Corporacion America Airports (Corporacion America Airports) Beneish M-Score : -2.16 (As of Apr. 27, 2024)

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What is Corporacion America Airports 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.

Good Sign:

Beneish M-Score -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CAAP' s Beneish M-Score Range Over the Past 10 Years
Min: -5.36 Med: -2.45 Max: -1.74
Current: -2.16

During the past 10 years, the highest Beneish M-Score of Corporacion America Airports was -1.74. The lowest was -5.36. And the median was -2.45.

Corporacion America Airports Beneish M-Score Historical Data

The historical data trend for Corporacion America Airports'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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Corporacion America Airports Beneish M-Score Chart

Corporacion America Airports Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.74

-5.36

-3.77

-2.55

-2.16

Corporacion America Airports Quarterly Data
	Mar19	Jun19	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															-2.55	-2.42	-2.55	-2.62	-2.16

Competitive Comparison of Corporacion America Airports's Beneish M-Score

For the Airports & Air Services subindustry, Corporacion America Airports'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.

Corporacion America Airports's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Corporacion America Airports's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Corporacion America Airports's Beneish M-Score falls into.

Corporacion America Airports 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 Corporacion America Airports 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 * 1.4216

0.528 * 0.871

0.404 * 0.9442

0.892 * 1.0308

0.115 * 1.0517

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9642

4.679 * -0.003384

0.327 * 1.0062

-2.16

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $245 Mil.
Revenue was 126.267 + 469.543 + 422.7 + 382.058 = $1,401 Mil.
Gross Profit was 30.611 + 174.982 + 142.745 + 135.966 = $484 Mil.
Total Current Assets was $750 Mil.
Total Assets was $3,542 Mil.
Property, Plant and Equipment(Net PPE) was $85 Mil.
Depreciation, Depletion and Amortization(DDA) was $152 Mil.
Selling, General, & Admin. Expense(SGA) was $90 Mil.
Total Current Liabilities was $686 Mil.
Long-Term Debt & Capital Lease Obligation was $1,144 Mil.
Net Income was 91.946 + 46.482 + 69.775 + 31.685 = $240 Mil.
Non Operating Income was -65.003 + -36.977 + -11.998 + 9.436 = $-105 Mil.
Cash Flow from Operations was 34.946 + 149.815 + 111.376 + 60.278 = $356 Mil.

Total Receivables was $167 Mil.
Revenue was 372.572 + 395.49 + 332.5 + 258.149 = $1,359 Mil.
Gross Profit was 103.976 + 127.271 + 97.754 + 80.207 = $409 Mil.
Total Current Assets was $647 Mil.
Total Assets was $3,836 Mil.
Property, Plant and Equipment(Net PPE) was $84 Mil.
Depreciation, Depletion and Amortization(DDA) was $172 Mil.
Selling, General, & Admin. Expense(SGA) was $91 Mil.
Total Current Liabilities was $676 Mil.
Long-Term Debt & Capital Lease Obligation was $1,293 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)
	=	(245.075 / 1400.568)	/	(167.243 / 1358.711)
	=	0.174983	/	0.123089
	=	1.4216

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)
	=	(409.208 / 1358.711)	/	(484.304 / 1400.568)
	=	0.301174	/	0.345791
	=	0.871

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 - (749.91 + 85.412) / 3541.976)	/	(1 - (647.468 + 83.934) / 3835.788)
	=	0.764165	/	0.809322
	=	0.9442

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
	=	1400.568	/	1358.711
	=	1.0308

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))
	=	(172.48 / (172.48 + 83.934))	/	(151.593 / (151.593 + 85.412))
	=	0.672662	/	0.639619
	=	1.0517

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)
	=	(90.459 / 1400.568)	/	(91.016 / 1358.711)
	=	0.064587	/	0.066987
	=	0.9642

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)
	=	((1143.843 + 685.928) / 3541.976)	/	((1292.952 + 676.319) / 3835.788)
	=	0.516596	/	0.513394
	=	1.0062

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
	=	(239.888 - -104.542	-	356.415)	/	3541.976
	=	-0.003384

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.

Corporacion America Airports has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.

Corporacion America Airports Beneish M-Score Related Terms

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Corporacion America Airports (Corporacion America Airports) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Corporacion America Airports SA (NYSE:CAAP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

128, Boulevard de la Petrusse, Grand Duchy of Luxembourg, Luxembourg, LUX, L-2330

Website

https://www.caap.aero

Corporacion America Airports SA acquires, develops and operates airport concessions. Its operating segments are geographically divided into Argentina, Italy, Brazil, Uruguay, Ecuador and Armenia. The company generates a majority of its revenue from the Argentina segment. The firm's revenue is categorized into Aeronautical Revenue, Non-Aeronautical Revenue, Commercial Revenue, Construction Service Revenue, and Other Revenue.