Empresas Iansa Beneish M-Score Historical Data
The historical data trend for Empresas Iansa'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 Iansa Beneish M-Score Chart
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Empresas Iansa Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.89 |
-1.99 |
-2.46 |
-2.63 |
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Empresas Iansa 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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-2.46 |
-2.39 |
-2.83 |
-2.96 |
-2.63 |
Competitive Comparison of Empresas Iansa's Beneish M-Score
For the Confectioners subindustry, Empresas Iansa'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 Iansa's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Empresas Iansa's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Empresas Iansa's Beneish M-Score falls into.
Empresas Iansa 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 Iansa 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 * 0.9476 | + | 0.528 * 0.8605 | + | 0.404 * 1.1076 | + | 0.892 * 1.0007 | + | 0.115 * 1.1144 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.976 | + | 4.679 * -0.022172 | - | 0.327 * 0.9522 |
| = | -2.63 |
* 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 CLP128,178 Mil.
Revenue was 121333.064 + 157168.969 + 114184.439 + 99144.117 = CLP491,831 Mil.
Gross Profit was 29840.049 + 38394.697 + 27954.133 + 21081.948 = CLP117,271 Mil.
Total Current Assets was CLP328,968 Mil.
Total Assets was CLP585,681 Mil.
Property, Plant and Equipment(Net PPE) was CLP196,469 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP7,353 Mil.
Selling, General, & Admin. Expense(SGA) was CLP45,175 Mil.
Total Current Liabilities was CLP157,911 Mil.
Long-Term Debt & Capital Lease Obligation was CLP134,449 Mil.
Net Income was 550.831 + 6210.947 + 2459.411 + 624.352 = CLP9,846 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was -14873.322 + 36521.166 + 22766.412 + -21583.166 = CLP22,831 Mil.
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Total Receivables was CLP135,179 Mil.
Revenue was 117234.495 + 147126.628 + 129510.613 + 97629.09 = CLP491,501 Mil.
Gross Profit was 24754.87 + 31130.316 + 27007.558 + 17955.119 = CLP100,848 Mil.
Total Current Assets was CLP354,892 Mil.
Total Assets was CLP600,829 Mil.
Property, Plant and Equipment(Net PPE) was CLP190,137 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP7,964 Mil.
Selling, General, & Admin. Expense(SGA) was CLP46,256 Mil.
Total Current Liabilities was CLP181,539 Mil.
Long-Term Debt & Capital Lease Obligation was CLP133,440 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) |
| = | (128177.865 / 491830.589) | / | (135179.001 / 491500.826) |
| = | 0.260614 | / | 0.275033 |
| | = | 0.9476 |
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) |
| = | (100847.863 / 491500.826) | / | (117270.827 / 491830.589) |
| = | 0.205184 | / | 0.238437 |
| | = | 0.8605 |
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 - (328967.71 + 196468.743) / 585681.351) | / | (1 - (354892.347 + 190137.033) / 600829.278) |
| = | 0.102863 | / | 0.092871 |
| | = | 1.1076 |
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 |
| = | 491830.589 | / | 491500.826 |
| | = | 1.0007 |
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)) |
| = | (7963.957 / (7963.957 + 190137.033)) | / | (7352.944 / (7352.944 + 196468.743)) |
| = | 0.040202 | / | 0.036075 |
| | = | 1.1144 |
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) |
| = | (45174.986 / 491830.589) | / | (46255.843 / 491500.826) |
| = | 0.091851 | / | 0.094111 |
| | = | 0.976 |
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) |
| = | ((134449.138 + 157911.415) / 585681.351) | / | ((133439.779 + 181538.894) / 600829.278) |
| = | 0.49918 | / | 0.52424 |
| | = | 0.9522 |
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 |
| = | (9845.541 - 0 | - | 22831.09) | / | 585681.351 |
| | = | -0.022172 |
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 Iansa has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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