Camuzzi Gas Pampeana (BUE:CGPA2) Beneish M-Score : -3.26 (As of May. 12, 2024)

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What is Camuzzi Gas Pampeana 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 -3.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUE:CGPA2' s Beneish M-Score Range Over the Past 10 Years
Min: -9.76 Med: -2.25 Max: 2.87
Current: -3.26

During the past 13 years, the highest Beneish M-Score of Camuzzi Gas Pampeana was 2.87. The lowest was -9.76. And the median was -2.25.

Camuzzi Gas Pampeana Beneish M-Score Historical Data

The historical data trend for Camuzzi Gas Pampeana'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.

Camuzzi Gas Pampeana Beneish M-Score Chart

Camuzzi Gas Pampeana Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-9.76

-5.23

-4.02

-1.22

-3.26

Camuzzi Gas Pampeana 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															-1.22	-1.02	-1.83	-1.67	-3.26

Competitive Comparison of Camuzzi Gas Pampeana's Beneish M-Score

For the Utilities - Regulated Gas subindustry, Camuzzi Gas Pampeana'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.

Camuzzi Gas Pampeana's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Camuzzi Gas Pampeana's Beneish M-Score distribution charts can be found below:

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

Camuzzi Gas Pampeana 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 Camuzzi Gas Pampeana 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 * 0.6502

0.528 * 0.8584

0.404 * 1.8449

0.892 * 0.9311

0.115 * 1.0546

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0507

4.679 * -0.149823

0.327 * 0.879

-3.26

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ARS18,439 Mil.
Revenue was 57399.59 + 33073.554 + 21988.592 + 6443.721 = ARS118,905 Mil.
Gross Profit was -5309.134 + -2107.607 + -655.05 + -1264.609 = ARS-9,336 Mil.
Total Current Assets was ARS36,267 Mil.
Total Assets was ARS115,341 Mil.
Property, Plant and Equipment(Net PPE) was ARS65,354 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS4,500 Mil.
Selling, General, & Admin. Expense(SGA) was ARS13,952 Mil.
Total Current Liabilities was ARS43,226 Mil.
Long-Term Debt & Capital Lease Obligation was ARS9 Mil.
Net Income was -4169.279 + 2704.851 + 1994.846 + -2216.743 = ARS-1,686 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was -657.69 + 15011.048 + 691.455 + 549.598 = ARS15,594 Mil.

Total Receivables was ARS30,458 Mil.
Revenue was 63998.914 + 32500.952 + 23810.577 + 7391.38 = ARS127,702 Mil.
Gross Profit was -4471.454 + -2510.657 + -721.353 + -904.209 = ARS-8,608 Mil.
Total Current Assets was ARS48,021 Mil.
Total Assets was ARS118,304 Mil.
Property, Plant and Equipment(Net PPE) was ARS62,656 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS4,567 Mil.
Selling, General, & Admin. Expense(SGA) was ARS14,261 Mil.
Total Current Liabilities was ARS50,408 Mil.
Long-Term Debt & Capital Lease Obligation was ARS39 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)
	=	(18439.102 / 118905.457)	/	(30457.503 / 127701.823)
	=	0.155074	/	0.238505
	=	0.6502

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)
	=	(-8607.673 / 127701.823)	/	(-9336.4 / 118905.457)
	=	-0.067404	/	-0.07852
	=	0.8584

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 - (36267.206 + 65354.345) / 115340.784)	/	(1 - (48021.035 + 62656.089) / 118304.466)
	=	0.118945	/	0.064472
	=	1.8449

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
	=	118905.457	/	127701.823
	=	0.9311

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))
	=	(4567.41 / (4567.41 + 62656.089))	/	(4500.3 / (4500.3 + 65354.345))
	=	0.067944	/	0.064424
	=	1.0546

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)
	=	(13952.066 / 118905.457)	/	(14261.151 / 127701.823)
	=	0.117337	/	0.111675
	=	1.0507

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)
	=	((9.268 + 43225.676) / 115340.784)	/	((39.361 + 50408.401) / 118304.466)
	=	0.374845	/	0.426423
	=	0.879

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
	=	(-1686.325 - 0	-	15594.411)	/	115340.784
	=	-0.149823

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.

Camuzzi Gas Pampeana has a M-score of -3.26 suggests that the company is unlikely to be a manipulator.

Camuzzi Gas Pampeana Beneish M-Score Related Terms

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Camuzzi Gas Pampeana (BUE:CGPA2) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Camuzzi Gas Pampeana SA (BUE:CGPA2) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Av. Alicia Moreau de Justo 240, 3rd floor, Buenos Aires, ARG, C1107AAF

Website

http://www.camuzzigas.com

Camuzzi Gas Pampeana SA is an Argentina based company engaged in the distribution of natural gas. Through transport pipelines and distribution networks, the company supplies to seven provinces of the country, being Buenos Aires, La Pampa, Neuquen, Chubut, Rio Negro, Santa Cruz and Tierra del Fuego. The company is also involved in the distribution of compressed natural gas. Its customers include both residential and commercial users.

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