Cencosud Beneish M-Score Historical Data
The historical data trend for Cencosud'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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Cencosud Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.70 |
-3.09 |
-2.59 |
-2.67 |
-3.03 |
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Cencosud Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
|
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|
|
|
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|
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|
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-2.67 |
-2.77 |
-2.82 |
-3.01 |
-3.03 |
Competitive Comparison
For the Department Stores subindustry, Cencosud'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.
Cencosud Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Cencosud's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cencosud's Beneish M-Score falls into.
Cencosud 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 Cencosud 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 * 0.8739 | + | 0.528 * 0.9805 | + | 0.404 * 1.0349 | + | 0.892 * 1.002 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.08 | + | 4.679 * -0.090427 | - | 0.327 * 1.0122 |
| = | -3.03 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was CLP714,313 Mil.
Revenue was 3299029 + 3823845.171 + 3604583.627 + 3503183.757 = CLP14,230,642 Mil.
Gross Profit was 943287 + 1142872.962 + 1059494.699 + 1015690.767 = CLP4,161,345 Mil.
Total Current Assets was CLP2,976,277 Mil.
Total Assets was CLP13,573,123 Mil.
Property, Plant and Equipment(Net PPE) was CLP3,743,123 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP3,111,271 Mil.
Total Current Liabilities was CLP3,798,928 Mil.
Long-Term Debt & Capital Lease Obligation was CLP4,803,407 Mil.
Net Income was 83277 + 27986.446 + 48648.689 + 60367.226 = CLP220,279 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 729558.149 + 717725.086 + 295.688 + 76.077 = CLP1,447,655 Mil.
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Total Receivables was CLP815,700 Mil.
Revenue was 3922301 + 3889525.558 + 3404815.521 + 2985455.348 = CLP14,202,097 Mil.
Gross Profit was 1120713 + 1125935.888 + 964124.011 + 861331.098 = CLP4,072,104 Mil.
Total Current Assets was CLP3,108,157 Mil.
Total Assets was CLP13,340,200 Mil.
Property, Plant and Equipment(Net PPE) was CLP3,723,012 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP2,874,912 Mil.
Total Current Liabilities was CLP3,753,382 Mil.
Long-Term Debt & Capital Lease Obligation was CLP4,599,532 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) |
| = | (714312.93 / 14230641.555) | / | (815700.423 / 14202097.427) |
| = | 0.050195 | / | 0.057435 |
| | = | 0.8739 |
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) |
| = | (4072103.997 / 14202097.427) | / | (4161345.428 / 14230641.555) |
| = | 0.286726 | / | 0.292421 |
| | = | 0.9805 |
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 - (2976277.224 + 3743122.719) / 13573122.529) | / | (1 - (3108157.445 + 3723012.133) / 13340199.791) |
| = | 0.504948 | / | 0.487926 |
| | = | 1.0349 |
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 |
| = | 14230641.555 | / | 14202097.427 |
| | = | 1.002 |
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)) |
| = | (0 / (0 + 3723012.133)) | / | (0 / (0 + 3743122.719)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (3111270.696 / 14230641.555) | / | (2874911.619 / 14202097.427) |
| = | 0.218632 | / | 0.202429 |
| | = | 1.08 |
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) |
| = | ((4803407.338 + 3798928.406) / 13573122.529) | / | ((4599531.597 + 3753381.559) / 13340199.791) |
| = | 0.633777 | / | 0.626146 |
| | = | 1.0122 |
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 |
| = | (220279.361 - 0 | - | 1447655) | / | 13573122.529 |
| | = | -0.090427 |
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.
Cencosud has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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