Capex (BUE:CAPX) Beneish M-Score : -0.66 (As of Nov. 28, 2024)

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

What is Capex 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 -0.66 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BUE:CAPX' s Beneish M-Score Range Over the Past 10 Years
Min: -8.14 Med: -2.58 Max: 1.41
Current: -0.66

During the past 13 years, the highest Beneish M-Score of Capex was 1.41. The lowest was -8.14. And the median was -2.58.

Capex Beneish M-Score Historical Data

The historical data trend for Capex'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.

Capex Beneish M-Score Chart

Capex Annual Data

Trend

Apr15

Apr16

Apr17

Apr18

Apr19

Apr20

Apr21

Apr22

Apr23

Apr24

Beneish M-Score

Get a 7-Day Free Trial

1.41

-2.52

-2.01

-1.23

-2.73

Capex Quarterly Data
	Oct19	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24
Beneish M-Score	Get a 7-Day Free Trial															-1.68	-8.14	-3.59	-2.73	-0.66

Competitive Comparison of Capex's Beneish M-Score

For the Oil & Gas E&P subindustry, Capex'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.

Capex's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Capex's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Capex's Beneish M-Score falls into.

Capex 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 Capex 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 * 3.45

0.528 * 1.1165

0.404 * 1.0715

0.892 * 0.9395

0.115 * 0.692

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.183

4.679 * -0.078553

0.327 * 1.1168

-0.66

This Year (Jul24) TTM:

Last Year (Jul23) TTM:

Total Receivables was ARS63,221 Mil.
Revenue was 72591.773 + 154791.516 + 71075.222 + 26293.76 = ARS324,752 Mil.
Gross Profit was 24579.119 + 60895.201 + 37793.52 + 10675.778 = ARS133,944 Mil.
Total Current Assets was ARS121,687 Mil.
Total Assets was ARS994,908 Mil.
Property, Plant and Equipment(Net PPE) was ARS824,148 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS96,386 Mil.
Selling, General, & Admin. Expense(SGA) was ARS47,392 Mil.
Total Current Liabilities was ARS117,694 Mil.
Long-Term Debt & Capital Lease Obligation was ARS347,697 Mil.
Net Income was 13013.485 + 22739.837 + -55164.091 + -2384.813 = ARS-21,796 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 6118.411 + 15013.631 + 32535.034 + 2690.708 = ARS56,358 Mil.

Total Receivables was ARS19,506 Mil.
Revenue was 94357.009 + 159222.896 + 62761.905 + 29327.836 = ARS345,670 Mil.
Gross Profit was 43729.47 + 84721.529 + 19635.259 + 11100.747 = ARS159,187 Mil.
Total Current Assets was ARS33,036 Mil.
Total Assets was ARS276,716 Mil.
Property, Plant and Equipment(Net PPE) was ARS230,942 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS18,041 Mil.
Selling, General, & Admin. Expense(SGA) was ARS42,643 Mil.
Total Current Liabilities was ARS104,938 Mil.
Long-Term Debt & Capital Lease Obligation was ARS10,963 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)
	=	(63220.893 / 324752.271)	/	(19505.546 / 345669.646)
	=	0.194674	/	0.056428
	=	3.45

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)
	=	(159187.005 / 345669.646)	/	(133943.618 / 324752.271)
	=	0.460518	/	0.412449
	=	1.1165

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 - (121686.59 + 824147.532) / 994908.465)	/	(1 - (33035.833 + 230941.671) / 276716.071)
	=	0.049325	/	0.046035
	=	1.0715

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
	=	324752.271	/	345669.646
	=	0.9395

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))
	=	(18041.394 / (18041.394 + 230941.671))	/	(96385.626 / (96385.626 + 824147.532))
	=	0.07246	/	0.104706
	=	0.692

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)
	=	(47392.341 / 324752.271)	/	(42643.25 / 345669.646)
	=	0.145934	/	0.123364
	=	1.183

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)
	=	((347697.379 + 117693.967) / 994908.465)	/	((10963.293 + 104938.004) / 276716.071)
	=	0.467773	/	0.418846
	=	1.1168

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
	=	(-21795.582 - 0	-	56357.784)	/	994908.465
	=	-0.078553

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.

Capex has a M-score of -0.66 signals that the company is likely to be a manipulator.

Capex Beneish M-Score Related Terms

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

Capex Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Capex SA (BUE:CAPX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Carlos F. Melo 630, Vicente Lopez, Buenos Aires, ARG, 1638

Website

https://www.capex.com.ar

Capex SA is an Argentina based company predominantly engaged in generation of electricity. It operates in the business segments of Oil and Gas which consists the exploration, production and sale of oil and gas, Energy which is engaged in electric power generation, LPG which involves the production and sale of gas derived liquid fuel, and Renewable energies segment which consists of wind electric power generation activities, Hydrogen Energy which involves generation of electric power with hydrogen activities, and Oxygen which includes the oxygen production and sale operations. It derives a majority of the revenue from the Oil and Gas segment.

Capex Headlines

No Headlines