Hipermarc Beneish M-Score Historical Data
The historical data trend for Hipermarc'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.
Hipermarc Beneish M-Score Chart
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Hipermarc Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.45 |
-2.40 |
-2.31 |
0.44 |
-2.74 |
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Hipermarc Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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0.85 |
2.03 |
-1.93 |
-2.74 |
-2.89 |
Competitive Comparison of Hipermarc's Beneish M-Score
For the Department Stores subindustry, Hipermarc'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.
Hipermarc's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Hipermarc's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hipermarc's Beneish M-Score falls into.
Hipermarc 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 Hipermarc 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 * 0.9637 | + | 0.528 * 0.8964 | + | 0.404 * 0.9089 | + | 0.892 * 1.3206 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8289 | + | 4.679 * -0.115005 | - | 0.327 * 1.1937 |
| = | -2.89 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was CLP26,989 Mil.
Revenue was 26377.971 + 22014.054 + 19655.731 + 20220.578 = CLP88,268 Mil.
Gross Profit was 6125.434 + 4249.655 + 4517.849 + 3829.175 = CLP18,722 Mil.
Total Current Assets was CLP92,417 Mil.
Total Assets was CLP181,341 Mil.
Property, Plant and Equipment(Net PPE) was CLP10,585 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP11,290 Mil.
Total Current Liabilities was CLP63,020 Mil.
Long-Term Debt & Capital Lease Obligation was CLP642 Mil.
Net Income was -6260.446 + 5137.879 + -840.971 + 1352.459 = CLP-611 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was -357.124 + 5361.379 + 5491.16 + 9748.577 = CLP20,244 Mil.
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Total Receivables was CLP21,207 Mil.
Revenue was 14412.929 + 22756.051 + 23264.426 + 6407.403 = CLP66,841 Mil.
Gross Profit was 2452.462 + 3698.637 + 4354.548 + 2202.97 = CLP12,709 Mil.
Total Current Assets was CLP76,981 Mil.
Total Assets was CLP163,775 Mil.
Property, Plant and Equipment(Net PPE) was CLP8,949 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP10,315 Mil.
Total Current Liabilities was CLP48,167 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0 Mil.
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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) |
| = | (26988.56 / 88268.334) | / | (21206.988 / 66840.809) |
| = | 0.305756 | / | 0.317276 |
| | = | 0.9637 |
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) |
| = | (12708.617 / 66840.809) | / | (18722.113 / 88268.334) |
| = | 0.190133 | / | 0.212105 |
| | = | 0.8964 |
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 - (92417.177 + 10585.072) / 181341.322) | / | (1 - (76980.62 + 8948.595) / 163775.252) |
| = | 0.431998 | / | 0.475322 |
| | = | 0.9089 |
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 |
| = | 88268.334 | / | 66840.809 |
| | = | 1.3206 |
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 + 8948.595)) | / | (0 / (0 + 10585.072)) |
| = | 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) |
| = | (11290.45 / 88268.334) | / | (10314.536 / 66840.809) |
| = | 0.127911 | / | 0.154315 |
| | = | 0.8289 |
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) |
| = | ((641.808 + 63020.263) / 181341.322) | / | ((0 + 48167.218) / 163775.252) |
| = | 0.351062 | / | 0.294106 |
| | = | 1.1937 |
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 |
| = | (-611.079 - 0 | - | 20243.992) | / | 181341.322 |
| | = | -0.115005 |
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.
Hipermarc has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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