FerreycorpA Beneish M-Score Historical Data
The historical data trend for FerreycorpA'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.
FerreycorpA Beneish M-Score Chart
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FerreycorpA Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.10 |
-2.70 |
-3.64 |
-2.29 |
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FerreycorpA Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
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-2.29 |
-5.42 |
-2.48 |
-2.89 |
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Competitive Comparison of FerreycorpA's Beneish M-Score
For the Industrial Distribution subindustry, FerreycorpA'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.
FerreycorpA's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, FerreycorpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FerreycorpA's Beneish M-Score falls into.
FerreycorpA 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 FerreycorpA 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 * 1.1789 | + | 0.528 * 0.9765 | + | 0.404 * 0.8579 | + | 0.892 * 1.08 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.067644 | - | 0.327 * 0.9981 |
| = | -1.82 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was S/.1,292 Mil.
Revenue was 1870.08 + 1691.364 + 1582.388 + 1433.697 = S/.6,578 Mil.
Gross Profit was 474.417 + 487.019 + 393.956 + 1433.697 = S/.2,789 Mil.
Total Current Assets was S/.3,955 Mil.
Total Assets was S/.6,249 Mil.
Property, Plant and Equipment(Net PPE) was S/.1,648 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.0 Mil.
Selling, General, & Admin. Expense(SGA) was S/.0 Mil.
Total Current Liabilities was S/.2,530 Mil.
Long-Term Debt & Capital Lease Obligation was S/.1,090 Mil.
Net Income was 139.155 + 90.558 + 61.287 + 127.879 = S/.419 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S/.0 Mil.
Cash Flow from Operations was -133.095 + 60.569 + -52.879 + 121.594 = S/.-4 Mil.
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Total Receivables was S/.1,015 Mil.
Revenue was 1736.141 + 1690.722 + 1453.682 + 1209.532 = S/.6,090 Mil.
Gross Profit was 450.435 + 460.653 + 401.196 + 1209.532 = S/.2,522 Mil.
Total Current Assets was S/.3,566 Mil.
Total Assets was S/.5,987 Mil.
Property, Plant and Equipment(Net PPE) was S/.1,700 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.0 Mil.
Selling, General, & Admin. Expense(SGA) was S/.-191 Mil.
Total Current Liabilities was S/.2,212 Mil.
Long-Term Debt & Capital Lease Obligation was S/.1,262 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) |
| = | (1292.084 / 6577.529) | / | (1014.738 / 6090.077) |
| = | 0.196439 | / | 0.166622 |
| | = | 1.1789 |
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) |
| = | (2521.816 / 6090.077) | / | (2789.089 / 6577.529) |
| = | 0.414086 | / | 0.424033 |
| | = | 0.9765 |
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 - (3954.692 + 1647.998) / 6248.756) | / | (1 - (3566.258 + 1699.53) / 5987.338) |
| = | 0.103391 | / | 0.120513 |
| | = | 0.8579 |
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 |
| = | 6577.529 | / | 6090.077 |
| | = | 1.08 |
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)) |
| = | (0 / (0 + 1699.53)) | / | (0 / (0 + 1647.998)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (0 / 6577.529) | / | (-190.604 / 6090.077) |
| = | 0 | / | -0.031297 |
| | = | 0 |
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) |
| = | ((1089.556 + 2529.56) / 6248.756) | / | ((1262.242 + 2212.243) / 5987.338) |
| = | 0.579174 | / | 0.580305 |
| | = | 0.9981 |
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 |
| = | (418.879 - 0 | - | -3.811) | / | 6248.756 |
| | = | 0.067644 |
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.
FerreycorpA has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.
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