Loma Negra Cia Industria Argentina (Loma Negra Cia Industria Argentina) Beneish M-Score : -3.45 (As of May. 11, 2024)

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What is Loma Negra Cia Industria Argentina 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 -3.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Loma Negra Cia Industria Argentina's Beneish M-Score or its related term are showing as below:

LOMA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -1.89 Max: 0.54
Current: -3.45

During the past 10 years, the highest Beneish M-Score of Loma Negra Cia Industria Argentina was 0.54. The lowest was -3.45. And the median was -1.89.

Loma Negra Cia Industria Argentina Beneish M-Score Historical Data

The historical data trend for Loma Negra Cia Industria Argentina'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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Loma Negra Cia Industria Argentina Beneish M-Score Chart

Loma Negra Cia Industria Argentina Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.43

-2.59

-1.89

0.54

-3.45

Loma Negra Cia Industria Argentina Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															0.54	-2.07	-2.34	-0.71	-3.45

Competitive Comparison of Loma Negra Cia Industria Argentina's Beneish M-Score

For the Building Materials subindustry, Loma Negra Cia Industria Argentina'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.

Loma Negra Cia Industria Argentina's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, Loma Negra Cia Industria Argentina's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Loma Negra Cia Industria Argentina's Beneish M-Score falls into.

Loma Negra Cia Industria Argentina 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 Loma Negra Cia Industria Argentina 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 * 0.9766

0.528 * 1.0662

0.404 * 1.0394

0.892 * 0.4366

0.115 * 1.2597

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1284

4.679 * -0.190451

0.327 * 1.3954

-3.97

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $110 Mil.
Revenue was 586.155 + 211.979 + 212.129 + 205.466 = $1,216 Mil.
Gross Profit was 149.003 + 49.296 + 50.279 + 56.407 = $305 Mil.
Total Current Assets was $354 Mil.
Total Assets was $1,770 Mil.
Property, Plant and Equipment(Net PPE) was $1,343 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $77 Mil.
Total Current Liabilities was $325 Mil.
Long-Term Debt & Capital Lease Obligation was $313 Mil.
Net Income was -25.822 + 21.14 + 10.6 + 26.687 = $33 Mil.
Non Operating Income was 132.33 + -46.509 + 22.396 + 17.428 = $126 Mil.
Cash Flow from Operations was 129.217 + 41.757 + 49.517 + 23.502 = $244 Mil.

Total Receivables was $257 Mil.
Revenue was 1382.643 + 582.066 + 452.705 + 367.407 = $2,785 Mil.
Gross Profit was 371.273 + 123.944 + 127.084 + 122.587 = $745 Mil.
Total Current Assets was $748 Mil.
Total Assets was $3,769 Mil.
Property, Plant and Equipment(Net PPE) was $2,870 Mil.
Depreciation, Depletion and Amortization(DDA) was $255 Mil.
Selling, General, & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $775 Mil.
Long-Term Debt & Capital Lease Obligation was $198 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)
	=	(109.76 / 1215.729)	/	(257.458 / 2784.821)
	=	0.090283	/	0.09245
	=	0.9766

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)
	=	(744.888 / 2784.821)	/	(304.985 / 1215.729)
	=	0.267481	/	0.250866
	=	1.0662

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 - (353.786 + 1342.588) / 1769.653)	/	(1 - (748.347 + 2870.223) / 3768.718)
	=	0.041409	/	0.039841
	=	1.0394

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
	=	1215.729	/	2784.821
	=	0.4366

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))
	=	(254.57 / (254.57 + 2870.223))	/	(92.831 / (92.831 + 1342.588))
	=	0.081468	/	0.064672
	=	1.2597

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)
	=	(76.964 / 1215.729)	/	(156.243 / 2784.821)
	=	0.063307	/	0.056105
	=	1.1284

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)
	=	((312.793 + 325.096) / 1769.653)	/	((198.062 + 775.449) / 3768.718)
	=	0.36046	/	0.258314
	=	1.3954

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
	=	(32.605 - 125.645	-	243.993)	/	1769.653
	=	-0.190451

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.

Loma Negra Cia Industria Argentina has a M-score of -3.97 suggests that the company is unlikely to be a manipulator.

Loma Negra Cia Industria Argentina Beneish M-Score Related Terms

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Loma Negra Cia Industria Argentina (Loma Negra Cia Industria Argentina) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Building Materials » Loma Negra Cia Industria Argentina SA (NYSE:LOMA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

8LN:Germany LOMA:Argentina

Address

Boulevard Cecilia Grierson 355, Piso 4, 4th Floor, Buenos Aires, ARG, C1107CPG

Website

https://www.lomanegra.com

Loma Negra Cia Industria Argentina SA is a cement producer in Argentina. The company operates in five segments: Cement, masonry cement, and lime; Concrete; Rail services; Aggregates; and Others. The majority of its revenue comes from Cement, masonry cement, and lime segment.