GPS Participacoes E Empreendimentos Beneish M-Score Historical Data
The historical data trend for GPS Participacoes E Empreendimentos'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.
GPS Participacoes E Empreendimentos Beneish M-Score Chart
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GPS Participacoes E Empreendimentos Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.75 |
-2.12 |
-2.16 |
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GPS Participacoes E Empreendimentos Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.12 |
-2.31 |
-2.32 |
-2.35 |
-2.16 |
Competitive Comparison of GPS Participacoes E Empreendimentos's Beneish M-Score
For the Specialty Business Services subindustry, GPS Participacoes E Empreendimentos'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.
GPS Participacoes E Empreendimentos's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, GPS Participacoes E Empreendimentos's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GPS Participacoes E Empreendimentos's Beneish M-Score falls into.
GPS Participacoes E Empreendimentos 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 GPS Participacoes E Empreendimentos 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 * 1.0911 | + | 0.528 * 0.9573 | + | 0.404 * 1.0211 | + | 0.892 * 1.1532 | + | 0.115 * 1.2035 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1471 | + | 4.679 * 0.021824 | - | 0.327 * 0.9471 |
| = | -2.16 |
* 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$2,477 Mil.
Revenue was 2864.783 + 2628.719 + 2610.027 + 2527.625 = R$10,631 Mil.
Gross Profit was 507.176 + 452.463 + 452.679 + 425.05 = R$1,837 Mil.
Total Current Assets was R$5,476 Mil.
Total Assets was R$10,019 Mil.
Property, Plant and Equipment(Net PPE) was R$766 Mil.
Depreciation, Depletion and Amortization(DDA) was R$112 Mil.
Selling, General, & Admin. Expense(SGA) was R$834 Mil.
Total Current Liabilities was R$2,451 Mil.
Long-Term Debt & Capital Lease Obligation was R$2,791 Mil.
Net Income was 251.095 + 141.828 + 128.727 + 120.86 = R$643 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -91.531 + 200.014 + 46.954 + 268.42 = R$424 Mil.
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Total Receivables was R$1,969 Mil.
Revenue was 2485.602 + 2426.556 + 2224.923 + 2081.602 = R$9,219 Mil.
Gross Profit was 451.17 + 412.676 + 355.034 + 306.354 = R$1,525 Mil.
Total Current Assets was R$5,199 Mil.
Total Assets was R$8,996 Mil.
Property, Plant and Equipment(Net PPE) was R$476 Mil.
Depreciation, Depletion and Amortization(DDA) was R$86 Mil.
Selling, General, & Admin. Expense(SGA) was R$630 Mil.
Total Current Liabilities was R$1,961 Mil.
Long-Term Debt & Capital Lease Obligation was R$3,009 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) |
| = | (2477.136 / 10631.154) | / | (1968.682 / 9218.683) |
| = | 0.233007 | / | 0.213553 |
| | = | 1.0911 |
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) |
| = | (1525.234 / 9218.683) | / | (1837.368 / 10631.154) |
| = | 0.16545 | / | 0.172829 |
| | = | 0.9573 |
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 - (5475.713 + 766.436) / 10019.062) | / | (1 - (5198.747 + 476.32) / 8996.499) |
| = | 0.376973 | / | 0.369192 |
| | = | 1.0211 |
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 |
| = | 10631.154 | / | 9218.683 |
| | = | 1.1532 |
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)) |
| = | (86.022 / (86.022 + 476.32)) | / | (111.608 / (111.608 + 766.436)) |
| = | 0.152971 | / | 0.12711 |
| | = | 1.2035 |
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) |
| = | (833.77 / 10631.154) | / | (630.25 / 9218.683) |
| = | 0.078427 | / | 0.068367 |
| | = | 1.1471 |
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) |
| = | ((2791.224 + 2450.842) / 10019.062) | / | ((3009.127 + 1960.993) / 8996.499) |
| = | 0.523209 | / | 0.55245 |
| | = | 0.9471 |
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 |
| = | (642.51 - 0 | - | 423.857) | / | 10019.062 |
| | = | 0.021824 |
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.
GPS Participacoes E Empreendimentos has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.
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