Invercap INVERCAP Beneish M-Score Historical Data
The historical data trend for Invercap INVERCAP'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.
Invercap INVERCAP Beneish M-Score Chart
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Invercap INVERCAP Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.37 |
17.15 |
78.53 |
2.67 |
-2.65 |
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Invercap INVERCAP 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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2.67 |
-1.38 |
-2.30 |
2.59 |
-2.65 |
Competitive Comparison of Invercap INVERCAP's Beneish M-Score
For the Steel subindustry, Invercap INVERCAP'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.
Invercap INVERCAP's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Invercap INVERCAP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Invercap INVERCAP's Beneish M-Score falls into.
Invercap INVERCAP 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 Invercap INVERCAP 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 * 1.1362 | + | 0.528 * 1.0492 | + | 0.404 * 0.9449 | + | 0.892 * 0.9467 | + | 0.115 * 1.6947 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0809 | + | 4.679 * -0.058758 | - | 0.327 * 1.1415 |
| = | -2.65 |
* 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 CLP405,387 Mil.
Revenue was 811008.947 + 589625.533 + 553972.804 + 548852.869 = CLP2,503,460 Mil.
Gross Profit was 267802.724 + 119514.253 + 70051.488 + 116483.109 = CLP573,852 Mil.
Total Current Assets was CLP1,765,456 Mil.
Total Assets was CLP6,801,535 Mil.
Property, Plant and Equipment(Net PPE) was CLP3,651,480 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP2,825 Mil.
Selling, General, & Admin. Expense(SGA) was CLP99,526 Mil.
Total Current Liabilities was CLP1,232,502 Mil.
Long-Term Debt & Capital Lease Obligation was CLP1,010,942 Mil.
Net Income was 57462.806 + -816.156 + -60334.244 + -90.772 = CLP-3,778 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 205687.095 + 60929.671 + 142406.667 + -13155.596 = CLP395,868 Mil.
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Total Receivables was CLP376,905 Mil.
Revenue was 729653.095 + 593965.379 + 700858.884 + 620028.593 = CLP2,644,506 Mil.
Gross Profit was 142152.363 + 61483.967 + 175855.94 + 256510.246 = CLP636,003 Mil.
Total Current Assets was CLP1,462,469 Mil.
Total Assets was CLP6,385,541 Mil.
Property, Plant and Equipment(Net PPE) was CLP3,547,323 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP4,652 Mil.
Selling, General, & Admin. Expense(SGA) was CLP97,270 Mil.
Total Current Liabilities was CLP1,281,129 Mil.
Long-Term Debt & Capital Lease Obligation was CLP564,060 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) |
| = | (405387.498 / 2503460.153) | / | (376904.864 / 2644505.951) |
| = | 0.161931 | / | 0.142524 |
| | = | 1.1362 |
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) |
| = | (636002.516 / 2644505.951) | / | (573851.574 / 2503460.153) |
| = | 0.2405 | / | 0.229223 |
| | = | 1.0492 |
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 - (1765455.798 + 3651479.956) / 6801534.821) | / | (1 - (1462469.043 + 3547322.968) / 6385540.978) |
| = | 0.203572 | / | 0.215448 |
| | = | 0.9449 |
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 |
| = | 2503460.153 | / | 2644505.951 |
| | = | 0.9467 |
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)) |
| = | (4651.76 / (4651.76 + 3547322.968)) | / | (2824.874 / (2824.874 + 3651479.956)) |
| = | 0.00131 | / | 0.000773 |
| | = | 1.6947 |
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) |
| = | (99526.402 / 2503460.153) | / | (97269.517 / 2644505.951) |
| = | 0.039756 | / | 0.036782 |
| | = | 1.0809 |
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) |
| = | ((1010941.555 + 1232502.372) / 6801534.821) | / | ((564060.25 + 1281128.694) / 6385540.978) |
| = | 0.329844 | / | 0.288964 |
| | = | 1.1415 |
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 |
| = | (-3778.366 - 0 | - | 395867.837) | / | 6801534.821 |
| | = | -0.058758 |
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.
Invercap INVERCAP has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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