M Dias Branco Industria e Comercio de Alimentos Beneish M-Score Historical Data
The historical data trend for M Dias Branco Industria e Comercio de Alimentos'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.
M Dias Branco Industria e Comercio de Alimentos Beneish M-Score Chart
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M Dias Branco Industria e Comercio de Alimentos Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.43 |
-2.17 |
-2.29 |
-2.98 |
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M Dias Branco Industria e Comercio de Alimentos Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.29 |
-2.14 |
-2.43 |
-3.02 |
-2.98 |
Competitive Comparison of M Dias Branco Industria e Comercio de Alimentos's Beneish M-Score
For the Packaged Foods subindustry, M Dias Branco Industria e Comercio de Alimentos'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.
M Dias Branco Industria e Comercio de Alimentos's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, M Dias Branco Industria e Comercio de Alimentos's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where M Dias Branco Industria e Comercio de Alimentos's Beneish M-Score falls into.
M Dias Branco Industria e Comercio de Alimentos 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 M Dias Branco Industria e Comercio de Alimentos 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 * 1.014 | + | 0.528 * 0.81 | + | 0.404 * 0.9415 | + | 0.892 * 1.0702 | + | 0.115 * 0.8871 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0248 | + | 4.679 * -0.100245 | - | 0.327 * 0.8991 |
| = | -2.98 |
* 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$1,886 Mil.
Revenue was 2770.434 + 2734.901 + 2849.431 + 2485.514 = R$10,840 Mil.
Gross Profit was 894.681 + 861.756 + 941.233 + 674.775 = R$3,372 Mil.
Total Current Assets was R$5,700 Mil.
Total Assets was R$12,341 Mil.
Property, Plant and Equipment(Net PPE) was R$3,579 Mil.
Depreciation, Depletion and Amortization(DDA) was R$365 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,953 Mil.
Total Current Liabilities was R$2,426 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,678 Mil.
Net Income was 341.833 + 258.996 + 217.892 + 69.933 = R$889 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 583.898 + 973.267 + 511.817 + 56.8 = R$2,126 Mil.
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Total Receivables was R$1,738 Mil.
Revenue was 2765.008 + 2976.605 + 2497.237 + 1890.355 = R$10,129 Mil.
Gross Profit was 541.038 + 661.982 + 856.368 + 493.159 = R$2,553 Mil.
Total Current Assets was R$4,877 Mil.
Total Assets was R$11,439 Mil.
Property, Plant and Equipment(Net PPE) was R$3,548 Mil.
Depreciation, Depletion and Amortization(DDA) was R$317 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,780 Mil.
Total Current Liabilities was R$2,467 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,764 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) |
| = | (1886.44 / 10840.28) | / | (1738.299 / 10129.205) |
| = | 0.174021 | / | 0.171613 |
| | = | 1.014 |
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) |
| = | (2552.547 / 10129.205) | / | (3372.445 / 10840.28) |
| = | 0.251999 | / | 0.311103 |
| | = | 0.81 |
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 - (5700.122 + 3578.776) / 12340.992) | / | (1 - (4877.015 + 3547.76) / 11439.492) |
| = | 0.248124 | / | 0.263536 |
| | = | 0.9415 |
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 |
| = | 10840.28 | / | 10129.205 |
| | = | 1.0702 |
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)) |
| = | (317.322 / (317.322 + 3547.76)) | / | (364.971 / (364.971 + 3578.776)) |
| = | 0.0821 | / | 0.092544 |
| | = | 0.8871 |
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) |
| = | (1952.524 / 10840.28) | / | (1780.348 / 10129.205) |
| = | 0.180117 | / | 0.175764 |
| | = | 1.0248 |
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) |
| = | ((1677.915 + 2425.812) / 12340.992) | / | ((1763.581 + 2467.42) / 11439.492) |
| = | 0.332528 | / | 0.369859 |
| | = | 0.8991 |
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 |
| = | (888.654 - 0 | - | 2125.782) | / | 12340.992 |
| | = | -0.100245 |
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.
M Dias Branco Industria e Comercio de Alimentos has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
M Dias Branco Industria e Comercio de Alimentos (BSP:MDIA3) Business Description
Traded in Other Exchanges
N/A
Address
Rodovia BR 116, Sem Numero Km 18, Eusebio, CE, BRA, 61760-000
M Dias Branco SA Industria e Comercio de Alimentos is a Brazilian company engaged in the industrialization, sale and distribution of food products derived from wheat, mainly cookies and crackers, pasta and wheat flour/bran and the manufacture, sale and distribution of vegetable shortenings and margarines, cakes, cake mixes, packaged toast and snacks. The Company's brands in the domestic market are Adria, Aldente, Basilar, Bonsabor, Estrela, Fortaleza, Finna, Fit Food, Frontera, Isabela, Jasmine, Pelagio, Pilar, Piraque, Predilleto, Richester, Salsito, Smart, Taste and Co, Treloso, Vitarella, and Zabet; and in the foreign market: Las Acacias.
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