Grupo Mateus Beneish M-Score Historical Data
The historical data trend for Grupo Mateus'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.
Grupo Mateus Beneish M-Score Chart
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Grupo Mateus Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.77 |
-2.64 |
-1.95 |
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Grupo Mateus Quarterly Data
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Dec17 |
Dec18 |
Jun19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.57 |
-2.06 |
-2.37 |
-1.95 |
Competitive Comparison of Grupo Mateus's Beneish M-Score
For the Department Stores subindustry, Grupo Mateus'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.
Grupo Mateus's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Grupo Mateus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Grupo Mateus's Beneish M-Score falls into.
Grupo Mateus 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 Grupo Mateus 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 * 1.1032 | + | 0.528 * 1.0154 | + | 0.404 * 1.3547 | + | 0.892 * 1.2299 | + | 0.115 * 1.2149 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9855 | + | 4.679 * 0.016291 | - | 0.327 * 1.0728 |
| = | -1.95 |
* 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$3,458 Mil.
Revenue was 7541.305 + 6934.929 + 6429.472 + 5867.88 = R$26,774 Mil.
Gross Profit was 1647.245 + 1524.368 + 1401.405 + 1239.91 = R$5,813 Mil.
Total Current Assets was R$10,371 Mil.
Total Assets was R$16,357 Mil.
Property, Plant and Equipment(Net PPE) was R$5,581 Mil.
Depreciation, Depletion and Amortization(DDA) was R$353 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,797 Mil.
Total Current Liabilities was R$4,236 Mil.
Long-Term Debt & Capital Lease Obligation was R$3,271 Mil.
Net Income was 384.891 + 309.403 + 289.844 + 236.719 = R$1,221 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 587.263 + 153.53 + 34.386 + 179.199 = R$954 Mil.
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Total Receivables was R$2,548 Mil.
Revenue was 6064.577 + 5923.131 + 5201.989 + 4578.78 = R$21,768 Mil.
Gross Profit was 1288.508 + 1314.222 + 1174.001 + 1022.311 = R$4,799 Mil.
Total Current Assets was R$8,800 Mil.
Total Assets was R$13,264 Mil.
Property, Plant and Equipment(Net PPE) was R$4,221 Mil.
Depreciation, Depletion and Amortization(DDA) was R$329 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,132 Mil.
Total Current Liabilities was R$2,753 Mil.
Long-Term Debt & Capital Lease Obligation was R$2,920 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) |
| = | (3457.628 / 26773.586) | / | (2548.256 / 21768.477) |
| = | 0.129143 | / | 0.117062 |
| | = | 1.1032 |
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) |
| = | (4799.042 / 21768.477) | / | (5812.928 / 26773.586) |
| = | 0.220458 | / | 0.217114 |
| | = | 1.0154 |
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 - (10370.535 + 5581.326) / 16357.296) | / | (1 - (8800.267 + 4221) / 13263.938) |
| = | 0.024786 | / | 0.018296 |
| | = | 1.3547 |
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 |
| = | 26773.586 | / | 21768.477 |
| | = | 1.2299 |
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)) |
| = | (329.168 / (329.168 + 4221)) | / | (353.392 / (353.392 + 5581.326)) |
| = | 0.072342 | / | 0.059547 |
| | = | 1.2149 |
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) |
| = | (3796.551 / 26773.586) | / | (3132.101 / 21768.477) |
| = | 0.141802 | / | 0.143882 |
| | = | 0.9855 |
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) |
| = | ((3270.742 + 4235.73) / 16357.296) | / | ((2920.38 + 2753.346) / 13263.938) |
| = | 0.458907 | / | 0.427756 |
| | = | 1.0728 |
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 |
| = | (1220.857 - 0 | - | 954.378) | / | 16357.296 |
| | = | 0.016291 |
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.
Grupo Mateus has a M-score of -1.95 suggests that the company is unlikely to be a manipulator.
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