Metalurgica Gerdau Beneish M-Score Historical Data
The historical data trend for Metalurgica Gerdau'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.
Metalurgica Gerdau Beneish M-Score Chart
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Metalurgica Gerdau Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.59 |
-2.68 |
-2.56 |
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Metalurgica Gerdau Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
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Mar20 |
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Dec20 |
Mar21 |
Jun21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.99 |
-2.56 |
-2.47 |
-2.65 |
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Competitive Comparison of Metalurgica Gerdau's Beneish M-Score
For the Steel subindustry, Metalurgica Gerdau'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.
Metalurgica Gerdau's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Metalurgica Gerdau's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Metalurgica Gerdau's Beneish M-Score falls into.
Metalurgica Gerdau 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 Metalurgica Gerdau 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 * 0.8704 | + | 0.528 * 1.3778 | + | 0.404 * 1.0782 | + | 0.892 * 0.8849 | + | 0.115 * 1.0213 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1852 | + | 4.679 * -0.042203 | - | 0.327 * 0.8481 |
| = | -2.65 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was R$5,597 Mil.
Revenue was 18265.37 + 18872.303 + 17964.045 + 21149.232 = R$76,251 Mil.
Gross Profit was 3278.341 + 3628.675 + 2928.267 + 4737.854 = R$14,573 Mil.
Total Current Assets was R$30,316 Mil.
Total Assets was R$73,795 Mil.
Property, Plant and Equipment(Net PPE) was R$22,063 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,974 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,284 Mil.
Total Current Liabilities was R$10,311 Mil.
Long-Term Debt & Capital Lease Obligation was R$10,608 Mil.
Net Income was 2135.909 + 3205.919 + 393.899 + 1007.092 = R$6,743 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 3216.837 + 1963.686 + 1205.491 + 3471.205 = R$9,857 Mil.
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Total Receivables was R$7,266 Mil.
Revenue was 22968.442 + 20330.491 + 21554.924 + 21317.057 = R$86,171 Mil.
Gross Profit was 5903.931 + 5181.002 + 5187.115 + 6419.149 = R$22,691 Mil.
Total Current Assets was R$37,420 Mil.
Total Assets was R$78,352 Mil.
Property, Plant and Equipment(Net PPE) was R$19,842 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,739 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,178 Mil.
Total Current Liabilities was R$16,567 Mil.
Long-Term Debt & Capital Lease Obligation was R$9,620 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) |
| = | (5596.559 / 76250.95) | / | (7266.38 / 86170.914) |
| = | 0.073397 | / | 0.084325 |
| | = | 0.8704 |
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) |
| = | (22691.197 / 86170.914) | / | (14573.137 / 76250.95) |
| = | 0.263328 | / | 0.191121 |
| | = | 1.3778 |
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 - (30316.106 + 22063.461) / 73795.457) | / | (1 - (37420.181 + 19842.422) / 78352.342) |
| = | 0.290206 | / | 0.269165 |
| | = | 1.0782 |
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 |
| = | 76250.95 | / | 86170.914 |
| | = | 0.8849 |
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)) |
| = | (2739.251 / (2739.251 + 19842.422)) | / | (2973.906 / (2973.906 + 22063.461)) |
| = | 0.121304 | / | 0.118779 |
| | = | 1.0213 |
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) |
| = | (2284.253 / 76250.95) | / | (2178.077 / 86170.914) |
| = | 0.029957 | / | 0.025276 |
| | = | 1.1852 |
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) |
| = | ((10607.522 + 10310.529) / 73795.457) | / | ((9619.642 + 16566.704) / 78352.342) |
| = | 0.28346 | / | 0.334213 |
| | = | 0.8481 |
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 |
| = | (6742.819 - 0 | - | 9857.219) | / | 73795.457 |
| | = | -0.042203 |
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.
Metalurgica Gerdau has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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