Inverfal Peru Beneish M-Score Historical Data
The historical data trend for Inverfal Peru'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.
Inverfal Peru Beneish M-Score Chart
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Inverfal Peru Annual Data
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Inverfal Peru Quarterly Data
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LIM:INVFALC1 vs CBRE, CSGP, BEKE: Beneish M-Score Comparison
For the Department Stores subindustry, Inverfal Peru'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.
Inverfal Peru Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Inverfal Peru's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inverfal Peru's Beneish M-Score falls into.
Inverfal Peru 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 Inverfal Peru 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 * 1.3854 | + | 0.528 * 1.0356 | + | 0.404 * 1.3431 | + | 0.892 * 1.0418 | + | 0.115 * 0.9732 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9724 | + | 4.679 * -0.017434 | - | 0.327 * 1.0133 |
| = | -2.01 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was S/.417 Mil.
Revenue was 4052.222 + 3626.227 + 3494.015 + 3352.067 = S/.14,525 Mil.
Gross Profit was 1188.474 + 1090.14 + 1025.692 + 934.572 = S/.4,239 Mil.
Total Current Assets was S/.6,697 Mil.
Total Assets was S/.14,973 Mil.
Property, Plant and Equipment(Net PPE) was S/.4,958 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.535 Mil.
Selling, General, & Admin. Expense(SGA) was S/.1,769 Mil.
Total Current Liabilities was S/.6,394 Mil.
Long-Term Debt & Capital Lease Obligation was S/.2,974 Mil.
Net Income was 137.269 + 113.915 + 11.257 + 18.301 = S/.281 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S/.0 Mil.
Cash Flow from Operations was 440.45 + 318.2 + -1.063 + -215.812 = S/.542 Mil.
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Total Receivables was S/.289 Mil.
Revenue was 4040.808 + 3672.781 + 3208.701 + 3019.62 = S/.13,942 Mil.
Gross Profit was 1264.014 + 1110.673 + 967.414 + 871.722 = S/.4,214 Mil.
Total Current Assets was S/.6,553 Mil.
Total Assets was S/.13,819 Mil.
Property, Plant and Equipment(Net PPE) was S/.4,986 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.523 Mil.
Selling, General, & Admin. Expense(SGA) was S/.1,746 Mil.
Total Current Liabilities was S/.5,712 Mil.
Long-Term Debt & Capital Lease Obligation was S/.2,821 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) |
| = | (417.106 / 14524.531) | / | (289.001 / 13941.91) |
| = | 0.028717 | / | 0.020729 |
| | = | 1.3854 |
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) |
| = | (4213.823 / 13941.91) | / | (4238.878 / 14524.531) |
| = | 0.302241 | / | 0.291843 |
| | = | 1.0356 |
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 - (6697.002 + 4957.774) / 14972.886) | / | (1 - (6552.781 + 4986.077) / 13819.01) |
| = | 0.221608 | / | 0.165001 |
| | = | 1.3431 |
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 |
| = | 14524.531 | / | 13941.91 |
| | = | 1.0418 |
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)) |
| = | (522.565 / (522.565 + 4986.077)) | / | (535.461 / (535.461 + 4957.774)) |
| = | 0.094863 | / | 0.097476 |
| | = | 0.9732 |
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) |
| = | (1768.581 / 14524.531) | / | (1745.778 / 13941.91) |
| = | 0.121765 | / | 0.125218 |
| | = | 0.9724 |
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) |
| = | ((2974.398 + 6393.99) / 14972.886) | / | ((2821.378 + 5711.551) / 13819.01) |
| = | 0.62569 | / | 0.617478 |
| | = | 1.0133 |
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 |
| = | (280.742 - 0 | - | 541.775) | / | 14972.886 |
| | = | -0.017434 |
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.
Inverfal Peru has a M-score of -2.01 suggests that the company is unlikely to be a manipulator.
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