Feria de Osorno (XSGO:FERIAOSOR) Beneish M-Score : -2.74 (As of May. 25, 2024)

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What is Feria de Osorno 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:FERIAOSOR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75 Med: -2.52 Max: -1.85
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Feria de Osorno was -1.85. The lowest was -2.75. And the median was -2.52.

Feria de Osorno Beneish M-Score Historical Data

The historical data trend for Feria de Osorno'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.

Feria de Osorno Beneish M-Score Chart

Feria de Osorno Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.57

-1.85

-2.08

-2.26

-2.74

Feria de Osorno 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															-2.26	-2.27	-2.75	-2.75	-2.74

Competitive Comparison of Feria de Osorno's Beneish M-Score

For the Farm Products subindustry, Feria de Osorno'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.

Feria de Osorno's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Feria de Osorno's Beneish M-Score distribution charts can be found below:

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

Feria de Osorno 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 Feria de Osorno 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 * 1.0846

0.528 * 1.2887

0.404 * 1.2002

0.892 * 0.9379

0.115 * 0.803

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0032

4.679 * -0.106471

0.327 * 0.9972

-2.74

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CLP57,747 Mil.
Revenue was 74532.244 + 69883.74 + 68001.15 + 67008.989 = CLP279,426 Mil.
Gross Profit was 5333.429 + 4720.23 + 5716.274 + 6717.384 = CLP22,487 Mil.
Total Current Assets was CLP93,241 Mil.
Total Assets was CLP129,044 Mil.
Property, Plant and Equipment(Net PPE) was CLP30,934 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP666 Mil.
Selling, General, & Admin. Expense(SGA) was CLP3,381 Mil.
Total Current Liabilities was CLP72,562 Mil.
Long-Term Debt & Capital Lease Obligation was CLP4,494 Mil.
Net Income was 1031.131 + 511.938 + 1651.081 + 2409.698 = CLP5,604 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 1949.18 + 7975.722 + 6070.418 + 3348.007 = CLP19,343 Mil.

Total Receivables was CLP56,766 Mil.
Revenue was 72942.002 + 84911.401 + 72979.863 + 67088.563 = CLP297,922 Mil.
Gross Profit was 5462.308 + 8324.914 + 8524.548 + 8585.667 = CLP30,897 Mil.
Total Current Assets was CLP96,609 Mil.
Total Assets was CLP130,943 Mil.
Property, Plant and Equipment(Net PPE) was CLP30,216 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP521 Mil.
Selling, General, & Admin. Expense(SGA) was CLP3,593 Mil.
Total Current Liabilities was CLP72,313 Mil.
Long-Term Debt & Capital Lease Obligation was CLP6,100 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)
	=	(57747.37 / 279426.123)	/	(56765.807 / 297921.829)
	=	0.206664	/	0.190539
	=	1.0846

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)
	=	(30897.437 / 297921.829)	/	(22487.317 / 279426.123)
	=	0.10371	/	0.080477
	=	1.2887

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 - (93240.564 + 30933.843) / 129044.407)	/	(1 - (96609.491 + 30215.656) / 130942.522)
	=	0.037739	/	0.031444
	=	1.2002

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
	=	279426.123	/	297921.829
	=	0.9379

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))
	=	(520.526 / (520.526 + 30215.656))	/	(666.432 / (666.432 + 30933.843))
	=	0.016935	/	0.021089
	=	0.803

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)
	=	(3380.802 / 279426.123)	/	(3593.359 / 297921.829)
	=	0.012099	/	0.012061
	=	1.0032

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)
	=	((4494.135 + 72561.958) / 129044.407)	/	((6099.52 + 72312.683) / 130942.522)
	=	0.597128	/	0.598829
	=	0.9972

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
	=	(5603.848 - 0	-	19343.327)	/	129044.407
	=	-0.106471

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.

Feria de Osorno has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.

Feria de Osorno Beneish M-Score Related Terms

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Feria de Osorno (XSGO:FERIAOSOR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Feria de Osorno SA (XSGO:FERIAOSOR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Cochrane 460, Osorno, CHL

Website

http://www.fossa.cl

Feria de Osorno SA engaged in the production, distribution, import, export andmarketing of food intended for human consumption, especially dairy and meat.. It operates in the farming and agricultural sectors. Its activities include raising, auction and promotion of livestock, processing and export of meat products, distribution of agricultural machinery and equipment.

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