Santos Brasil Participacoes Beneish M-Score Historical Data
The historical data trend for Santos Brasil Participacoes'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.
Santos Brasil Participacoes Beneish M-Score Chart
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Santos Brasil Participacoes Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.54 |
-2.63 |
-2.91 |
-2.28 |
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Santos Brasil Participacoes 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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-3.14 |
-3.15 |
-3.09 |
-2.28 |
-2.29 |
Competitive Comparison of Santos Brasil Participacoes's Beneish M-Score
For the Marine Shipping subindustry, Santos Brasil Participacoes'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.
Santos Brasil Participacoes's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Santos Brasil Participacoes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Santos Brasil Participacoes's Beneish M-Score falls into.
Santos Brasil Participacoes 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 Santos Brasil Participacoes 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 * 1.4278 | + | 0.528 * 0.8085 | + | 0.404 * 0.929 | + | 0.892 * 1.2265 | + | 0.115 * 1.1365 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.889 | + | 4.679 * -0.059756 | - | 0.327 * 1.1003 |
| = | -2.29 |
* 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$329 Mil.
Revenue was 645.188 + 667.037 + 533.694 + 507.253 = R$2,353 Mil.
Gross Profit was 358.97 + 399.059 + 268.269 + 244.781 = R$1,271 Mil.
Total Current Assets was R$823 Mil.
Total Assets was R$4,888 Mil.
Property, Plant and Equipment(Net PPE) was R$3,437 Mil.
Depreciation, Depletion and Amortization(DDA) was R$227 Mil.
Selling, General, & Admin. Expense(SGA) was R$338 Mil.
Total Current Liabilities was R$894 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,596 Mil.
Net Income was 147.773 + 225.006 + 139.038 + 94.399 = R$606 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 200.568 + 272.899 + 252.865 + 171.971 = R$898 Mil.
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Total Receivables was R$188 Mil.
Revenue was 426.941 + 468.876 + 521.887 + 500.939 = R$1,919 Mil.
Gross Profit was 173.366 + 193.183 + 234.698 + 236.686 = R$838 Mil.
Total Current Assets was R$801 Mil.
Total Assets was R$4,326 Mil.
Property, Plant and Equipment(Net PPE) was R$2,928 Mil.
Depreciation, Depletion and Amortization(DDA) was R$222 Mil.
Selling, General, & Admin. Expense(SGA) was R$310 Mil.
Total Current Liabilities was R$567 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,435 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) |
| = | (328.521 / 2353.172) | / | (187.607 / 1918.643) |
| = | 0.139608 | / | 0.097781 |
| | = | 1.4278 |
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) |
| = | (837.933 / 1918.643) | / | (1271.079 / 2353.172) |
| = | 0.436732 | / | 0.540156 |
| | = | 0.8085 |
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 - (823.473 + 3437.461) / 4887.988) | / | (1 - (800.697 + 2927.876) / 4325.961) |
| = | 0.128285 | / | 0.138094 |
| | = | 0.929 |
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 |
| = | 2353.172 | / | 1918.643 |
| | = | 1.2265 |
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)) |
| = | (221.557 / (221.557 + 2927.876)) | / | (226.821 / (226.821 + 3437.461)) |
| = | 0.070348 | / | 0.061901 |
| | = | 1.1365 |
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) |
| = | (338.05 / 2353.172) | / | (310.058 / 1918.643) |
| = | 0.143657 | / | 0.161603 |
| | = | 0.889 |
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) |
| = | ((1595.838 + 893.791) / 4887.988) | / | ((1435.09 + 567.463) / 4325.961) |
| = | 0.509336 | / | 0.462915 |
| | = | 1.1003 |
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 |
| = | (606.216 - 0 | - | 898.303) | / | 4887.988 |
| | = | -0.059756 |
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.
Santos Brasil Participacoes has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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