Empresas Iansa (XSGO:IANSA) Beneish M-Score : -2.98 (As of Mar. 30, 2025)

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What is Empresas Iansa 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 -2.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:IANSA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.65 Max: -2.01
Current: -2.98

During the past 13 years, the highest Beneish M-Score of Empresas Iansa was -2.01. The lowest was -3.20. And the median was -2.65.

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.

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Empresas Iansa Beneish M-Score Chart

Empresas Iansa Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.91

-2.01

-2.43

-2.62

-2.98

Empresas Iansa Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.62	-2.43	-2.44	-2.78	-2.98

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.

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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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8418

0.528 * 1.0146

0.404 * 1.0342

0.892 * 1.0945

0.115 * 0.9117

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9323

4.679 * -0.099316

0.327 * 0.993

-2.98

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was CLP118,323 Mil.
Revenue was 126543.231 + 143157.644 + 133005.255 + 134185.535 = CLP536,892 Mil.
Gross Profit was 28300.023 + 34373.278 + 32918.896 + 30494.773 = CLP126,087 Mil.
Total Current Assets was CLP361,026 Mil.
Total Assets was CLP659,757 Mil.
Property, Plant and Equipment(Net PPE) was CLP228,548 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP9,368 Mil.
Selling, General, & Admin. Expense(SGA) was CLP46,030 Mil.
Total Current Liabilities was CLP204,304 Mil.
Long-Term Debt & Capital Lease Obligation was CLP122,713 Mil.
Net Income was -489.34 + 2735.974 + -1089.348 + 908.598 = CLP2,066 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 20783.675 + 51213.175 + -11139.368 + 6732.549 = CLP67,590 Mil.

Total Receivables was CLP128,428 Mil.
Revenue was 121723.064 + 153661.904 + 113733.522 + 101414.926 = CLP490,533 Mil.
Gross Profit was 29935.964 + 37537.959 + 27843.742 + 21564.811 = CLP116,882 Mil.
Total Current Assets was CLP330,025 Mil.
Total Assets was CLP587,564 Mil.
Property, Plant and Equipment(Net PPE) was CLP197,100 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP7,339 Mil.
Selling, General, & Admin. Expense(SGA) was CLP45,108 Mil.
Total Current Liabilities was CLP158,419 Mil.
Long-Term Debt & Capital Lease Obligation was CLP134,881 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)
	=	(118322.903 / 536891.665)	/	(128427.851 / 490533.416)
	=	0.220385	/	0.261813
	=	0.8418

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)
	=	(116882.476 / 490533.416)	/	(126086.97 / 536891.665)
	=	0.238276	/	0.234846
	=	1.0146

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 - (361025.898 + 228547.568) / 659756.891)	/	(1 - (330025.107 + 197100.25) / 587563.898)
	=	0.106378	/	0.102863
	=	1.0342

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
	=	536891.665	/	490533.416
	=	1.0945

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))
	=	(7338.696 / (7338.696 + 197100.25))	/	(9367.502 / (9367.502 + 228547.568))
	=	0.035897	/	0.039373
	=	0.9117

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)
	=	(46030.063 / 536891.665)	/	(45107.892 / 490533.416)
	=	0.085734	/	0.091957
	=	0.9323

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)
	=	((122713.183 + 204304.049) / 659756.891)	/	((134881.296 + 158418.987) / 587563.898)
	=	0.495663	/	0.49918
	=	0.993

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
	=	(2065.884 - 0	-	67590.031)	/	659756.891
	=	-0.099316

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 -2.98 suggests that the company is unlikely to be a manipulator.

Empresas Iansa Beneish M-Score Related Terms

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Empresas Iansa Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Empresas Iansa SA (XSGO:IANSA) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Rosario Norte 615, Piso 23, Las Condes, Santiago, CHL

Website

https://www.empresasiansa.cl

Empresas Iansa SA is an agribusiness group in Chile. The firm engages in the production, distribution, and marketing of sugar beet and other products. Its product portfolio consists of sugar, animal feed based on sugar sub-products primarily for cattle and horses, pet foods, fruit-juice concentrates, agricultural supplies and organic tomato paste.

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