Hortifrut (XSGO:HF-A) Beneish M-Score : -2.45 (As of May. 14, 2024)

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What is Hortifrut 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:HF-A' s Beneish M-Score Range Over the Past 10 Years
Min: -3 Med: -2.24 Max: -1.91
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Hortifrut was -1.91. The lowest was -3.00. And the median was -2.24.

Hortifrut Beneish M-Score Historical Data

The historical data trend for Hortifrut'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.

Hortifrut Beneish M-Score Chart

Hortifrut Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.25

-3.00

-2.07

-2.16

-2.45

Hortifrut Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.16	-2.24	-2.92	-2.91	-2.45

Competitive Comparison of Hortifrut's Beneish M-Score

For the Farm Products subindustry, Hortifrut'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.

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

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

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

Hortifrut 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 Hortifrut 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 * 1.164

0.528 * 0.8266

0.404 * 1.0207

0.892 * 1.0253

0.115 * 1.0712

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9049

4.679 * -0.013102

0.327 * 1.057

-2.45

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CLP182,761 Mil.
Revenue was 322472.09 + 131044.723 + 153425.056 + 246098.135 = CLP853,040 Mil.
Gross Profit was 56936.417 + 10902.03 + 24989.033 + 50394.924 = CLP143,222 Mil.
Total Current Assets was CLP506,736 Mil.
Total Assets was CLP1,698,124 Mil.
Property, Plant and Equipment(Net PPE) was CLP840,988 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP2,690 Mil.
Selling, General, & Admin. Expense(SGA) was CLP27,328 Mil.
Total Current Liabilities was CLP416,683 Mil.
Long-Term Debt & Capital Lease Obligation was CLP469,266 Mil.
Net Income was 5363.405 + -11535.911 + -3792.663 + 17545.005 = CLP7,580 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 13344.786 + -35698.662 + 42084.512 + 10098.56 = CLP29,829 Mil.

Total Receivables was CLP153,142 Mil.
Revenue was 285466.519 + 166896.784 + 154479.518 + 225156.09 = CLP831,999 Mil.
Gross Profit was 30096.519 + 21662.55 + 22612.862 + 41088.963 = CLP115,461 Mil.
Total Current Assets was CLP438,341 Mil.
Total Assets was CLP1,578,621 Mil.
Property, Plant and Equipment(Net PPE) was CLP821,139 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP2,815 Mil.
Selling, General, & Admin. Expense(SGA) was CLP29,454 Mil.
Total Current Liabilities was CLP334,415 Mil.
Long-Term Debt & Capital Lease Obligation was CLP444,791 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)
	=	(182760.809 / 853040.004)	/	(153141.715 / 831998.911)
	=	0.214246	/	0.184065
	=	1.164

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)
	=	(115460.894 / 831998.911)	/	(143222.404 / 853040.004)
	=	0.138775	/	0.167896
	=	0.8266

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 - (506736.119 + 840987.795) / 1698124.292)	/	(1 - (438341.195 + 821139.126) / 1578620.643)
	=	0.206346	/	0.202164
	=	1.0207

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
	=	853040.004	/	831998.911
	=	1.0253

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))
	=	(2814.598 / (2814.598 + 821139.126))	/	(2690.277 / (2690.277 + 840987.795))
	=	0.003416	/	0.003189
	=	1.0712

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)
	=	(27328.409 / 853040.004)	/	(29454.291 / 831998.911)
	=	0.032036	/	0.035402
	=	0.9049

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)
	=	((469266.486 + 416682.598) / 1698124.292)	/	((444790.882 + 334415.304) / 1578620.643)
	=	0.521722	/	0.493599
	=	1.057

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
	=	(7579.836 - 0	-	29829.196)	/	1698124.292
	=	-0.013102

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.

Hortifrut has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

Hortifrut Beneish M-Score Related Terms

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Hortifrut (XSGO:HF-A) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Hortifrut SA (XSGO:HF-A) » Definitions » Beneish M-Score

Traded in Other Exchanges

HF-B:Chile

Address

Av.del Condor 600, Ciudad Empresarial, Huechuraba, 4th floor, Santiago, CHL

Website

http://www.hortifrut.com

Hortifrut SA is a fresh Berry company in Chile. It is engaged in the production, marketing, and export of fresh berries. It offers blueberries, raspberries, blackberries, redcurrants, and strawberries, as well as frozen berries. The company markets its products to North America, Europe, South America, Middle East, and Asia.

Hortifrut (XSGO:HF-A) Headlines

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