Electrica Puntilla (XSGO:PUNTILLA) Beneish M-Score : -5.12 (As of Jun. 23, 2024)

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What is Electrica Puntilla 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 -5.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:PUNTILLA' s Beneish M-Score Range Over the Past 10 Years
Min: -5.12 Med: -2.85 Max: 0.89
Current: -5.12

During the past 13 years, the highest Beneish M-Score of Electrica Puntilla was 0.89. The lowest was -5.12. And the median was -2.85.

Electrica Puntilla Beneish M-Score Historical Data

The historical data trend for Electrica Puntilla'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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Electrica Puntilla Beneish M-Score Chart

Electrica Puntilla Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.58

-2.51

-3.32

-2.37

-4.95

Electrica Puntilla Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.10	-3.04	-3.42	-4.95	-5.12

Competitive Comparison of Electrica Puntilla's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Electrica Puntilla'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.

Electrica Puntilla's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Electrica Puntilla's Beneish M-Score distribution charts can be found below:

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

Electrica Puntilla 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 Electrica Puntilla 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 * 0.7827

0.528 * 2.1337

0.404 * 1.115

0.892 * 0.4447

0.115 * 0.0004

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.7421

4.679 * -0.442153

0.327 * 1.3146

-5.12

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was CLP1,076 Mil.
Revenue was 1462.64 + 2168.401 + 1896.574 + 2872.837 = CLP8,400 Mil.
Gross Profit was 392.417 + 714.904 + -80.68 + 1870.153 = CLP2,897 Mil.
Total Current Assets was CLP14,114 Mil.
Total Assets was CLP134,155 Mil.
Property, Plant and Equipment(Net PPE) was CLP49,112 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP1,508 Mil.
Selling, General, & Admin. Expense(SGA) was CLP1,177 Mil.
Total Current Liabilities was CLP4,140 Mil.
Long-Term Debt & Capital Lease Obligation was CLP13,588 Mil.
Net Income was -434.562 + -54497.522 + -1196.134 + 1151.919 = CLP-54,976 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 281.826 + 1027.346 + 307.597 + 2724.157 = CLP4,341 Mil.

Total Receivables was CLP3,090 Mil.
Revenue was 3747.853 + 4285.785 + 6036.134 + 4819.859 = CLP18,890 Mil.
Gross Profit was 2689.618 + 3013.9 + 4323.425 + 3871.368 = CLP13,898 Mil.
Total Current Assets was CLP13,564 Mil.
Total Assets was CLP185,644 Mil.
Property, Plant and Equipment(Net PPE) was CLP84,049 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP1 Mil.
Selling, General, & Admin. Expense(SGA) was CLP965 Mil.
Total Current Liabilities was CLP4,032 Mil.
Long-Term Debt & Capital Lease Obligation was CLP14,628 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)
	=	(1075.61 / 8400.452)	/	(3090.038 / 18889.631)
	=	0.128042	/	0.163584
	=	0.7827

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)
	=	(13898.311 / 18889.631)	/	(2896.794 / 8400.452)
	=	0.735764	/	0.344838
	=	2.1337

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 - (14113.626 + 49111.787) / 134155.449)	/	(1 - (13563.839 + 84049.108) / 185643.913)
	=	0.528715	/	0.474193
	=	1.115

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
	=	8400.452	/	18889.631
	=	0.4447

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))
	=	(0.898 / (0.898 + 84049.108))	/	(1508.482 / (1508.482 + 49111.787))
	=	1.1E-5	/	0.0298
	=	0.0004

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)
	=	(1176.583 / 8400.452)	/	(964.856 / 18889.631)
	=	0.140062	/	0.051079
	=	2.7421

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)
	=	((13588.023 + 4139.61) / 134155.449)	/	((14628.372 + 4031.847) / 185643.913)
	=	0.132142	/	0.100516
	=	1.3146

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
	=	(-54976.299 - 0	-	4340.926)	/	134155.449
	=	-0.442153

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.

Electrica Puntilla has a M-score of -5.12 suggests that the company is unlikely to be a manipulator.

Electrica Puntilla Beneish M-Score Related Terms

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Electrica Puntilla (XSGO:PUNTILLA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Electrica Puntilla SA (XSGO:PUNTILLA) » Definitions » Beneish M-Score

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Address

Orinoco number 90, 11th floor, Las Condes, Santiago, CHL

Website

http://www.electricapuntilla.cl

Electrica Puntilla SA is engaged in generation of electricity through its hydroelectric power plants located close to Santiago. Its business activity includes acquisition, construction and exploitation of all types of plants and facilities destined to the production, transport, distribution, sale and use in any hydraulic form and of electric power.

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