Allied Tecnologia Beneish M-Score Historical Data
The historical data trend for Allied Tecnologia'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.
Allied Tecnologia Beneish M-Score Chart
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Allied Tecnologia Annual Data
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.23 |
-4.24 |
-5.03 |
-5.21 |
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Allied Tecnologia Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar24 |
| Beneish M-Score |
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-5.60 |
-5.78 |
-5.25 |
-5.21 |
-4.32 |
Competitive Comparison of Allied Tecnologia's Beneish M-Score
For the Software - Application subindustry, Allied Tecnologia'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.
Allied Tecnologia's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Allied Tecnologia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Allied Tecnologia's Beneish M-Score falls into.
Allied Tecnologia 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 Allied Tecnologia 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 * 0.7045 | + | 0.528 * 1.2993 | + | 0.404 * 1.1178 | + | 0.892 * 1.1543 | + | 0.115 * 0.9675 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8163 | + | 4.679 * -0.419365 | - | 0.327 * 0.9335 |
| = | -4.32 |
* 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$1,056 Mil.
Revenue was 1419.118 + 1429.681 + 1522.512 + 1540.747 = R$5,912 Mil.
Gross Profit was 167.948 + 175.281 + 158.169 + 169.454 = R$671 Mil.
Total Current Assets was R$2,340 Mil.
Total Assets was R$3,469 Mil.
Property, Plant and Equipment(Net PPE) was R$101 Mil.
Depreciation, Depletion and Amortization(DDA) was R$61 Mil.
Selling, General, & Admin. Expense(SGA) was R$277 Mil.
Total Current Liabilities was R$1,241 Mil.
Long-Term Debt & Capital Lease Obligation was R$540 Mil.
Net Income was 50.143 + 69.745 + 19.518 + 16.861 = R$156 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 223.442 + 476.263 + 326.557 + 584.97 = R$1,611 Mil.
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Total Receivables was R$1,298 Mil.
Revenue was 1361.975 + 1362.534 + 1127.925 + 1269.146 = R$5,122 Mil.
Gross Profit was 175.392 + 223.639 + 173.888 + 182.148 = R$755 Mil.
Total Current Assets was R$2,580 Mil.
Total Assets was R$3,681 Mil.
Property, Plant and Equipment(Net PPE) was R$126 Mil.
Depreciation, Depletion and Amortization(DDA) was R$72 Mil.
Selling, General, & Admin. Expense(SGA) was R$294 Mil.
Total Current Liabilities was R$1,515 Mil.
Long-Term Debt & Capital Lease Obligation was R$509 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) |
| = | (1055.726 / 5912.058) | / | (1298.213 / 5121.58) |
| = | 0.178572 | / | 0.253479 |
| | = | 0.7045 |
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) |
| = | (755.067 / 5121.58) | / | (670.852 / 5912.058) |
| = | 0.147429 | / | 0.113472 |
| | = | 1.2993 |
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 - (2340.44 + 101.151) / 3469.444) | / | (1 - (2579.549 + 125.887) / 3681.099) |
| = | 0.296259 | / | 0.265047 |
| | = | 1.1178 |
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 |
| = | 5912.058 | / | 5121.58 |
| | = | 1.1543 |
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)) |
| = | (72.064 / (72.064 + 125.887)) | / | (61.022 / (61.022 + 101.151)) |
| = | 0.36405 | / | 0.376277 |
| | = | 0.9675 |
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) |
| = | (276.886 / 5912.058) | / | (293.848 / 5121.58) |
| = | 0.046834 | / | 0.057374 |
| | = | 0.8163 |
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) |
| = | ((539.651 + 1241.102) / 3469.444) | / | ((509.082 + 1514.954) / 3681.099) |
| = | 0.513268 | / | 0.549846 |
| | = | 0.9335 |
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 |
| = | (156.267 - 0 | - | 1611.232) | / | 3469.444 |
| | = | -0.419365 |
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.
Allied Tecnologia has a M-score of -4.32 suggests that the company is unlikely to be a manipulator.
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