Hospital Mater Dei Beneish M-Score Historical Data
The historical data trend for Hospital Mater Dei'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.
Hospital Mater Dei Beneish M-Score Chart
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Hospital Mater Dei Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.18 |
-2.20 |
-2.21 |
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Hospital Mater Dei 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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-2.20 |
-2.10 |
-1.95 |
-2.09 |
-2.21 |
Competitive Comparison of Hospital Mater Dei's Beneish M-Score
For the Medical Care Facilities subindustry, Hospital Mater Dei'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.
Hospital Mater Dei's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Hospital Mater Dei's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hospital Mater Dei's Beneish M-Score falls into.
Hospital Mater Dei 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 Hospital Mater Dei 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 * 1.0453 | + | 0.528 * 1.0862 | + | 0.404 * 0.9572 | + | 0.892 * 1.2408 | + | 0.115 * 0.9691 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8394 | + | 4.679 * -0.007262 | - | 0.327 * 1.0187 |
| = | -2.21 |
* 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$837 Mil.
Revenue was 541.224 + 568.227 + 554.155 + 524.059 = R$2,188 Mil.
Gross Profit was 162.743 + 185.485 + 184.475 + 179.147 = R$712 Mil.
Total Current Assets was R$1,258 Mil.
Total Assets was R$5,171 Mil.
Property, Plant and Equipment(Net PPE) was R$1,518 Mil.
Depreciation, Depletion and Amortization(DDA) was R$102 Mil.
Selling, General, & Admin. Expense(SGA) was R$87 Mil.
Total Current Liabilities was R$486 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,965 Mil.
Net Income was 25.801 + 28.548 + 38.092 + 27.213 = R$120 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 26.758 + 87.823 + -3.323 + 45.951 = R$157 Mil.
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Total Receivables was R$645 Mil.
Revenue was 512.114 + 473.884 + 434.407 + 342.727 = R$1,763 Mil.
Gross Profit was 172.317 + 169.456 + 161.618 + 119.796 = R$623 Mil.
Total Current Assets was R$1,160 Mil.
Total Assets was R$4,933 Mil.
Property, Plant and Equipment(Net PPE) was R$1,386 Mil.
Depreciation, Depletion and Amortization(DDA) was R$90 Mil.
Selling, General, & Admin. Expense(SGA) was R$84 Mil.
Total Current Liabilities was R$443 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,851 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) |
| = | (836.724 / 2187.665) | / | (645.116 / 1763.132) |
| = | 0.382474 | / | 0.365892 |
| | = | 1.0453 |
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) |
| = | (623.187 / 1763.132) | / | (711.85 / 2187.665) |
| = | 0.353455 | / | 0.325393 |
| | = | 1.0862 |
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 - (1258.173 + 1517.826) / 5171.451) | / | (1 - (1160.148 + 1385.839) / 4933.164) |
| = | 0.463207 | / | 0.483904 |
| | = | 0.9572 |
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 |
| = | 2187.665 | / | 1763.132 |
| | = | 1.2408 |
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)) |
| = | (90.072 / (90.072 + 1385.839)) | / | (102.002 / (102.002 + 1517.826)) |
| = | 0.061028 | / | 0.062971 |
| | = | 0.9691 |
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) |
| = | (87.1 / 2187.665) | / | (83.63 / 1763.132) |
| = | 0.039814 | / | 0.047433 |
| | = | 0.8394 |
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) |
| = | ((1964.934 + 485.575) / 5171.451) | / | ((1851.256 + 443.433) / 4933.164) |
| = | 0.473853 | / | 0.465156 |
| | = | 1.0187 |
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 |
| = | (119.654 - 0 | - | 157.209) | / | 5171.451 |
| | = | -0.007262 |
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.
Hospital Mater Dei has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
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