Vina Concha Y Toro (XSGO:CONCHATORO) Beneish M-Score : -2.39 (As of May. 01, 2024)

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What is Vina Concha Y Toro 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:CONCHATORO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.64 Med: -2.21 Max: -2
Current: -2.39

During the past 13 years, the highest Beneish M-Score of Vina Concha Y Toro was -2.00. The lowest was -2.64. And the median was -2.21.

Vina Concha Y Toro Beneish M-Score Historical Data

The historical data trend for Vina Concha Y Toro'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.

Vina Concha Y Toro Beneish M-Score Chart

Vina Concha Y Toro Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.55

-2.64

-2.00

-2.26

-2.39

Vina Concha Y Toro Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.29	-2.53	-2.46	-2.39	-

Competitive Comparison of Vina Concha Y Toro's Beneish M-Score

For the Beverages - Wineries & Distilleries subindustry, Vina Concha Y Toro'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.

Vina Concha Y Toro's Beneish M-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Vina Concha Y Toro's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Vina Concha Y Toro's Beneish M-Score falls into.

Vina Concha Y Toro 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 Vina Concha Y Toro 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 * 1.2507

0.528 * 1.0336

0.404 * 0.9398

0.892 * 1.0286

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9855

4.679 * -0.011205

0.327 * 1.1084

-2.32

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was CLP249,954 Mil.
Revenue was 206169.818 + 259381.258 + 213011.601 + 201648.816 = CLP880,211 Mil.
Gross Profit was 78618.187 + 98178.348 + 78434.287 + 73032.62 = CLP328,263 Mil.
Total Current Assets was CLP810,447 Mil.
Total Assets was CLP1,657,115 Mil.
Property, Plant and Equipment(Net PPE) was CLP530,802 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP242,642 Mil.
Total Current Liabilities was CLP459,111 Mil.
Long-Term Debt & Capital Lease Obligation was CLP315,634 Mil.
Net Income was 12739.994 + 16912.524 + 16721.539 + 6340.281 = CLP52,714 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 43437.544 + 32513.382 + 22268.348 + -26936.716 = CLP71,283 Mil.

Total Receivables was CLP194,292 Mil.
Revenue was 163171.522 + 246690.249 + 223655.893 + 222180.281 = CLP855,698 Mil.
Gross Profit was 59785.566 + 95231.134 + 89479.106 + 85358.505 = CLP329,854 Mil.
Total Current Assets was CLP701,303 Mil.
Total Assets was CLP1,502,075 Mil.
Property, Plant and Equipment(Net PPE) was CLP496,110 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP239,346 Mil.
Total Current Liabilities was CLP367,023 Mil.
Long-Term Debt & Capital Lease Obligation was CLP266,559 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)
	=	(249954.383 / 880211.493)	/	(194292.008 / 855697.945)
	=	0.283971	/	0.227057
	=	1.2507

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)
	=	(329854.311 / 855697.945)	/	(328263.442 / 880211.493)
	=	0.38548	/	0.372937
	=	1.0336

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 - (810446.826 + 530802.085) / 1657115.389)	/	(1 - (701303.305 + 496110.386) / 1502074.979)
	=	0.190612	/	0.202827
	=	0.9398

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
	=	880211.493	/	855697.945
	=	1.0286

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 + 496110.386))	/	(0 / (0 + 530802.085))
	=	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)
	=	(242642.354 / 880211.493)	/	(239345.664 / 855697.945)
	=	0.275664	/	0.279708
	=	0.9855

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)
	=	((315633.837 + 459111.22) / 1657115.389)	/	((266559.448 + 367023.06) / 1502074.979)
	=	0.467526	/	0.421805
	=	1.1084

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
	=	(52714.338 - 0	-	71282.558)	/	1657115.389
	=	-0.011205

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.

Vina Concha Y Toro has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.

Vina Concha Y Toro Beneish M-Score Related Terms

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Vina Concha Y Toro (XSGO:CONCHATORO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Alcoholic » Vina Concha Y Toro SA (XSGO:CONCHATORO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Avda. Nueva Tajamar 481 of 1401, Casilla 213, Postal Box No. 213, Torre Norte, Floor 15, Las Condes, Santiago, CHL

Website

http://www.conchaytoro.com

Vina Concha Y Toro SA produces and sells wine. The company sells wine in categories ranging from the lower-end to ultra-premium, with brands such as Don Melchor, Carmin de Peumo, Gravas del Maipo, Amelia, Terrunyo, Casillero del Diablo, Trio, and Late Harvest. Concha y Toro produces most of its wine in Chile, where it owns and operates vineyards in Chile's nine principal wine growing regions. Most of the company's sales are exported, with principal markets including Europe, USA, South America, Asia, Canada, Central America, Africa and Other.

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