Alupar Investimento Beneish M-Score Historical Data
The historical data trend for Alupar Investimento'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.
Alupar Investimento Beneish M-Score Chart
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Alupar Investimento Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.13 |
-1.73 |
-2.37 |
-2.66 |
-2.74 |
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Alupar Investimento Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-2.57 |
-2.78 |
-2.75 |
-2.74 |
Competitive Comparison of Alupar Investimento's Beneish M-Score
For the Utilities - Renewable subindustry, Alupar Investimento'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.
Alupar Investimento's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Alupar Investimento's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alupar Investimento's Beneish M-Score falls into.
Alupar Investimento 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 Alupar Investimento 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 * 1.1755 | + | 0.528 * 1.0794 | + | 0.404 * 0.9943 | + | 0.892 * 0.8638 | + | 0.115 * 1.0197 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4257 | + | 4.679 * -0.059173 | - | 0.327 * 0.9708 |
| = | -2.74 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was R$2,274 Mil.
Revenue was 878.271 + 648.957 + 780.156 + 1003.997 = R$3,311 Mil.
Gross Profit was 648.179 + 447.798 + 608.556 + 809.081 = R$2,514 Mil.
Total Current Assets was R$5,420 Mil.
Total Assets was R$28,436 Mil.
Property, Plant and Equipment(Net PPE) was R$5,590 Mil.
Depreciation, Depletion and Amortization(DDA) was R$154 Mil.
Selling, General, & Admin. Expense(SGA) was R$104 Mil.
Total Current Liabilities was R$3,249 Mil.
Long-Term Debt & Capital Lease Obligation was R$9,677 Mil.
Net Income was 141.162 + 100.005 + 222.186 + 230.71 = R$694 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 611.644 + 641.085 + 635.232 + 488.751 = R$2,377 Mil.
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Total Receivables was R$2,239 Mil.
Revenue was 732.286 + 652.659 + 1168.243 + 1280.52 = R$3,834 Mil.
Gross Profit was 534.805 + 485.979 + 1010.04 + 1110.231 = R$3,141 Mil.
Total Current Assets was R$5,392 Mil.
Total Assets was R$27,934 Mil.
Property, Plant and Equipment(Net PPE) was R$5,324 Mil.
Depreciation, Depletion and Amortization(DDA) was R$150 Mil.
Selling, General, & Admin. Expense(SGA) was R$84 Mil.
Total Current Liabilities was R$2,558 Mil.
Long-Term Debt & Capital Lease Obligation was R$10,521 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) |
| = | (2273.529 / 3311.381) | / | (2239.204 / 3833.708) |
| = | 0.68658 | / | 0.584083 |
| | = | 1.1755 |
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) |
| = | (3141.055 / 3833.708) | / | (2513.614 / 3311.381) |
| = | 0.819326 | / | 0.759083 |
| | = | 1.0794 |
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 - (5419.566 + 5589.542) / 28436.081) | / | (1 - (5391.721 + 5324.416) / 27933.932) |
| = | 0.612847 | / | 0.616376 |
| | = | 0.9943 |
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 |
| = | 3311.381 | / | 3833.708 |
| | = | 0.8638 |
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)) |
| = | (149.582 / (149.582 + 5324.416)) | / | (153.912 / (153.912 + 5589.542)) |
| = | 0.027326 | / | 0.026798 |
| | = | 1.0197 |
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) |
| = | (103.635 / 3311.381) | / | (84.156 / 3833.708) |
| = | 0.031297 | / | 0.021952 |
| | = | 1.4257 |
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) |
| = | ((9676.884 + 3248.718) / 28436.081) | / | ((10521.34 + 2558.195) / 27933.932) |
| = | 0.454549 | / | 0.468231 |
| | = | 0.9708 |
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 |
| = | (694.063 - 0 | - | 2376.712) | / | 28436.081 |
| | = | -0.059173 |
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.
Alupar Investimento has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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