Fundo Invest Imobiliario Grand Plaza Shopping (BSP:ABCP11) Beneish M-Score : -0.85 (As of May. 27, 2024)

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What is Fundo Invest Imobiliario Grand Plaza Shopping 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 -0.85 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Fundo Invest Imobiliario Grand Plaza Shopping's Beneish M-Score or its related term are showing as below:

BSP:ABCP11' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -1.8 Max: -0.85
Current: -0.85

During the past 13 years, the highest Beneish M-Score of Fundo Invest Imobiliario Grand Plaza Shopping was -0.85. The lowest was -3.20. And the median was -1.80.

Fundo Invest Imobiliario Grand Plaza Shopping Beneish M-Score Historical Data

The historical data trend for Fundo Invest Imobiliario Grand Plaza Shopping'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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Fundo Invest Imobiliario Grand Plaza Shopping Beneish M-Score Chart

Fundo Invest Imobiliario Grand Plaza Shopping Annual Data

Trend

Dec13

Dec14

Dec15

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.64

-2.14

-2.08

-3.20

-0.85

Fundo Invest Imobiliario Grand Plaza Shopping Semi-Annual Data
	Dec07	Dec08	Dec09	Dec10	Dec13	Dec14	Dec15	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22	Dec23
Beneish M-Score	Get a 7-Day Free Trial									-1.64	-2.14	-2.08	-3.20	-0.85

Competitive Comparison of Fundo Invest Imobiliario Grand Plaza Shopping's Beneish M-Score

For the REIT - Retail subindustry, Fundo Invest Imobiliario Grand Plaza Shopping'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.

Fundo Invest Imobiliario Grand Plaza Shopping's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Fundo Invest Imobiliario Grand Plaza Shopping's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fundo Invest Imobiliario Grand Plaza Shopping's Beneish M-Score falls into.

Fundo Invest Imobiliario Grand Plaza Shopping 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 Fundo Invest Imobiliario Grand Plaza Shopping 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 * 2.6408

0.528 * 1.0601

0.404 * 1.003

0.892 * 0.4134

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.162

4.679 * 0.105315

0.327 * 0.5392

-0.85

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was R$8.43 Mil.
Revenue was R$39.23 Mil.
Gross Profit was R$34.12 Mil.
Total Current Assets was R$16.21 Mil.
Total Assets was R$481.68 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$1.51 Mil.
Total Current Liabilities was R$3.58 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Net Income was R$77.54 Mil.
Gross Profit was R$0.00 Mil.
Cash Flow from Operations was R$26.81 Mil.

Total Receivables was R$7.73 Mil.
Revenue was R$94.91 Mil.
Gross Profit was R$87.50 Mil.
Total Current Assets was R$15.99 Mil.
Total Assets was R$437.07 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$3.15 Mil.
Total Current Liabilities was R$6.03 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 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)
	=	(8.434 / 39.233)	/	(7.726 / 94.909)
	=	0.214972	/	0.081404
	=	2.6408

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)
	=	(87.496 / 94.909)	/	(34.119 / 39.233)
	=	0.921894	/	0.869651
	=	1.0601

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 - (16.209 + 0) / 481.681)	/	(1 - (15.985 + 0) / 437.068)
	=	0.966349	/	0.963427
	=	1.003

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
	=	39.233	/	94.909
	=	0.4134

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 + 0))	/	(0 / (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)
	=	(1.514 / 39.233)	/	(3.152 / 94.909)
	=	0.03859	/	0.033211
	=	1.162

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)
	=	((0 + 3.584) / 481.681)	/	((0 + 6.031) / 437.068)
	=	0.007441	/	0.013799
	=	0.5392

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
	=	(77.535 - 0	-	26.807)	/	481.681
	=	0.105315

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.

Fundo Invest Imobiliario Grand Plaza Shopping has a M-score of -0.85 signals that the company is likely to be a manipulator.

Fundo Invest Imobiliario Grand Plaza Shopping Beneish M-Score Related Terms

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Fundo Invest Imobiliario Grand Plaza Shopping (BSP:ABCP11) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Fundo Invest Imobiliario Grand Plaza Shopping (BSP:ABCP11) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Avenue Chedid Jafet, 222, Block, 3rd Floor - Vila Olimpia, Sao paulo, BRA, 04511-065

Website

https://www.riobravo.com.br

Fundo Invest Imobiliario Grand Plaza Shopping, formerly Fundo de Investimento Imobiliario ABC Plaza Shopping is a real estate investment trust.

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