Chemtrade Logisticsome Fund (Chemtrade Logisticsome Fund) Beneish M-Score : -2.73 (As of May. 01, 2024)

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What is Chemtrade Logisticsome Fund 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CGIFF' s Beneish M-Score Range Over the Past 10 Years
Min: -8.61 Med: -2.81 Max: -1.82
Current: -2.73

During the past 13 years, the highest Beneish M-Score of Chemtrade Logisticsome Fund was -1.82. The lowest was -8.61. And the median was -2.81.

Chemtrade Logisticsome Fund Beneish M-Score Historical Data

The historical data trend for Chemtrade Logisticsome Fund'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.

Chemtrade Logisticsome Fund Beneish M-Score Chart

Chemtrade Logisticsome Fund Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.29

-2.89

-8.61

-3.34

-2.73

Chemtrade Logisticsome Fund 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															-3.34	-3.23	-3.25	-3.19	-2.73

Competitive Comparison of Chemtrade Logisticsome Fund's Beneish M-Score

For the Chemicals subindustry, Chemtrade Logisticsome Fund'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.

Chemtrade Logisticsome Fund's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Chemtrade Logisticsome Fund's Beneish M-Score distribution charts can be found below:

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

Chemtrade Logisticsome Fund 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 Chemtrade Logisticsome Fund 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 * 1.2284

0.528 * 0.816

0.404 * 0.9386

0.892 * 0.9907

0.115 * 1.0706

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1246

4.679 * -0.070481

0.327 * 0.9022

-2.71

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $115 Mil.
Revenue was 314.562 + 357.351 + 353.736 + 344.402 = $1,370 Mil.
Gross Profit was 46.316 + 95.089 + 90.312 + 80.286 = $312 Mil.
Total Current Assets was $243 Mil.
Total Assets was $1,572 Mil.
Property, Plant and Equipment(Net PPE) was $828 Mil.
Depreciation, Depletion and Amortization(DDA) was $161 Mil.
Selling, General, & Admin. Expense(SGA) was $101 Mil.
Total Current Liabilities was $305 Mil.
Long-Term Debt & Capital Lease Obligation was $607 Mil.
Net Income was 8.704 + 52.312 + 65.727 + 58.125 = $185 Mil.
Non Operating Income was -17.912 + 3.762 + 10.881 + 0.442 = $-3 Mil.
Cash Flow from Operations was 73.5 + 95.459 + 89.807 + 39.737 = $299 Mil.

Total Receivables was $95 Mil.
Revenue was 336.213 + 389.774 + 348.619 + 308.329 = $1,383 Mil.
Gross Profit was 50.487 + 81.853 + 62.399 + 62.258 = $257 Mil.
Total Current Assets was $266 Mil.
Total Assets was $1,588 Mil.
Property, Plant and Equipment(Net PPE) was $783 Mil.
Depreciation, Depletion and Amortization(DDA) was $166 Mil.
Selling, General, & Admin. Expense(SGA) was $91 Mil.
Total Current Liabilities was $288 Mil.
Long-Term Debt & Capital Lease Obligation was $734 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)
	=	(115.244 / 1370.051)	/	(94.699 / 1382.935)
	=	0.084117	/	0.068477
	=	1.2284

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)
	=	(256.997 / 1382.935)	/	(312.003 / 1370.051)
	=	0.185834	/	0.227731
	=	0.816

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 - (243.01 + 827.704) / 1572.177)	/	(1 - (265.638 + 782.617) / 1587.834)
	=	0.318961	/	0.339821
	=	0.9386

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
	=	1370.051	/	1382.935
	=	0.9907

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))
	=	(165.663 / (165.663 + 782.617))	/	(161.396 / (161.396 + 827.704))
	=	0.174698	/	0.163175
	=	1.0706

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)
	=	(101.069 / 1370.051)	/	(90.719 / 1382.935)
	=	0.07377	/	0.065599
	=	1.1246

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)
	=	((607.219 + 305.474) / 1572.177)	/	((734.128 + 287.549) / 1587.834)
	=	0.580528	/	0.643441
	=	0.9022

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
	=	(184.868 - -2.827	-	298.503)	/	1572.177
	=	-0.070481

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.

Chemtrade Logisticsome Fund has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

Chemtrade Logisticsome Fund Beneish M-Score Related Terms

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Chemtrade Logisticsome Fund (Chemtrade Logisticsome Fund) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » Chemtrade Logistics Income Fund (OTCPK:CGIFF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CHE.UN:Canada

Address

155 Gordon Baker Road, Suite 300, Toronto, ON, CAN, M2H 3N5

Website

https://www.chemtradelogistics.com

Chemtrade Logistics Income Fund provides industrial chemicals and services to customers in North America and around the world. The company is organized into four main operating segments: Sulphur Products & Performance Chemicals (SPPC), Water Solutions & Specialty Chemicals (WSSC), Electrochemicals, and Corporate. SPPC markets, remove, and produces merchant, regenerated, and ultra-pure sulphuric acid, liquid sulphur dioxide, sodium hydrosulfite and provides other processing services. WSSC manufactures and markets inorganic coagulants used in water treatment, which includes aluminium sulphate, aluminium chlorodryhate, polyaluminium chloride, sodium nitrate, potassium chloride, and other specialty chemicals. Its geographical segments are Canada, the United States, and South America.