Masisa Beneish M-Score Historical Data
The historical data trend for Masisa'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.
Masisa Beneish M-Score Chart
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Masisa Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-4.45 |
-2.82 |
-4.19 |
-2.70 |
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Masisa 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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-4.67 |
-5.26 |
-4.93 |
-2.70 |
-2.50 |
Competitive Comparison of Masisa's Beneish M-Score
For the Lumber & Wood Production subindustry, Masisa'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.
Masisa's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Masisa's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Masisa's Beneish M-Score falls into.
Masisa 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 Masisa 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 * 1.4557 | + | 0.528 * 2.3192 | + | 0.404 * 1.1378 | + | 0.892 * 0.6193 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.273 | + | 4.679 * -0.166206 | - | 0.327 * 1.0694 |
| = | -2.50 |
* 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 CLP49,318 Mil.
Revenue was 58839.448 + 35028.864 + 70062.456 + 70033.026 = CLP233,964 Mil.
Gross Profit was 6754.014 + 7313.575 + 5436.506 + 11139.593 = CLP30,644 Mil.
Total Current Assets was CLP143,332 Mil.
Total Assets was CLP474,392 Mil.
Property, Plant and Equipment(Net PPE) was CLP203,404 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP35,602 Mil.
Total Current Liabilities was CLP109,753 Mil.
Long-Term Debt & Capital Lease Obligation was CLP53,389 Mil.
Net Income was -7171.284 + -21395.131 + -23055.499 + -3280.553 = CLP-54,902 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 3511.878 + 3916.054 + 2071.222 + 14445.029 = CLP23,944 Mil.
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Total Receivables was CLP54,704 Mil.
Revenue was 64777.124 + 59323.427 + 128072.278 + 125592.461 = CLP377,765 Mil.
Gross Profit was 16096.603 + 21296.367 + 38700.858 + 38656.218 = CLP114,750 Mil.
Total Current Assets was CLP206,072 Mil.
Total Assets was CLP529,953 Mil.
Property, Plant and Equipment(Net PPE) was CLP198,544 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP45,157 Mil.
Total Current Liabilities was CLP92,897 Mil.
Long-Term Debt & Capital Lease Obligation was CLP77,525 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) |
| = | (49318.182 / 233963.794) | / | (54703.822 / 377765.29) |
| = | 0.210794 | / | 0.144809 |
| | = | 1.4557 |
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) |
| = | (114750.046 / 377765.29) | / | (30643.688 / 233963.794) |
| = | 0.30376 | / | 0.130976 |
| | = | 2.3192 |
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 - (143332.277 + 203404.33) / 474391.576) | / | (1 - (206071.718 + 198543.973) / 529953.391) |
| = | 0.269092 | / | 0.236507 |
| | = | 1.1378 |
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 |
| = | 233963.794 | / | 377765.29 |
| | = | 0.6193 |
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 + 198543.973)) | / | (0 / (0 + 203404.33)) |
| = | 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) |
| = | (35601.749 / 233963.794) | / | (45157.357 / 377765.29) |
| = | 0.152168 | / | 0.119538 |
| | = | 1.273 |
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) |
| = | ((53388.748 + 109752.51) / 474391.576) | / | ((77524.642 + 92896.649) / 529953.391) |
| = | 0.343896 | / | 0.321578 |
| | = | 1.0694 |
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 |
| = | (-54902.467 - 0 | - | 23944.183) | / | 474391.576 |
| | = | -0.166206 |
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.
Masisa has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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