Minera Valparaiso (XSGO:MINERA) Beneish M-Score : -2.86 (As of Apr. 16, 2025)

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What is Minera Valparaiso 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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:MINERA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.69 Max: -2.11
Current: -2.86

During the past 13 years, the highest Beneish M-Score of Minera Valparaiso was -2.11. The lowest was -3.11. And the median was -2.69.

Minera Valparaiso Beneish M-Score Historical Data

The historical data trend for Minera Valparaiso'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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Minera Valparaiso Beneish M-Score Chart

Minera Valparaiso Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.93

-2.11

-2.32

-2.85

-2.86

Minera Valparaiso Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.57	-2.85	-2.59	-2.80	-2.86

Competitive Comparison of Minera Valparaiso's Beneish M-Score

For the Utilities - Renewable subindustry, Minera Valparaiso'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.

Minera Valparaiso's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Minera Valparaiso's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Minera Valparaiso's Beneish M-Score falls into.

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Minera Valparaiso 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 Minera Valparaiso 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 * 1.0922

0.528 * 0.8894

0.404 * 0.9171

0.892 * 0.8236

0.115 * 1.0606

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4023

4.679 * -0.031578

0.327 * 1.0127

-2.86

This Year (Dec24) TTM:

Last Year (Sep23) TTM:

Total Receivables was CLP257,604 Mil.
Revenue was 378665.782 + 355659.036 + 395010.974 + 358598.395 = CLP1,487,934 Mil.
Gross Profit was 211504.344 + 195818.895 + 178345.867 + 176383.368 = CLP762,052 Mil.
Total Current Assets was CLP1,282,481 Mil.
Total Assets was CLP9,555,451 Mil.
Property, Plant and Equipment(Net PPE) was CLP5,355,356 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP203,973 Mil.
Selling, General, & Admin. Expense(SGA) was CLP67,465 Mil.
Total Current Liabilities was CLP483,295 Mil.
Long-Term Debt & Capital Lease Obligation was CLP2,372,928 Mil.
Net Income was 32310.251 + 70793.676 + 57566.544 + 52770.423 = CLP213,441 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 208592.916 + 147005.599 + 0 + 159587.246 = CLP515,186 Mil.

Total Receivables was CLP286,377 Mil.
Revenue was 437879.905 + 436605.318 + 447846.284 + 484329.224 = CLP1,806,661 Mil.
Gross Profit was 235257.913 + 140758.566 + 186542.198 + 260367.646 = CLP822,926 Mil.
Total Current Assets was CLP1,534,516 Mil.
Total Assets was CLP8,793,835 Mil.
Property, Plant and Equipment(Net PPE) was CLP4,331,602 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP175,376 Mil.
Selling, General, & Admin. Expense(SGA) was CLP58,416 Mil.
Total Current Liabilities was CLP623,510 Mil.
Long-Term Debt & Capital Lease Obligation was CLP1,972,220 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)
	=	(257603.754 / 1487934.187)	/	(286376.883 / 1806660.731)
	=	0.173128	/	0.158512
	=	1.0922

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)
	=	(822926.323 / 1806660.731)	/	(762052.474 / 1487934.187)
	=	0.455496	/	0.512155
	=	0.8894

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 - (1282481.446 + 5355356.146) / 9555451.474)	/	(1 - (1534516.011 + 4331601.528) / 8793835.402)
	=	0.305335	/	0.332928
	=	0.9171

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
	=	1487934.187	/	1806660.731
	=	0.8236

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))
	=	(175375.839 / (175375.839 + 4331601.528))	/	(203972.707 / (203972.707 + 5355356.146))
	=	0.038912	/	0.03669
	=	1.0606

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)
	=	(67465.427 / 1487934.187)	/	(58416.423 / 1806660.731)
	=	0.045342	/	0.032334
	=	1.4023

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)
	=	((2372927.798 + 483295.031) / 9555451.474)	/	((1972220.368 + 623510.116) / 8793835.402)
	=	0.29891	/	0.295176
	=	1.0127

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
	=	(213440.894 - 0	-	515185.761)	/	9555451.474
	=	-0.031578

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.

Minera Valparaiso has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.

Minera Valparaiso Beneish M-Score Related Terms

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Minera Valparaiso Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Minera Valparaiso SA (XSGO:MINERA) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Teatinos No 220, Santiago de Chile, 7th floor, 161st D, Santiago, CHL

Website

http://www.minera.cl

Minera Valparaiso SA is a Chile-based company. It generates, sells and distributes electric energy. It also sells and markets wood products and offers port services, real estate services. It also operates in mining and port management.

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