Lavvi Empreendimentos Imobiliarios Beneish M-Score Historical Data
The historical data trend for Lavvi Empreendimentos Imobiliarios'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.
Lavvi Empreendimentos Imobiliarios Beneish M-Score Chart
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Lavvi Empreendimentos Imobiliarios Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-0.68 |
-0.85 |
-2.40 |
-0.52 |
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Lavvi Empreendimentos Imobiliarios 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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-1.87 |
-1.27 |
-0.38 |
-0.52 |
-0.70 |
Competitive Comparison of Lavvi Empreendimentos Imobiliarios's Beneish M-Score
For the Real Estate Services subindustry, Lavvi Empreendimentos Imobiliarios'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.
Lavvi Empreendimentos Imobiliarios's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Lavvi Empreendimentos Imobiliarios's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lavvi Empreendimentos Imobiliarios's Beneish M-Score falls into.
Lavvi Empreendimentos Imobiliarios 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 Lavvi Empreendimentos Imobiliarios 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 * 1.1499 | + | 0.528 * 0.9594 | + | 0.404 * 0.9467 | + | 0.892 * 1.674 | + | 0.115 * 1.5579 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6733 | + | 4.679 * 0.248693 | - | 0.327 * 1.6216 |
| = | -0.70 |
* 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$617 Mil.
Revenue was 285.212 + 255.66 + 204.98 + 283.528 = R$1,029 Mil.
Gross Profit was 101.564 + 87.902 + 68.898 + 93.331 = R$352 Mil.
Total Current Assets was R$2,091 Mil.
Total Assets was R$2,528 Mil.
Property, Plant and Equipment(Net PPE) was R$16 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1 Mil.
Selling, General, & Admin. Expense(SGA) was R$98 Mil.
Total Current Liabilities was R$382 Mil.
Long-Term Debt & Capital Lease Obligation was R$441 Mil.
Net Income was 70.004 + 88.142 + 48.565 + 69.133 = R$276 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -67.637 + -111.821 + -194.615 + 21.186 = R$-353 Mil.
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Total Receivables was R$320 Mil.
Revenue was 159.165 + 147.249 + 128.813 + 179.703 = R$615 Mil.
Gross Profit was 49.225 + 50.725 + 48.482 + 53.125 = R$202 Mil.
Total Current Assets was R$1,611 Mil.
Total Assets was R$1,965 Mil.
Property, Plant and Equipment(Net PPE) was R$7 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1 Mil.
Selling, General, & Admin. Expense(SGA) was R$87 Mil.
Total Current Liabilities was R$351 Mil.
Long-Term Debt & Capital Lease Obligation was R$43 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) |
| = | (616.884 / 1029.38) | / | (320.471 / 614.93) |
| = | 0.599277 | / | 0.52115 |
| | = | 1.1499 |
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) |
| = | (201.557 / 614.93) | / | (351.695 / 1029.38) |
| = | 0.327772 | / | 0.341657 |
| | = | 0.9594 |
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 - (2090.94 + 15.978) / 2528.143) | / | (1 - (1611.314 + 7.47) / 1964.512) |
| = | 0.166614 | / | 0.175987 |
| | = | 0.9467 |
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 |
| = | 1029.38 | / | 614.93 |
| | = | 1.674 |
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)) |
| = | (0.808 / (0.808 + 7.47)) | / | (1.068 / (1.068 + 15.978)) |
| = | 0.097608 | / | 0.062654 |
| | = | 1.5579 |
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) |
| = | (98.257 / 1029.38) | / | (87.179 / 614.93) |
| = | 0.095453 | / | 0.141771 |
| | = | 0.6733 |
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) |
| = | ((441.4 + 382.253) / 2528.143) | / | ((43.429 + 351.249) / 1964.512) |
| = | 0.325794 | / | 0.200904 |
| | = | 1.6216 |
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 |
| = | (275.844 - 0 | - | -352.887) | / | 2528.143 |
| | = | 0.248693 |
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.
Lavvi Empreendimentos Imobiliarios has a M-score of -0.70 signals that the company is likely to be a manipulator.
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