Duncan Fox (XSGO:DUNCANFOX) Beneish M-Score : -2.49 (As of Jun. 30, 2025)

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What is Duncan Fox 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:DUNCANFOX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.44 Med: -2.59 Max: -2.08
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Duncan Fox was -2.08. The lowest was -3.44. And the median was -2.59.

Duncan Fox Beneish M-Score Historical Data

The historical data trend for Duncan Fox'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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Duncan Fox Beneish M-Score Chart

Duncan Fox Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.41

-2.27

-2.54

-2.51

-2.36

Duncan Fox Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.51	-2.19	-2.21	-2.36	-2.49

Competitive Comparison of Duncan Fox's Beneish M-Score

For the Packaged Foods subindustry, Duncan Fox'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.

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

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

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

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Duncan Fox 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 Duncan Fox 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 * 0.9976

0.528 * 0.9361

0.404 * 0.9867

0.892 * 1.1429

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0733

4.679 * -0.020116

0.327 * 0.9691

-2.49

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was CLP44,004 Mil.
Revenue was 86325.732 + 66620.961 + 102463.542 + 100877.733 = CLP356,288 Mil.
Gross Profit was 27636.715 + 33087.484 + 25863.851 + 23338.655 = CLP109,927 Mil.
Total Current Assets was CLP154,763 Mil.
Total Assets was CLP378,646 Mil.
Property, Plant and Equipment(Net PPE) was CLP161,422 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP76,853 Mil.
Total Current Liabilities was CLP75,323 Mil.
Long-Term Debt & Capital Lease Obligation was CLP46,702 Mil.
Net Income was 4527.908 + 10171.631 + 2652.719 + 2311.504 = CLP19,664 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 10241.635 + 20418.594 + 7614.779 + -10994.484 = CLP27,281 Mil.

Total Receivables was CLP38,592 Mil.
Revenue was 76779.271 + 91007.273 + 78353.102 + 65587.028 = CLP311,727 Mil.
Gross Profit was 23771.689 + 24723.011 + 22166.774 + 19368.178 = CLP90,030 Mil.
Total Current Assets was CLP142,537 Mil.
Total Assets was CLP359,437 Mil.
Property, Plant and Equipment(Net PPE) was CLP156,809 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP62,648 Mil.
Total Current Liabilities was CLP75,599 Mil.
Long-Term Debt & Capital Lease Obligation was CLP43,930 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)
	=	(44004.149 / 356287.968)	/	(38591.771 / 311726.674)
	=	0.123507	/	0.1238
	=	0.9976

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)
	=	(90029.652 / 311726.674)	/	(109926.705 / 356287.968)
	=	0.28881	/	0.308533
	=	0.9361

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 - (154763.141 + 161422.203) / 378645.63)	/	(1 - (142537.458 + 156808.819) / 359437.348)
	=	0.164957	/	0.167181
	=	0.9867

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
	=	356287.968	/	311726.674
	=	1.1429

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 + 156808.819))	/	(0 / (0 + 161422.203))
	=	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)
	=	(76852.777 / 356287.968)	/	(62647.692 / 311726.674)
	=	0.215704	/	0.20097
	=	1.0733

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)
	=	((46702.298 + 75323.207) / 378645.63)	/	((43930.173 + 75598.705) / 359437.348)
	=	0.322268	/	0.332544
	=	0.9691

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
	=	(19663.762 - 0	-	27280.524)	/	378645.63
	=	-0.020116

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.

Duncan Fox has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.

Duncan Fox Beneish M-Score Related Terms

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Duncan Fox Business Description

Industry

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

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Traded in Other Exchanges

N/A

Address

Avenida El Bosque Norte 0440, 8th Floor, Las Condes, Santiago, CHL

Website

https://www.duncanfox.cl

Duncan Fox SA operates as an investment holding company. Along with its subsidiaries, it is engaged in various business activities such as the processing and marketing of fresh and frozen fruit and vegetable products, the import and distribution of prepared foods, and the provision of hotel services. The company's operating segments are; Hospitality, Agroindustrial, and Real Estate. A majority of its revenue is generated from the Agroindustrial segment which is involved in the business of processing and marketing fresh and frozen fruit and vegetable products for export and the domestic market, through brands like Minuto Verde, La Cabana, and Punto Azul, among others. Additionally, it imports and distributes prepared foods.

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