Coca-Cola Embonor (XSGO:EMBONOR-B) Beneish M-Score

: -2.33 (As of Today)

View and export this data going back to 1997. Start your Free Trial

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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:EMBONOR-B' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.68 Max: -2.19
Current: -2.33

During the past 13 years, the highest Beneish M-Score of Coca-Cola Embonor was -2.19. The lowest was -3.16. And the median was -2.68.

Coca-Cola Embonor Beneish M-Score Historical Data

The historical data trend for Coca-Cola Embonor'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.

Array ( [0] => - [1] => - [2] => - [3] => - [4] => - [5] => -2.65 [6] => -2.81 [7] => -2.19 [8] => -2.36 [9] => -2.33 )

Coca-Cola Embonor Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.65

-2.81

-2.19

-2.36

-2.33

Coca-Cola Embonor Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Jun23	Sep23	Dec23
Beneish M-Score																-2.35	-2.36	-2.49	-2.11	-2.33

Competitive Comparison

For the Beverages - Non-Alcoholic subindustry, Coca-Cola Embonor'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.

Coca-Cola Embonor Beneish M-Score Distribution

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Coca-Cola Embonor's Beneish M-Score distribution charts can be found below:

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

Coca-Cola Embonor 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 Coca-Cola Embonor 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 * 1.3934

0.528 * 1.026

0.404 * 0.887

0.892 * 1.1241

0.115 * 0.7682

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0688

4.679 * -0.050462

0.327 * 1.0401

-2.33

This Year (Dec23) TTM:

Last Year (Sep22) TTM:

Total Receivables was CLP144,249 Mil.
Revenue was 350815.633 + 283153.788 + 255958.812 + 326428.242 = CLP1,216,356 Mil.
Gross Profit was 134647.735 + 103474.092 + 91404.834 + 123173.222 = CLP452,700 Mil.
Total Current Assets was CLP447,641 Mil.
Total Assets was CLP1,260,096 Mil.
Property, Plant and Equipment(Net PPE) was CLP528,570 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP20,257 Mil.
Selling, General, & Admin. Expense(SGA) was CLP216,186 Mil.
Total Current Liabilities was CLP345,091 Mil.
Long-Term Debt & Capital Lease Obligation was CLP357,757 Mil.
Net Income was 23995.225 + 11867.628 + 5133.653 + 30623.211 = CLP71,620 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 59805.023 + 28661.808 + 0 + 46739.758 = CLP135,207 Mil.

Total Receivables was CLP92,092 Mil.
Revenue was 268541.918 + 230082.335 + 288125.008 + 295326.814 = CLP1,082,076 Mil.
Gross Profit was 98689.893 + 87941.775 + 110318.781 + 116244.258 = CLP413,195 Mil.
Total Current Assets was CLP326,231 Mil.
Total Assets was CLP1,114,855 Mil.
Property, Plant and Equipment(Net PPE) was CLP505,468 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP14,750 Mil.
Selling, General, & Admin. Expense(SGA) was CLP179,948 Mil.
Total Current Liabilities was CLP290,185 Mil.
Long-Term Debt & Capital Lease Obligation was CLP307,654 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)
	=	(144248.914 / 1216356.475)	/	(92092.379 / 1082076.075)
	=	0.118591	/	0.085107
	=	1.3934

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)
	=	(413194.707 / 1082076.075)	/	(452699.883 / 1216356.475)
	=	0.381854	/	0.372177
	=	1.026

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 - (447641.303 + 528570.365) / 1260096.272)	/	(1 - (326231.007 + 505467.981) / 1114855.395)
	=	0.225288	/	0.253985
	=	0.887

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
	=	1216356.475	/	1082076.075
	=	1.1241

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))
	=	(14749.886 / (14749.886 + 505467.981))	/	(20257.101 / (20257.101 + 528570.365))
	=	0.028353	/	0.03691
	=	0.7682

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)
	=	(216186.33 / 1216356.475)	/	(179948.476 / 1082076.075)
	=	0.177733	/	0.166299
	=	1.0688

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)
	=	((357756.519 + 345091.27) / 1260096.272)	/	((307654.144 + 290184.557) / 1114855.395)
	=	0.557773	/	0.536248
	=	1.0401

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
	=	(71619.717 - 0	-	135206.589)	/	1260096.272
	=	-0.050462

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.

Coca-Cola Embonor has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.

Coca-Cola Embonor Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Coca-Cola Embonor's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Coca-Cola Embonor (XSGO:EMBONOR-B) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Non-Alcoholic » Coca-Cola Embonor SA (XSGO:EMBONOR-B) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

EMBONOR-A:Chile

Address

Avenida El Golf 40, Floor 4, Las Condes, Santiago, CHL

Website

https://www.embonor.cl

Coca-Cola Embonor SA is a bottler of alcoholic and nonalcoholic beverages, including carbonated soft drinks, juice, water, tea, coffee, energy drinks, and sports drinks. The company has an exclusive license to sell Coca-Cola products in various regions of Chile and almost all regions of Bolivia. Coca-Cola Embonor also has minority interests in Vital Jugos SA, which bottles Vital and Benedictine mineral water, and Envases, which produces aluminum and plastic packaging for soft drinks, water, juice, and dairy.

Coca-Cola Embonor (XSGO:EMBONOR-B) Headlines

No Headlines