Empresas Hites Beneish M-Score Historical Data
The historical data trend for Empresas Hites'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.
Empresas Hites Beneish M-Score Chart
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Empresas Hites Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.95 |
-3.84 |
-2.45 |
-2.84 |
-3.55 |
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Empresas Hites 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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-2.78 |
-2.82 |
-3.39 |
-3.55 |
-3.79 |
Competitive Comparison of Empresas Hites's Beneish M-Score
For the Department Stores subindustry, Empresas Hites'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.
Empresas Hites's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Empresas Hites's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Empresas Hites's Beneish M-Score falls into.
Empresas Hites 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 Empresas Hites 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 * 0.9 | + | 0.528 * 1.3477 | + | 0.404 * 1.0908 | + | 0.892 * 0.8875 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1425 | + | 4.679 * -0.27672 | - | 0.327 * 1.0443 |
| = | -3.79 |
* 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 CLP101,526 Mil.
Revenue was 74930.502 + 92686.182 + 72076.564 + 80028.847 = CLP319,722 Mil.
Gross Profit was 19877.637 + 26667.007 + 11271.707 + 27580.301 = CLP85,397 Mil.
Total Current Assets was CLP176,845 Mil.
Total Assets was CLP378,402 Mil.
Property, Plant and Equipment(Net PPE) was CLP138,128 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP63,754 Mil.
Total Current Liabilities was CLP80,185 Mil.
Long-Term Debt & Capital Lease Obligation was CLP185,351 Mil.
Net Income was -9013.695 + -5331.582 + -14590.904 + -2302.917 = CLP-31,239 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 6013.53 + 17541.193 + 35651.353 + 14266.115 = CLP73,472 Mil.
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Total Receivables was CLP127,112 Mil.
Revenue was 79042.377 + 105800.028 + 83532.356 + 91884.48 = CLP360,259 Mil.
Gross Profit was 25891.559 + 39681.197 + 30181.549 + 33923.612 = CLP129,678 Mil.
Total Current Assets was CLP227,241 Mil.
Total Assets was CLP440,450 Mil.
Property, Plant and Equipment(Net PPE) was CLP145,522 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP62,878 Mil.
Total Current Liabilities was CLP121,241 Mil.
Long-Term Debt & Capital Lease Obligation was CLP174,735 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) |
| = | (101526.02 / 319722.095) | / | (127112.236 / 360259.241) |
| = | 0.317545 | / | 0.352835 |
| | = | 0.9 |
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) |
| = | (129677.917 / 360259.241) | / | (85396.652 / 319722.095) |
| = | 0.359957 | / | 0.267096 |
| | = | 1.3477 |
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 - (176844.569 + 138128.002) / 378402.027) | / | (1 - (227240.819 + 145522.361) / 440450.147) |
| = | 0.167625 | / | 0.153677 |
| | = | 1.0908 |
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 |
| = | 319722.095 | / | 360259.241 |
| | = | 0.8875 |
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 + 145522.361)) | / | (0 / (0 + 138128.002)) |
| = | 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) |
| = | (63754.082 / 319722.095) | / | (62878.224 / 360259.241) |
| = | 0.199405 | / | 0.174536 |
| | = | 1.1425 |
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) |
| = | ((185351.184 + 80185.366) / 378402.027) | / | ((174734.528 + 121240.701) / 440450.147) |
| = | 0.701731 | / | 0.671983 |
| | = | 1.0443 |
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 |
| = | (-31239.098 - 0 | - | 73472.191) | / | 378402.027 |
| | = | -0.27672 |
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.
Empresas Hites has a M-score of -3.79 suggests that the company is unlikely to be a manipulator.
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