Celulosa Argentina (BUE:CELU) Beneish M-Score : 13.84 (As of May. 02, 2024)

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What is Celulosa Argentina Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 13.84 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Celulosa Argentina's Beneish M-Score or its related term are showing as below:

BUE:CELU' s Beneish M-Score Range Over the Past 10 Years
Min: -3.7 Med: -2.33 Max: 13.84
Current: 13.84

During the past 13 years, the highest Beneish M-Score of Celulosa Argentina was 13.84. The lowest was -3.70. And the median was -2.33.

Celulosa Argentina Beneish M-Score Historical Data

The historical data trend for Celulosa Argentina'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.

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Celulosa Argentina Beneish M-Score Chart

Celulosa Argentina Annual Data

Trend

May14

May15

May16

May17

May18

May19

May20

May21

May22

May23

Beneish M-Score

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-0.54

-2.78

-2.73

-1.61

-1.75

Celulosa Argentina Quarterly Data
	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24
Beneish M-Score	Get a 7-Day Free Trial															-2.10	-1.75	3.03	2.73	13.84

Competitive Comparison of Celulosa Argentina's Beneish M-Score

For the Paper & Paper Products subindustry, Celulosa Argentina'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.

Celulosa Argentina's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Celulosa Argentina's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Celulosa Argentina's Beneish M-Score falls into.

Celulosa Argentina 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 Celulosa Argentina for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 19.6152

0.528 * 0.3191

0.404 * 0.9849

0.892 * 0.1749

0.115 * 6.2846

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4596

4.679 * -0.05627

0.327 * 0.9129

13.84

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was ARS39,386 Mil.
Revenue was 65455.217 + 41199.68 + 29240.439 + -107523.526 = ARS28,372 Mil.
Gross Profit was 21709.799 + 12573.466 + 7489.205 + -24577.906 = ARS17,195 Mil.
Total Current Assets was ARS92,017 Mil.
Total Assets was ARS263,304 Mil.
Property, Plant and Equipment(Net PPE) was ARS141,750 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS471 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,541 Mil.
Total Current Liabilities was ARS109,732 Mil.
Long-Term Debt & Capital Lease Obligation was ARS43,971 Mil.
Net Income was -10501.477 + 10061.951 + -429.677 + -7887.16 = ARS-8,756 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 6845.584 + 7301.613 + 1311.043 + -9398.579 = ARS6,060 Mil.

Total Receivables was ARS11,480 Mil.
Revenue was 69261.144 + 35724.422 + 25601.303 + 31617.501 = ARS162,204 Mil.
Gross Profit was 16618.304 + 8547.884 + 4299.359 + 1899.126 = ARS31,365 Mil.
Total Current Assets was ARS21,758 Mil.
Total Assets was ARS69,059 Mil.
Property, Plant and Equipment(Net PPE) was ARS39,435 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS839 Mil.
Selling, General, & Admin. Expense(SGA) was ARS6,038 Mil.
Total Current Liabilities was ARS32,828 Mil.
Long-Term Debt & Capital Lease Obligation was ARS11,331 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)
	=	(39386.034 / 28371.81)	/	(11479.504 / 162204.37)
	=	1.38821	/	0.070772
	=	19.6152

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)
	=	(31364.673 / 162204.37)	/	(17194.564 / 28371.81)
	=	0.193365	/	0.606044
	=	0.3191

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 - (92016.875 + 141749.527) / 263304.3)	/	(1 - (21758.356 + 39434.877) / 69058.805)
	=	0.112182	/	0.113897
	=	0.9849

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
	=	28371.81	/	162204.37
	=	0.1749

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))
	=	(838.539 / (838.539 + 39434.877))	/	(471.192 / (471.192 + 141749.527))
	=	0.020821	/	0.003313
	=	6.2846

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)
	=	(1541.372 / 28371.81)	/	(6037.509 / 162204.37)
	=	0.054328	/	0.037222
	=	1.4596

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)
	=	((43970.576 + 109731.894) / 263304.3)	/	((11330.781 + 32828.227) / 69058.805)
	=	0.583745	/	0.639441
	=	0.9129

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
	=	(-8756.363 - 0	-	6059.661)	/	263304.3
	=	-0.05627

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.

Celulosa Argentina has a M-score of 13.84 signals that the company is likely to be a manipulator.

Celulosa Argentina Beneish M-Score Related Terms

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Celulosa Argentina (BUE:CELU) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Forest Products » Celulosa Argentina SA (BUE:CELU) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Av. Del Libertador 2442, Buenos Aires,piso 4, Olivos, ARG, B1636DSR

Website

http://www.celulosaargentina.com.ar

Celulosa Argentina SA is engaged in the manufacturing, marketing, and distribution of forest products. Its product portfolio includes Paper products, cellulose pulp, forest products as well as wood products. Geographically, the activities are carried out through Argentina.