Watt's Beneish M-Score Historical Data
The historical data trend for Watt's'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.
Watt's Beneish M-Score Chart
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Watt's Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.71 |
-2.62 |
-2.06 |
-2.59 |
-2.96 |
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Watt's Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.62 |
-2.86 |
-3.06 |
-2.96 |
Competitive Comparison of Watt's's Beneish M-Score
For the Packaged Foods subindustry, Watt's'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.
Watt's's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Watt's's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Watt's's Beneish M-Score falls into.
Watt's 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 Watt's for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0257 | + | 0.528 * 0.9047 | + | 0.404 * 0.9726 | + | 0.892 * 0.9886 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.044 | + | 4.679 * -0.093444 | - | 0.327 * 0.9526 |
| = | -2.96 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was CLP96,779 Mil.
Revenue was 151052.786 + 151934.999 + 150230.907 + 143599.723 = CLP596,818 Mil.
Gross Profit was 38756.005 + 35803.378 + 35906.655 + 33087.526 = CLP143,554 Mil.
Total Current Assets was CLP297,350 Mil.
Total Assets was CLP580,867 Mil.
Property, Plant and Equipment(Net PPE) was CLP209,801 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP99,465 Mil.
Total Current Liabilities was CLP126,212 Mil.
Long-Term Debt & Capital Lease Obligation was CLP159,573 Mil.
Net Income was 7364.98 + 4977.573 + 5867.593 + 3246.743 = CLP21,457 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 7258.063 + 42394.272 + 25722.216 + 360.804 = CLP75,735 Mil.
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Total Receivables was CLP95,438 Mil.
Revenue was 156571.954 + 160316.679 + 156088.011 + 130718.753 = CLP603,695 Mil.
Gross Profit was 33783.058 + 33022.98 + 35508.442 + 29051.775 = CLP131,366 Mil.
Total Current Assets was CLP312,858 Mil.
Total Assets was CLP593,409 Mil.
Property, Plant and Equipment(Net PPE) was CLP203,121 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP96,375 Mil.
Total Current Liabilities was CLP128,425 Mil.
Long-Term Debt & Capital Lease Obligation was CLP178,069 Mil.
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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) |
| = | (96778.612 / 596818.415) | / | (95438.106 / 603695.397) |
| = | 0.162158 | / | 0.15809 |
| | = | 1.0257 |
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) |
| = | (131366.255 / 603695.397) | / | (143553.564 / 596818.415) |
| = | 0.217604 | / | 0.240531 |
| | = | 0.9047 |
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 - (297349.633 + 209801.195) / 580867.179) | / | (1 - (312857.7 + 203121.463) / 593408.934) |
| = | 0.126907 | / | 0.130483 |
| | = | 0.9726 |
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 |
| = | 596818.415 | / | 603695.397 |
| | = | 0.9886 |
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)) |
| = | (0 / (0 + 203121.463)) | / | (0 / (0 + 209801.195)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (99465.06 / 596818.415) | / | (96375.379 / 603695.397) |
| = | 0.166659 | / | 0.159642 |
| | = | 1.044 |
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) |
| = | ((159572.896 + 126211.637) / 580867.179) | / | ((178068.82 + 128424.665) / 593408.934) |
| = | 0.491996 | / | 0.516496 |
| | = | 0.9526 |
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 |
| = | (21456.889 - 0 | - | 75735.355) | / | 580867.179 |
| | = | -0.093444 |
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.
Watt's has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.
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