Union de Cervecerias Peruanas Backus & Johnston (LIM:BACKUAC1) Beneish M-Score : 0.00 (As of May. 05, 2024)

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What is Union de Cervecerias Peruanas Backus & Johnston 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.

The historical rank and industry rank for Union de Cervecerias Peruanas Backus & Johnston's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Union de Cervecerias Peruanas Backus & Johnston was 0.00. The lowest was 0.00. And the median was 0.00.

Union de Cervecerias Peruanas Backus & Johnston Beneish M-Score Historical Data

The historical data trend for Union de Cervecerias Peruanas Backus & Johnston'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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Union de Cervecerias Peruanas Backus & Johnston Beneish M-Score Chart

Union de Cervecerias Peruanas Backus & Johnston Annual Data

Trend

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Beneish M-Score

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-2.66

-2.75

-3.66

-2.74

-2.71

Union de Cervecerias Peruanas Backus & Johnston Semi-Annual Data
	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18
Beneish M-Score	Get a 7-Day Free Trial									-2.66	-2.75	-3.66	-2.74	-2.71

Competitive Comparison of Union de Cervecerias Peruanas Backus & Johnston's Beneish M-Score

For the Beverages - Brewers subindustry, Union de Cervecerias Peruanas Backus & Johnston'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.

Union de Cervecerias Peruanas Backus & Johnston's Beneish M-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Union de Cervecerias Peruanas Backus & Johnston's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Union de Cervecerias Peruanas Backus & Johnston's Beneish M-Score falls into.

Union de Cervecerias Peruanas Backus & Johnston 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 Union de Cervecerias Peruanas Backus & Johnston 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 * 2.0349

0.528 * 0.9806

0.404 * 0.9472

0.892 * 1.0612

0.115 * 0.9812

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8578

4.679 * -0.003174

0.327 * 0.9191

-1.47

This Year (Dec18) TTM:

Last Year (Dec17) TTM:

Total Receivables was S/.1,469 Mil.
Revenue was S/.5,290 Mil.
Gross Profit was S/.3,923 Mil.
Total Current Assets was S/.2,458 Mil.
Total Assets was S/.5,334 Mil.
Property, Plant and Equipment(Net PPE) was S/.2,310 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.283 Mil.
Selling, General, & Admin. Expense(SGA) was S/.957 Mil.
Total Current Liabilities was S/.2,615 Mil.
Long-Term Debt & Capital Lease Obligation was S/.71 Mil.
Net Income was S/.1,819 Mil.
Gross Profit was S/.0 Mil.
Cash Flow from Operations was S/.1,836 Mil.

Total Receivables was S/.680 Mil.
Revenue was S/.4,985 Mil.
Gross Profit was S/.3,625 Mil.
Total Current Assets was S/.2,262 Mil.
Total Assets was S/.5,205 Mil.
Property, Plant and Equipment(Net PPE) was S/.2,360 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.283 Mil.
Selling, General, & Admin. Expense(SGA) was S/.1,051 Mil.
Total Current Liabilities was S/.2,758 Mil.
Long-Term Debt & Capital Lease Obligation was S/.94 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)
	=	(1469.333 / 5290.391)	/	(680.412 / 4985.231)
	=	0.277736	/	0.136486
	=	2.0349

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)
	=	(3624.71 / 4985.231)	/	(3922.721 / 5290.391)
	=	0.72709	/	0.74148
	=	0.9806

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 - (2457.747 + 2310.331) / 5333.86)	/	(1 - (2261.797 + 2360.016) / 5204.647)
	=	0.106074	/	0.111983
	=	0.9472

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
	=	5290.391	/	4985.231
	=	1.0612

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))
	=	(282.783 / (282.783 + 2360.016))	/	(282.777 / (282.777 + 2310.331))
	=	0.107001	/	0.109049
	=	0.9812

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)
	=	(956.826 / 5290.391)	/	(1051.141 / 4985.231)
	=	0.180861	/	0.210851
	=	0.8578

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)
	=	((70.99 + 2614.885) / 5333.86)	/	((93.716 + 2757.788) / 5204.647)
	=	0.503552	/	0.547877
	=	0.9191

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
	=	(1819.241 - 0	-	1836.169)	/	5333.86
	=	-0.003174

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.

Union de Cervecerias Peruanas Backus & Johnston has a M-score of -1.47 signals that the company is likely to be a manipulator.

Union de Cervecerias Peruanas Backus & Johnston Beneish M-Score Related Terms

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Union de Cervecerias Peruanas Backus & Johnston (LIM:BACKUAC1) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Alcoholic » Union de Cervecerias Peruanas Backus & Johnston SA (LIM:BACKUAC1) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Av. Nicolas Ayllon Number 3986, Ate, Lima, PER

Website

http://www.backus.pe

Union de Cervecerias Peruanas Backus & Johnston SA produces, sells and distributes malt liquors and malt soft drinks and carbonated water. The company operates domestically. It provides products under the Crystal, Pilsen Callao, Cusquena, Backus Ice, Pilsen Trujillo, Arequipa, San Juan, Real Fiesta, Abraxas, Miller Genuine Draft, Peroni Nastro Azzurro, Grolsch, Saint Matthew, Guarana Backus, Maltin Power, Viva Backus, and Water Tonic Backus brands.

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