Grupo CarsoB de CV (Grupo CarsoB de CV) Beneish M-Score : -2.51 (As of May. 05, 2024)

View and export this data going back to . Start your Free Trial

What is Grupo CarsoB de CV 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Grupo CarsoB de CV's Beneish M-Score or its related term are showing as below:

GPOVY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.36 Max: -2.04
Current: -2.51

During the past 13 years, the highest Beneish M-Score of Grupo CarsoB de CV was -2.04. The lowest was -2.91. And the median was -2.36.

Grupo CarsoB de CV Beneish M-Score Historical Data

The historical data trend for Grupo CarsoB de CV'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.

* Premium members only.

Grupo CarsoB de CV Beneish M-Score Chart

Grupo CarsoB de CV Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.15

-2.17

-2.36

-2.04

-2.41

Grupo CarsoB de CV Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.18	-2.43	-2.28	-2.41	-2.51

Competitive Comparison of Grupo CarsoB de CV's Beneish M-Score

For the Conglomerates subindustry, Grupo CarsoB de CV'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.

Grupo CarsoB de CV's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Grupo CarsoB de CV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Grupo CarsoB de CV's Beneish M-Score falls into.

Grupo CarsoB de CV 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 Grupo CarsoB de CV 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 * 1.1018

0.528 * 0.9515

0.404 * 0.9522

0.892 * 1.1459

0.115 * 0.9029

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0306

4.679 * -0.030223

0.327 * 0.9469

-2.44

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $3,397 Mil.
Revenue was 2776.006 + 3265.435 + 2678.891 + 2816.023 = $11,536 Mil.
Gross Profit was 732.869 + 938.651 + 631.105 + 730.672 = $3,033 Mil.
Total Current Assets was $6,353 Mil.
Total Assets was $14,887 Mil.
Property, Plant and Equipment(Net PPE) was $4,075 Mil.
Depreciation, Depletion and Amortization(DDA) was $347 Mil.
Selling, General, & Admin. Expense(SGA) was $841 Mil.
Total Current Liabilities was $3,505 Mil.
Long-Term Debt & Capital Lease Obligation was $1,827 Mil.
Net Income was 181.787 + 199.032 + 196.642 + 201.464 = $779 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 450.202 + 328.514 + 69.412 + 380.721 = $1,229 Mil.

Total Receivables was $2,691 Mil.
Revenue was 2719.619 + 2837.242 + 2273.342 + 2237.641 = $10,068 Mil.
Gross Profit was 658.912 + 735.475 + 601.151 + 523.135 = $2,519 Mil.
Total Current Assets was $5,334 Mil.
Total Assets was $13,312 Mil.
Property, Plant and Equipment(Net PPE) was $3,791 Mil.
Depreciation, Depletion and Amortization(DDA) was $289 Mil.
Selling, General, & Admin. Expense(SGA) was $712 Mil.
Total Current Liabilities was $3,579 Mil.
Long-Term Debt & Capital Lease Obligation was $1,457 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)
	=	(3396.712 / 11536.355)	/	(2690.5 / 10067.844)
	=	0.294435	/	0.267237
	=	1.1018

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)
	=	(2518.673 / 10067.844)	/	(3033.297 / 11536.355)
	=	0.25017	/	0.262934
	=	0.9515

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 - (6352.694 + 4075.229) / 14886.763)	/	(1 - (5334.117 + 3790.802) / 13312.244)
	=	0.299517	/	0.314547
	=	0.9522

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
	=	11536.355	/	10067.844
	=	1.1459

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))
	=	(288.718 / (288.718 + 3790.802))	/	(346.591 / (346.591 + 4075.229))
	=	0.070773	/	0.078382
	=	0.9029

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)
	=	(840.848 / 11536.355)	/	(712.056 / 10067.844)
	=	0.072887	/	0.070726
	=	1.0306

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)
	=	((1826.934 + 3505.03) / 14886.763)	/	((1456.616 + 3578.659) / 13312.244)
	=	0.358168	/	0.378244
	=	0.9469

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
	=	(778.925 - 0	-	1228.849)	/	14886.763
	=	-0.030223

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.

Grupo CarsoB de CV has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.

Grupo CarsoB de CV Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Grupo CarsoB de CV's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Grupo CarsoB de CV (Grupo CarsoB de CV) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » Grupo Carso SAB de CV (OTCPK:GPOVY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

GPOVF:USA GCARSOA1:Mexico 4GF:Germany

Address

255 Frisco Building, Lago Zurich 245, 6th Floor, Ampliacion Granada, Mexico City, MEX, 11529

Website

http://www.gcarso.com.mx

Grupo Carso SAB de CV is a conglomerate based in Mexico with business presence in several countries, mainly in the Americas and Europe. The firm has operations in four main business segments: commercial and retail, industrial and manufacturing, infrastructure and construction, and energy. The largest contributor to sales, the commercial and retail division, serves middle- and high-income consumers and operates department stores, boutiques, restaurants, and multimedia stores. The industrial and manufacturing segment has a portfolio of products and services focused on cables, power transformers and reactors, and alternative energies, among others. The infrastructure and construction division serves sectors like the oil and chemical industries, pipeline installation, and housing development.