Inversiones La Construccion (XSGO:ILC) Beneish M-Score : -2.46 (As of Apr. 07, 2025)

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What is Inversiones La Construccion 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:ILC' s Beneish M-Score Range Over the Past 10 Years
Min: -8.29 Med: -2.61 Max: 6.14
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Inversiones La Construccion was 6.14. The lowest was -8.29. And the median was -2.61.

Inversiones La Construccion Beneish M-Score Historical Data

The historical data trend for Inversiones La Construccion'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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Inversiones La Construccion Beneish M-Score Chart

Inversiones La Construccion Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.61

-2.60

6.14

-2.67

-2.46

Inversiones La Construccion 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															-2.67	-	-2.27	-2.21	-2.46

Competitive Comparison of Inversiones La Construccion's Beneish M-Score

For the Insurance - Life subindustry, Inversiones La Construccion'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.

Inversiones La Construccion's Beneish M-Score Distribution in the Insurance Industry

For the Insurance industry and Financial Services sector, Inversiones La Construccion's Beneish M-Score distribution charts can be found below:

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

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Inversiones La Construccion 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 Inversiones La Construccion 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 * 1.0492

0.528 * 0.596

0.404 * 1.0253

0.892 * 1.0971

0.115 * 0.8504

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2519

4.679 * 0.027718

0.327 * 0.9378

-2.46

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was CLP4,008,490 Mil.
Revenue was 896212.406 + 781028.812 + 708800.855 + 644291.854 = CLP3,030,334 Mil.
Gross Profit was 69069.93 + 15784.372 + 39366.097 + 37851.262 = CLP162,072 Mil.
Total Current Assets was CLP5,116,181 Mil.
Total Assets was CLP16,490,104 Mil.
Property, Plant and Equipment(Net PPE) was CLP575,162 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP6,751 Mil.
Selling, General, & Admin. Expense(SGA) was CLP101,277 Mil.
Total Current Liabilities was CLP2,143,488 Mil.
Long-Term Debt & Capital Lease Obligation was CLP1,280,494 Mil.
Net Income was 37308.379 + 57840.88 + -6157.415 + 59252.053 = CLP148,244 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was -68917.7 + -192284.224 + 57090.399 + -104714.794 = CLP-308,826 Mil.

Total Receivables was CLP3,482,326 Mil.
Revenue was 681683.338 + 591664.463 + 768091.789 + 720567.6 = CLP2,762,007 Mil.
Gross Profit was 40933.924 + -564.937 + 27893.541 + 19784.679 = CLP88,047 Mil.
Total Current Assets was CLP5,141,008 Mil.
Total Assets was CLP15,534,241 Mil.
Property, Plant and Equipment(Net PPE) was CLP471,748 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP4,701 Mil.
Selling, General, & Admin. Expense(SGA) was CLP73,734 Mil.
Total Current Liabilities was CLP1,695,587 Mil.
Long-Term Debt & Capital Lease Obligation was CLP1,743,805 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)
	=	(4008489.55 / 3030333.927)	/	(3482325.856 / 2762007.19)
	=	1.322788	/	1.260795
	=	1.0492

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)
	=	(88047.207 / 2762007.19)	/	(162071.661 / 3030333.927)
	=	0.031878	/	0.053483
	=	0.596

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 - (5116180.66 + 575161.586) / 16490103.741)	/	(1 - (5141007.532 + 471748.467) / 15534240.572)
	=	0.654863	/	0.638685
	=	1.0253

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
	=	3030333.927	/	2762007.19
	=	1.0971

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))
	=	(4700.568 / (4700.568 + 471748.467))	/	(6751.07 / (6751.07 + 575161.586))
	=	0.009866	/	0.011602
	=	0.8504

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)
	=	(101276.78 / 3030333.927)	/	(73734.433 / 2762007.19)
	=	0.033421	/	0.026696
	=	1.2519

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)
	=	((1280493.545 + 2143487.552) / 16490103.741)	/	((1743805.199 + 1695586.625) / 15534240.572)
	=	0.207639	/	0.221407
	=	0.9378

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
	=	(148243.897 - 0	-	-308826.319)	/	16490103.741
	=	0.027718

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.

Inversiones La Construccion has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.

Inversiones La Construccion Beneish M-Score Related Terms

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Inversiones La Construccion Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Insurance » Inversiones La Construccion SA (XSGO:ILC) » Definitions » Beneish M-Score

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Address

Apoquindo Avenue 6750, 20th Floor, Las Condes, Santiago, CHL

Website

https://www.ilcinversiones.cl

Inversiones La Construccion SA is a Chile-based holding company engaged in the provision of pension and insurance services. The company operates, along with its subsidiaries, in three business segments: retirement and insurance; healthcare; and a segment focused on investments in a range of real estate and tradable securities, such as stocks, bonds, mutual funds, savings and capitalization plans. In addition, the group holds a smaller investment in Chile's education and IT sectors.

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