Importadora Y Exportadora De La Patagonia (BUE:PATA) Beneish M-Score : 0.26 (As of Apr. 28, 2024)

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What is Importadora Y Exportadora De La Patagonia 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 0.26 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Importadora Y Exportadora De La Patagonia's Beneish M-Score or its related term are showing as below:

BUE:PATA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.04 Max: 0.26
Current: 0.26

During the past 13 years, the highest Beneish M-Score of Importadora Y Exportadora De La Patagonia was 0.26. The lowest was -2.86. And the median was -2.04.

Importadora Y Exportadora De La Patagonia Beneish M-Score Historical Data

The historical data trend for Importadora Y Exportadora De La Patagonia'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.

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Importadora Y Exportadora De La Patagonia Beneish M-Score Chart

Importadora Y Exportadora De La Patagonia Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-2.57

-2.06

-2.15

-0.92

-1.70

Importadora Y Exportadora De La Patagonia Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.18	-1.91	-1.70	-2.78	0.26

Competitive Comparison of Importadora Y Exportadora De La Patagonia's Beneish M-Score

For the Department Stores subindustry, Importadora Y Exportadora De La Patagonia'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.

Importadora Y Exportadora De La Patagonia's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Importadora Y Exportadora De La Patagonia's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Importadora Y Exportadora De La Patagonia's Beneish M-Score falls into.

Importadora Y Exportadora De La Patagonia 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 Importadora Y Exportadora De La Patagonia 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 * 4.1498

0.528 * 0.9058

0.404 * 0.6082

0.892 * 1.1019

0.115 * 2.2512

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1077

4.679 * -0.042867

0.327 * 0.9001

0.26

This Year (Dec23) TTM:

Last Year (Sep22) TTM:

Total Receivables was ARS74,662 Mil.
Revenue was 284767.544 + 170387.269 + 0 + 271693.101 = ARS726,848 Mil.
Gross Profit was 94076.711 + 51279.895 + 0 + 72321.514 = ARS217,678 Mil.
Total Current Assets was ARS239,890 Mil.
Total Assets was ARS431,736 Mil.
Property, Plant and Equipment(Net PPE) was ARS186,992 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS13,126 Mil.
Selling, General, & Admin. Expense(SGA) was ARS10,026 Mil.
Total Current Liabilities was ARS162,603 Mil.
Long-Term Debt & Capital Lease Obligation was ARS14,616 Mil.
Net Income was 17871.057 + 7131.943 + 0 + 2854.779 = ARS27,858 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 18548.909 + 6234.299 + 0 + 21581.79 = ARS46,365 Mil.

Total Receivables was ARS16,328 Mil.
Revenue was 167198.417 + 354362.239 + 49286.238 + 88798.15 = ARS659,645 Mil.
Gross Profit was 45780.818 + 96243.988 + 13097.159 + 23825.028 = ARS178,947 Mil.
Total Current Assets was ARS59,348 Mil.
Total Assets was ARS112,052 Mil.
Property, Plant and Equipment(Net PPE) was ARS50,633 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS8,771 Mil.
Selling, General, & Admin. Expense(SGA) was ARS8,214 Mil.
Total Current Liabilities was ARS43,686 Mil.
Long-Term Debt & Capital Lease Obligation was ARS7,416 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)
	=	(74662.082 / 726847.914)	/	(16328.356 / 659645.044)
	=	0.10272	/	0.024753
	=	4.1498

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)
	=	(178946.993 / 659645.044)	/	(217678.12 / 726847.914)
	=	0.271278	/	0.299482
	=	0.9058

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 - (239890.339 + 186992.47) / 431736.102)	/	(1 - (59348.045 + 50632.844) / 112051.848)
	=	0.011241	/	0.018482
	=	0.6082

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
	=	726847.914	/	659645.044
	=	1.1019

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))
	=	(8771.457 / (8771.457 + 50632.844))	/	(13125.923 / (13125.923 + 186992.47))
	=	0.147657	/	0.065591
	=	2.2512

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)
	=	(10025.887 / 726847.914)	/	(8214.457 / 659645.044)
	=	0.013794	/	0.012453
	=	1.1077

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)
	=	((14615.5 + 162602.894) / 431736.102)	/	((7416.378 + 43685.579) / 112051.848)
	=	0.410479	/	0.456056
	=	0.9001

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
	=	(27857.779 - 0	-	46364.998)	/	431736.102
	=	-0.042867

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.

Importadora Y Exportadora De La Patagonia has a M-score of 0.26 signals that the company is likely to be a manipulator.

Importadora Y Exportadora De La Patagonia Beneish M-Score Related Terms

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Importadora Y Exportadora De La Patagonia (BUE:PATA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Importadora Y Exportadora De La Patagonia SA (BUE:PATA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Avenue Leandro, N. Alem 1134, 8th floor, Buenos Aires, ARG

Website

https://www.laanonima.com.ar

Importadora Y Exportadora De La Patagonia SA operates a chain of supermarkets. It produces and distributes meat, various cold cuts, frozen and canned foods, bakery, dairy, toiletries, groceries and cleaning products, among others. The company has business activities such as in buying and selling , import, collection, fractionation, distribution and export of all kinds of fruits and foods, fresh and packaged, perishable or non-perishable, and in general of any merchandise or product marketable in general stores, both in their own physical establishments or in third parties, such as hypermarkets or supermarkets.

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