Lojas Quero-Quero Beneish M-Score Historical Data
The historical data trend for Lojas Quero-Quero'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.
Lojas Quero-Quero Beneish M-Score Chart
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Lojas Quero-Quero Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.36 |
-2.30 |
-2.71 |
-2.51 |
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Lojas Quero-Quero Quarterly Data
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Mar19 |
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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-2.85 |
-2.59 |
-2.57 |
-2.51 |
-2.26 |
Competitive Comparison of Lojas Quero-Quero's Beneish M-Score
For the Specialty Retail subindustry, Lojas Quero-Quero'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.
Lojas Quero-Quero's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Lojas Quero-Quero's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lojas Quero-Quero's Beneish M-Score falls into.
Lojas Quero-Quero 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 Lojas Quero-Quero 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 * 1.1411 | + | 0.528 * 0.953 | + | 0.404 * 1.4185 | + | 0.892 * 1.0389 | + | 0.115 * 0.8688 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0644 | + | 4.679 * -0.011635 | - | 0.327 * 1.0265 |
| = | -2.26 |
* 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$1,149 Mil.
Revenue was 588.33 + 654.057 + 622.132 + 560.262 = R$2,425 Mil.
Gross Profit was 206.44 + 229.261 + 218.838 + 188.42 = R$843 Mil.
Total Current Assets was R$2,083 Mil.
Total Assets was R$3,273 Mil.
Property, Plant and Equipment(Net PPE) was R$647 Mil.
Depreciation, Depletion and Amortization(DDA) was R$126 Mil.
Selling, General, & Admin. Expense(SGA) was R$787 Mil.
Total Current Liabilities was R$1,246 Mil.
Long-Term Debt & Capital Lease Obligation was R$862 Mil.
Net Income was 53.923 + 60.16 + -12.252 + -5.872 = R$96 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -148.397 + 63.422 + 249.821 + -30.812 = R$134 Mil.
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Total Receivables was R$970 Mil.
Revenue was 561.676 + 615.082 + 601.18 + 556.157 = R$2,334 Mil.
Gross Profit was 189.493 + 207.913 + 188.966 + 186.931 = R$773 Mil.
Total Current Assets was R$1,855 Mil.
Total Assets was R$2,873 Mil.
Property, Plant and Equipment(Net PPE) was R$682 Mil.
Depreciation, Depletion and Amortization(DDA) was R$112 Mil.
Selling, General, & Admin. Expense(SGA) was R$711 Mil.
Total Current Liabilities was R$1,009 Mil.
Long-Term Debt & Capital Lease Obligation was R$794 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) |
| = | (1149.484 / 2424.781) | / | (969.701 / 2334.095) |
| = | 0.474057 | / | 0.415451 |
| | = | 1.1411 |
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) |
| = | (773.303 / 2334.095) | / | (842.959 / 2424.781) |
| = | 0.331307 | / | 0.347643 |
| | = | 0.953 |
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 - (2082.861 + 646.96) / 3272.536) | / | (1 - (1855.309 + 681.554) / 2872.723) |
| = | 0.165839 | / | 0.116913 |
| | = | 1.4185 |
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 |
| = | 2424.781 | / | 2334.095 |
| | = | 1.0389 |
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)) |
| = | (112.415 / (112.415 + 681.554)) | / | (125.964 / (125.964 + 646.96)) |
| = | 0.141586 | / | 0.162971 |
| | = | 0.8688 |
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) |
| = | (786.527 / 2424.781) | / | (711.314 / 2334.095) |
| = | 0.32437 | / | 0.304749 |
| | = | 1.0644 |
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) |
| = | ((862.489 + 1246.04) / 3272.536) | / | ((794.161 + 1008.949) / 2872.723) |
| = | 0.64431 | / | 0.627666 |
| | = | 1.0265 |
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 |
| = | (95.959 - 0 | - | 134.034) | / | 3272.536 |
| | = | -0.011635 |
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.
Lojas Quero-Quero has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
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