Compania Pesquera Camanchaca (XSGO:CAMANCHACA) Beneish M-Score : -2.44 (As of Apr. 26, 2024)

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What is Compania Pesquera Camanchaca 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:CAMANCHACA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.4 Med: -2.56 Max: -2.11
Current: -2.44

During the past 13 years, the highest Beneish M-Score of Compania Pesquera Camanchaca was -2.11. The lowest was -3.40. And the median was -2.56.

Compania Pesquera Camanchaca Beneish M-Score Historical Data

The historical data trend for Compania Pesquera Camanchaca'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.

Compania Pesquera Camanchaca Beneish M-Score Chart

Compania Pesquera Camanchaca Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.14

-2.11

-2.40

-3.40

-2.44

Compania Pesquera Camanchaca 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															-3.40	-2.96	-3.15	-2.41	-2.44

Competitive Comparison of Compania Pesquera Camanchaca's Beneish M-Score

For the Farm Products subindustry, Compania Pesquera Camanchaca'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.

Compania Pesquera Camanchaca's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

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

Compania Pesquera Camanchaca 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 Compania Pesquera Camanchaca 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 * 0.9154

0.528 * 1.314

0.404 * 0.9426

0.892 * 0.9951

0.115 * 3.2295

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2711

4.679 * -0.039096

0.327 * 1.1333

-2.44

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CLP59,940 Mil.
Revenue was 141204.025 + 177108.566 + 162195.137 + 160009.371 = CLP640,517 Mil.
Gross Profit was -6815.121 + 28047.653 + 37860.007 + 38574.857 = CLP97,667 Mil.
Total Current Assets was CLP403,964 Mil.
Total Assets was CLP775,983 Mil.
Property, Plant and Equipment(Net PPE) was CLP290,650 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP580 Mil.
Selling, General, & Admin. Expense(SGA) was CLP39,700 Mil.
Total Current Liabilities was CLP187,915 Mil.
Long-Term Debt & Capital Lease Obligation was CLP177,580 Mil.
Net Income was -15318.526 + 2620.768 + 10087.279 + 5910.428 = CLP3,300 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 18365.995 + 10658.09 + 18225.652 + -13611.823 = CLP33,638 Mil.

Total Receivables was CLP65,807 Mil.
Revenue was 141577.535 + 172260.016 + 206019.916 + 123832.858 = CLP643,690 Mil.
Gross Profit was 15511.676 + 38868.942 + 63222.176 + 11370.526 = CLP128,973 Mil.
Total Current Assets was CLP356,489 Mil.
Total Assets was CLP714,905 Mil.
Property, Plant and Equipment(Net PPE) was CLP278,885 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP1,805 Mil.
Selling, General, & Admin. Expense(SGA) was CLP31,387 Mil.
Total Current Liabilities was CLP138,572 Mil.
Long-Term Debt & Capital Lease Obligation was CLP158,561 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)
	=	(59940.238 / 640517.099)	/	(65806.928 / 643690.325)
	=	0.093581	/	0.102234
	=	0.9154

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)
	=	(128973.32 / 643690.325)	/	(97667.396 / 640517.099)
	=	0.200365	/	0.152482
	=	1.314

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 - (403963.717 + 290649.571) / 775982.702)	/	(1 - (356488.512 + 278885.046) / 714905.255)
	=	0.10486	/	0.111248
	=	0.9426

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
	=	640517.099	/	643690.325
	=	0.9951

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))
	=	(1804.938 / (1804.938 + 278885.046))	/	(579.91 / (579.91 + 290649.571))
	=	0.00643	/	0.001991
	=	3.2295

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)
	=	(39700.256 / 640517.099)	/	(31387.037 / 643690.325)
	=	0.061982	/	0.048761
	=	1.2711

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)
	=	((177579.851 + 187914.706) / 775982.702)	/	((158561.395 + 138571.611) / 714905.255)
	=	0.471009	/	0.415626
	=	1.1333

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
	=	(3299.949 - 0	-	33637.914)	/	775982.702
	=	-0.039096

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.

Compania Pesquera Camanchaca has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.

Compania Pesquera Camanchaca Beneish M-Score Related Terms

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Compania Pesquera Camanchaca (XSGO:CAMANCHACA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Compania Pesquera Camanchaca SA (XSGO:CAMANCHACA) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Av.El Golf 99, Piso 10, Las Condes, Santiago, CHL

Website

http://www.camanchaca.cl

Compania Pesquera Camanchaca SA is engaged in pelagic fishing, production of fish meal, fish oil & canned products. It also engages in salmon aquaculture & cultivation of mussels, oysters & abalone. Its activities includes research and capture, hunt, collect and harvest hydrobiological resources; conservation, freezing and application of preservation techniques for hydrobiological species; the production of products from of any hydrobiological species.

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