Enaex Beneish M-Score Historical Data
The historical data trend for Enaex'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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Enaex Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.67
[6] => -2.84
[7] => -1.77
[8] => -1.85
[9] => -2.72
)
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|
|
|
|
|
-2.67 |
-2.84 |
-1.77 |
-1.85 |
-2.72 |
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Enaex 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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-1.85 |
-2.11 |
-2.86 |
-2.73 |
-2.72 |
Competitive Comparison
For the Specialty Chemicals subindustry, Enaex'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.
Enaex Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, Enaex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enaex's Beneish M-Score falls into.
Enaex 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 Enaex 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 * 1.1343 | + | 0.528 * 0.8781 | + | 0.404 * 1.2965 | + | 0.892 * 0.8978 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1746 | + | 4.679 * -0.066806 | - | 0.327 * 0.9694 |
| = | -2.72 |
* 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 CLP355,829 Mil.
Revenue was 397828.624 + 414638.972 + 357393.265 + 386945.184 = CLP1,556,806 Mil.
Gross Profit was 110118.276 + 110524.748 + 81022.518 + 81287.33 = CLP382,953 Mil.
Total Current Assets was CLP808,224 Mil.
Total Assets was CLP1,660,975 Mil.
Property, Plant and Equipment(Net PPE) was CLP575,570 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP153,545 Mil.
Total Current Liabilities was CLP524,314 Mil.
Long-Term Debt & Capital Lease Obligation was CLP301,564 Mil.
Net Income was 35465.339 + 43479.349 + 25113.449 + 26705.853 = CLP130,764 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 43015.484 + 65486.541 + 87181.482 + 46044.193 = CLP241,728 Mil.
|
Total Receivables was CLP349,410 Mil.
Revenue was 431194.431 + 476973.12 + 492689.919 + 333174.117 = CLP1,734,032 Mil.
Gross Profit was 91049.925 + 103164.935 + 107151.663 + 73173.604 = CLP374,540 Mil.
Total Current Assets was CLP794,838 Mil.
Total Assets was CLP1,531,007 Mil.
Property, Plant and Equipment(Net PPE) was CLP539,111 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP145,596 Mil.
Total Current Liabilities was CLP514,241 Mil.
Long-Term Debt & Capital Lease Obligation was CLP271,029 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) |
| = | (355829.254 / 1556806.045) | / | (349410.242 / 1734031.587) |
| = | 0.228564 | / | 0.201502 |
| | = | 1.1343 |
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) |
| = | (374540.127 / 1734031.587) | / | (382952.872 / 1556806.045) |
| = | 0.215994 | / | 0.245986 |
| | = | 0.8781 |
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 - (808224.236 + 575569.971) / 1660975.033) | / | (1 - (794838.377 + 539111.169) / 1531007.053) |
| = | 0.166878 | / | 0.128711 |
| | = | 1.2965 |
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 |
| = | 1556806.045 | / | 1734031.587 |
| | = | 0.8978 |
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 + 539111.169)) | / | (0 / (0 + 575569.971)) |
| = | 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) |
| = | (153545.056 / 1556806.045) | / | (145596.447 / 1734031.587) |
| = | 0.098628 | / | 0.083964 |
| | = | 1.1746 |
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) |
| = | ((301564.064 + 524313.839) / 1660975.033) | / | ((271029.068 + 514240.986) / 1531007.053) |
| = | 0.497225 | / | 0.512911 |
| | = | 0.9694 |
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 |
| = | (130763.99 - 0 | - | 241727.7) | / | 1660975.033 |
| | = | -0.066806 |
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.
Enaex has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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