA) was R$9 Mil.
Selling, General, & Admin. Expense(SGA) was R$286 Mil.
Total Current Liabilities was R$1,894 Mil.
Long-Term Debt & Capital Lease Obligation was R$732 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) |
| = | (1746.224 / 2998.693) | / | (1323.332 / 2482.407) |
| = | 0.582328 | / | 0.533084 |
| | = | 1.0924 |
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) |
| = | (544.978 / 2482.407) | / | (669.25 / 2998.693) |
| = | 0.219536 | / | 0.223181 |
| | = | 0.9837 |
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 - (5585.944 + 45.068) / 7424.2) | / | (1 - (5174.866 + 19.671) / 6731.478) |
| = | 0.241533 | / | 0.228321 |
| | = | 1.0579 |
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 |
| = | 2998.693 | / | 2482.407 |
| | = | 1.208 |
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)) |
| = | (8.948 / (8.948 + 19.671)) | / | (9.832 / (9.832 + 45.068)) |
| = | 0.312659 | / | 0.179089 |
| | = | 1.7458 |
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) |
| = | (304.543 / 2998.693) | / | (285.955 / 2482.407) |
| = | 0.101559 | / | 0.115193 |
| | = | 0.8816 |
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) |
| = | ((1259.14 + 1573.466) / 7424.2) | / | ((732.043 + 1894.147) / 6731.478) |
| = | 0.381537 | / | 0.390136 |
| | = | 0.978 |
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 |
| = | (226.208 - 0 | - | -463.519) | / | 7424.2 |
| | = | 0.092903 |
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.
Even Construtora Eorporadora has a M-score of -1.65 signals that the company is likely to be a manipulator.
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