Paz (XSGO:PAZ) Beneish M-Score : 0.30 (As of Apr. 06, 2025)

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What is Paz 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.

Warning Sign:

Beneish M-Score 0.3 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XSGO:PAZ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.51 Med: -1.73 Max: 0.3
Current: 0.3

During the past 13 years, the highest Beneish M-Score of Paz was 0.30. The lowest was -2.51. And the median was -1.73.

Paz Beneish M-Score Historical Data

The historical data trend for Paz'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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Paz Beneish M-Score Chart

Paz Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.32

-1.59

-2.51

-1.78

0.30

Paz 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															-1.78	-1.79	-2.36	-2.51	0.30

Competitive Comparison of Paz's Beneish M-Score

For the Real Estate Services subindustry, Paz'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.

Paz's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Paz's Beneish M-Score distribution charts can be found below:

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

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Paz 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 Paz 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 * 3.7588

0.528 * 1.101

0.404 * 0.8944

0.892 * 1.0026

0.115 * 1.1834

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1979

4.679 * 0.054733

0.327 * 1.0481

0.30

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was CLP62,594 Mil.
Revenue was 76858.11 + 20589.193 + 18480.644 + 30465.68 = CLP146,394 Mil.
Gross Profit was 19478.95 + 7880.903 + 5131.759 + 8693.928 = CLP41,186 Mil.
Total Current Assets was CLP393,429 Mil.
Total Assets was CLP792,929 Mil.
Property, Plant and Equipment(Net PPE) was CLP5,501 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP1,095 Mil.
Selling, General, & Admin. Expense(SGA) was CLP11,589 Mil.
Total Current Liabilities was CLP371,466 Mil.
Long-Term Debt & Capital Lease Obligation was CLP133,709 Mil.
Net Income was 9363.291 + 1844.636 + 407.845 + 2258.324 = CLP13,874 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 4459.558 + -28490.532 + -1288.312 + -4206.306 = CLP-29,526 Mil.

Total Receivables was CLP16,610 Mil.
Revenue was 47947.788 + 53927.241 + 16094.024 + 28049.445 = CLP146,018 Mil.
Gross Profit was 16453.852 + 14528.532 + 5785.516 + 8462.82 = CLP45,231 Mil.
Total Current Assets was CLP318,630 Mil.
Total Assets was CLP726,926 Mil.
Property, Plant and Equipment(Net PPE) was CLP4,459 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP1,091 Mil.
Selling, General, & Admin. Expense(SGA) was CLP9,650 Mil.
Total Current Liabilities was CLP297,114 Mil.
Long-Term Debt & Capital Lease Obligation was CLP144,761 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)
	=	(62593.704 / 146393.627)	/	(16610.088 / 146018.498)
	=	0.427571	/	0.113753
	=	3.7588

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)
	=	(45230.72 / 146018.498)	/	(41185.54 / 146393.627)
	=	0.30976	/	0.281334
	=	1.101

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 - (393428.763 + 5501.457) / 792929.285)	/	(1 - (318630.308 + 4459.352) / 726925.901)
	=	0.496891	/	0.55554
	=	0.8944

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
	=	146393.627	/	146018.498
	=	1.0026

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))
	=	(1090.632 / (1090.632 + 4459.352))	/	(1095.449 / (1095.449 + 5501.457))
	=	0.196511	/	0.166055
	=	1.1834

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)
	=	(11589.148 / 146393.627)	/	(9649.805 / 146018.498)
	=	0.079164	/	0.066086
	=	1.1979

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)
	=	((133709.403 + 371465.858) / 792929.285)	/	((144761.302 + 297114.322) / 726925.901)
	=	0.6371	/	0.607869
	=	1.0481

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
	=	(13874.096 - 0	-	-29525.592)	/	792929.285
	=	0.054733

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.

Paz has a M-score of 0.30 signals that the company is likely to be a manipulator.

Paz Beneish M-Score Related Terms

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Paz Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Paz Corp SA (XSGO:PAZ) » Definitions » Beneish M-Score

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Address

Avenue Apoquindo 4501, 20th floor, Las Condes, Santiago, CHL

Website

http://www.pazcorp.cl

Paz Corp SA develops real estate projects. It controls, supervises and executes the architecture, construction, marketing, commercialization, and customer financing of projects. The company offers lofts, apartments, and home studios, as well as real estate and financial advisory, and post-sale services. Some of its projects are Sun City, future & urban air. It has presence in Chile and Peru.

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