Blumar (XSGO:BLUMAR) Beneish M-Score : -2.46 (As of May. 11, 2024)

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What is Blumar 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:BLUMAR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.46 Max: 30.39
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Blumar was 30.39. The lowest was -2.92. And the median was -2.46.

Blumar Beneish M-Score Historical Data

The historical data trend for Blumar'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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Blumar Beneish M-Score Chart

Blumar Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.45

30.39

-2.46

-2.63

-2.46

Blumar 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															-2.63	-2.40	-2.51	-2.87	-2.46

Competitive Comparison of Blumar's Beneish M-Score

For the Farm Products subindustry, Blumar'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.

Blumar's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Blumar's Beneish M-Score distribution charts can be found below:

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

Blumar 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 Blumar 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 * 0.828

0.528 * 1.4436

0.404 * 1.034

0.892 * 0.9596

0.115 * 1.8853

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1147

4.679 * -0.024054

0.327 * 1.007

-2.46

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CLP71,945 Mil.
Revenue was 115867.525 + 138303.07 + 165989.405 + 143980.65 = CLP564,141 Mil.
Gross Profit was 8428.332 + 13495.592 + 47282.667 + 32506.565 = CLP101,713 Mil.
Total Current Assets was CLP343,516 Mil.
Total Assets was CLP810,076 Mil.
Property, Plant and Equipment(Net PPE) was CLP236,133 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP2,124 Mil.
Selling, General, & Admin. Expense(SGA) was CLP44,130 Mil.
Total Current Liabilities was CLP146,251 Mil.
Long-Term Debt & Capital Lease Obligation was CLP231,113 Mil.
Net Income was -14056.241 + -4348.298 + 15946.041 + 11190.19 = CLP8,732 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was -24672.185 + 37958.507 + 22473.434 + -7542.742 = CLP28,217 Mil.

Total Receivables was CLP90,546 Mil.
Revenue was 126637.218 + 172821.262 + 172100.623 + 116335.159 = CLP587,894 Mil.
Gross Profit was 16044.888 + 44874.563 + 58363.815 + 33729.805 = CLP153,013 Mil.
Total Current Assets was CLP353,472 Mil.
Total Assets was CLP790,667 Mil.
Property, Plant and Equipment(Net PPE) was CLP219,688 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP3,755 Mil.
Selling, General, & Admin. Expense(SGA) was CLP41,256 Mil.
Total Current Liabilities was CLP259,781 Mil.
Long-Term Debt & Capital Lease Obligation was CLP105,969 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)
	=	(71945.046 / 564140.65)	/	(90546.192 / 587894.262)
	=	0.12753	/	0.154018
	=	0.828

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)
	=	(153013.071 / 587894.262)	/	(101713.156 / 564140.65)
	=	0.260273	/	0.180298
	=	1.4436

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 - (343516.295 + 236132.971) / 810075.763)	/	(1 - (353472.184 + 219688.202) / 790667.192)
	=	0.284451	/	0.275093
	=	1.034

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
	=	564140.65	/	587894.262
	=	0.9596

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))
	=	(3754.68 / (3754.68 + 219688.202))	/	(2123.649 / (2123.649 + 236132.971))
	=	0.016804	/	0.008913
	=	1.8853

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)
	=	(44130.125 / 564140.65)	/	(41255.76 / 587894.262)
	=	0.078225	/	0.070175
	=	1.1147

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)
	=	((231112.636 + 146250.549) / 810075.763)	/	((105969.433 + 259781.347) / 790667.192)
	=	0.465837	/	0.462585
	=	1.007

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
	=	(8731.692 - 0	-	28217.014)	/	810075.763
	=	-0.024054

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.

Blumar has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.

Blumar Beneish M-Score Related Terms

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Blumar (XSGO:BLUMAR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Blumar SA (XSGO:BLUMAR) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Magdalena 181, 13th floor, 1301 south office, Las Condes, Santiago, CHL

Website

http://www.blumar.cl

Blumar SA is an aquaculture company. It engaged in fishing, processing, transformation, marketing and export of fish. It produce & commercialize fish meal, fish oil, salmon and trout, and frozen fish products. It also produces dried and smoked fish products. Its products are distributed in Chile, Japan, China, and other countries.

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