Patria Investments Beneish M-Score Historical Data
The historical data trend for Patria Investments'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.
Patria Investments Beneish M-Score Chart
|
Patria Investments Annual Data
|
|
Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
- |
- |
0.13 |
-2.51 |
-2.41 |
|
Patria Investments Quarterly Data
|
|
Dec18 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
-2.51 |
-2.39 |
-1.68 |
-1.70 |
-2.41 |
Competitive Comparison of Patria Investments's Beneish M-Score
For the Asset Management subindustry, Patria Investments'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.
Patria Investments's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Patria Investments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Patria Investments's Beneish M-Score falls into.
Patria Investments 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 Patria Investments 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 * 0.7785 | + | 0.528 * 0.9818 | + | 0.404 * 1.19 | + | 0.892 * 1.2214 | + | 0.115 * 0.9232 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0859 | + | 4.679 * 0.002878 | - | 0.327 * 1.1254 |
| = | -2.47 |
* 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$659 Mil.
Revenue was 547.494 + 313.785 + 381.457 + 384.145 = R$1,627 Mil.
Gross Profit was 505.037 + 263.539 + 332.522 + 333.038 = R$1,434 Mil.
Total Current Assets was R$1,968 Mil.
Total Assets was R$4,957 Mil.
Property, Plant and Equipment(Net PPE) was R$148 Mil.
Depreciation, Depletion and Amortization(DDA) was R$135 Mil.
Selling, General, & Admin. Expense(SGA) was R$493 Mil.
Total Current Liabilities was R$1,948 Mil.
Long-Term Debt & Capital Lease Obligation was R$63 Mil.
Net Income was 230.232 + 91.208 + 173.282 + 89.812 = R$585 Mil.
Non Operating Income was -20.295 + -55.585 + -50.862 + -79.744 = R$-206 Mil.
Cash Flow from Operations was 193.263 + 223.95 + 207.073 + 152.471 = R$777 Mil.
|
Total Receivables was R$694 Mil.
Revenue was 478.805 + 298.833 + 280.743 + 273.642 = R$1,332 Mil.
Gross Profit was 430.889 + 250.717 + 238.322 + 232.871 = R$1,153 Mil.
Total Current Assets was R$2,516 Mil.
Total Assets was R$5,121 Mil.
Property, Plant and Equipment(Net PPE) was R$139 Mil.
Depreciation, Depletion and Amortization(DDA) was R$109 Mil.
Selling, General, & Admin. Expense(SGA) was R$372 Mil.
Total Current Liabilities was R$1,773 Mil.
Long-Term Debt & Capital Lease Obligation was R$73 Mil.
|
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) |
| = | (659.435 / 1626.881) | / | (693.578 / 1332.023) |
| = | 0.405337 | / | 0.520695 |
| | = | 0.7785 |
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) |
| = | (1152.799 / 1332.023) | / | (1434.136 / 1626.881) |
| = | 0.86545 | / | 0.881525 |
| | = | 0.9818 |
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 - (1967.725 + 147.959) / 4956.53) | / | (1 - (2515.883 + 138.526) / 5120.759) |
| = | 0.573152 | / | 0.481638 |
| | = | 1.19 |
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 |
| = | 1626.881 | / | 1332.023 |
| | = | 1.2214 |
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)) |
| = | (108.806 / (108.806 + 138.526)) | / | (134.689 / (134.689 + 147.959)) |
| = | 0.439919 | / | 0.476526 |
| | = | 0.9232 |
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) |
| = | (493.069 / 1626.881) | / | (371.781 / 1332.023) |
| = | 0.303076 | / | 0.27911 |
| | = | 1.0859 |
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) |
| = | ((62.825 + 1947.661) / 4956.53) | / | ((72.654 + 1772.945) / 5120.759) |
| = | 0.405624 | / | 0.360415 |
| | = | 1.1254 |
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 |
| = | (584.534 - -206.486 | - | 776.757) | / | 4956.53 |
| | = | 0.002878 |
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.
Patria Investments has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BSP:P2AX34 has been successfully added to your