Energia Latina (XSGO:ENLASA) Beneish M-Score : -2.49 (As of Jul. 18, 2025)

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What is Energia Latina 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 Energia Latina's Beneish M-Score or its related term are showing as below:

XSGO:ENLASA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.22 Med: -2.46 Max: 0.4
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Energia Latina was 0.40. The lowest was -4.22. And the median was -2.46.

Energia Latina Beneish M-Score Historical Data

The historical data trend for Energia Latina'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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Energia Latina Beneish M-Score Chart

Energia Latina Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.89

0.40

-3.15

-2.18

-2.97

Energia Latina 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															-2.59	-2.43	-2.81	-2.97	-2.49

Competitive Comparison of Energia Latina's Beneish M-Score

For the Utilities - Independent Power Producers subindustry, Energia Latina'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.

Energia Latina's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Energia Latina's Beneish M-Score distribution charts can be found below:

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

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Energia Latina 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 Energia Latina 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 * 0.9427

0.528 * 1.2585

0.404 * 0.8438

0.892 * 1.1165

0.115 * 0.7864

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8769

4.679 * -0.036054

0.327 * 0.8819

-2.49

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was CLP9,525 Mil.
Revenue was 12247.056 + 7672.897 + 7532.03 + 9034.904 = CLP36,487 Mil.
Gross Profit was 3823.476 + 3305.263 + 2700.791 + 3095.454 = CLP12,925 Mil.
Total Current Assets was CLP17,177 Mil.
Total Assets was CLP137,187 Mil.
Property, Plant and Equipment(Net PPE) was CLP117,996 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP349 Mil.
Selling, General, & Admin. Expense(SGA) was CLP1,231 Mil.
Total Current Liabilities was CLP25,134 Mil.
Long-Term Debt & Capital Lease Obligation was CLP9,781 Mil.
Net Income was 2004.504 + 94.52 + 1052.725 + 1269.359 = CLP4,421 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 3255.688 + 2773.585 + -2310.995 + 5649.019 = CLP9,367 Mil.

Total Receivables was CLP9,049 Mil.
Revenue was 10682.092 + 6923.726 + 7328.675 + 7745.655 = CLP32,680 Mil.
Gross Profit was 4717.536 + 3525.793 + 3397.469 + 2928.606 = CLP14,569 Mil.
Total Current Assets was CLP22,272 Mil.
Total Assets was CLP150,787 Mil.
Property, Plant and Equipment(Net PPE) was CLP125,892 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP292 Mil.
Selling, General, & Admin. Expense(SGA) was CLP1,257 Mil.
Total Current Liabilities was CLP23,955 Mil.
Long-Term Debt & Capital Lease Obligation was CLP19,562 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)
	=	(9524.659 / 36486.887)	/	(9049.136 / 32680.148)
	=	0.261043	/	0.2769
	=	0.9427

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)
	=	(14569.404 / 32680.148)	/	(12924.984 / 36486.887)
	=	0.445818	/	0.354236
	=	1.2585

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 - (17177.205 + 117996.32) / 137187.352)	/	(1 - (22271.812 + 125891.786) / 150786.607)
	=	0.014679	/	0.017396
	=	0.8438

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
	=	36486.887	/	32680.148
	=	1.1165

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))
	=	(292.252 / (292.252 + 125891.786))	/	(348.523 / (348.523 + 117996.32))
	=	0.002316	/	0.002945
	=	0.7864

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)
	=	(1230.551 / 36486.887)	/	(1256.831 / 32680.148)
	=	0.033726	/	0.038459
	=	0.8769

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)
	=	((9781.049 + 25133.689) / 137187.352)	/	((19561.532 + 23955.192) / 150786.607)
	=	0.254504	/	0.288598
	=	0.8819

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
	=	(4421.108 - 0	-	9367.297)	/	137187.352
	=	-0.036054

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.

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

Energia Latina Beneish M-Score Related Terms

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Energia Latina Business Description

Industry

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Address

Francisco de Aguirre 3720, Office 63, 6th Floor, Vitacura, Santiago, CHL

Website

https://www.enlasa.com

Energia Latina SA is a Chile-based electricity generation company. The company focuses on the generation of electricity, and selling power and energy in the Central Interconnected System. It operates six power generation plants, four of which are conventional thermoelectric plants based on diesel oil, and two solar PMG plants. The company sells power and energy in the National Electric System.

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