Valparaiso Sporting Club (XSGO:SPORTING) Beneish M-Score : -1.92 (As of Jun. 22, 2024)

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What is Valparaiso Sporting Club 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 -1.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:SPORTING' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.54 Max: -1.44
Current: -1.92

During the past 13 years, the highest Beneish M-Score of Valparaiso Sporting Club was -1.44. The lowest was -3.12. And the median was -2.54.

Valparaiso Sporting Club Beneish M-Score Historical Data

The historical data trend for Valparaiso Sporting Club'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.

* Premium members only.

Valparaiso Sporting Club Beneish M-Score Chart

Valparaiso Sporting Club Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.97

-1.44

-2.68

-2.37

-2.01

Valparaiso Sporting Club 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															-2.29	-2.16	-1.59	-2.01	-1.92

Competitive Comparison of Valparaiso Sporting Club's Beneish M-Score

For the Gambling subindustry, Valparaiso Sporting Club'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.

Valparaiso Sporting Club's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Valparaiso Sporting Club's Beneish M-Score distribution charts can be found below:

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

Valparaiso Sporting Club 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 Valparaiso Sporting Club 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 * 1.7332

0.528 * 1.0431

0.404 * 0.8772

0.892 * 0.9796

0.115 * 1.0758

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1156

4.679 * 0.008325

0.327 * 1.2952

-1.92

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was CLP829 Mil.
Revenue was 2088.191 + 2186.467 + 2741.568 + 2057.895 = CLP9,074 Mil.
Gross Profit was 431.765 + 396.824 + 865.547 + 443.603 = CLP2,138 Mil.
Total Current Assets was CLP5,207 Mil.
Total Assets was CLP33,451 Mil.
Property, Plant and Equipment(Net PPE) was CLP26,576 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP11 Mil.
Selling, General, & Admin. Expense(SGA) was CLP254 Mil.
Total Current Liabilities was CLP2,845 Mil.
Long-Term Debt & Capital Lease Obligation was CLP1,047 Mil.
Net Income was 138.955 + 112.514 + 394.454 + 165.352 = CLP811 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 29.901 + -67.797 + 193.707 + 376.973 = CLP533 Mil.

Total Receivables was CLP488 Mil.
Revenue was 2451.264 + 2393.485 + 2740.794 + 1677.347 = CLP9,263 Mil.
Gross Profit was 533.7 + 186.078 + 881.516 + 674.995 = CLP2,276 Mil.
Total Current Assets was CLP4,199 Mil.
Total Assets was CLP31,775 Mil.
Property, Plant and Equipment(Net PPE) was CLP25,770 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP12 Mil.
Selling, General, & Admin. Expense(SGA) was CLP232 Mil.
Total Current Liabilities was CLP2,676 Mil.
Long-Term Debt & Capital Lease Obligation was CLP178 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)
	=	(828.663 / 9074.121)	/	(488.058 / 9262.89)
	=	0.091322	/	0.05269
	=	1.7332

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)
	=	(2276.289 / 9262.89)	/	(2137.739 / 9074.121)
	=	0.245743	/	0.235586
	=	1.0431

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 - (5207.081 + 26576.174) / 33451.212)	/	(1 - (4198.92 + 25769.735) / 31774.895)
	=	0.049862	/	0.056845
	=	0.8772

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
	=	9074.121	/	9262.89
	=	0.9796

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))
	=	(11.712 / (11.712 + 25769.735))	/	(11.226 / (11.226 + 26576.174))
	=	0.000454	/	0.000422
	=	1.0758

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)
	=	(253.942 / 9074.121)	/	(232.373 / 9262.89)
	=	0.027985	/	0.025086
	=	1.1156

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)
	=	((1046.863 + 2844.656) / 33451.212)	/	((177.568 + 2676.444) / 31774.895)
	=	0.116334	/	0.08982
	=	1.2952

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
	=	(811.275 - 0	-	532.784)	/	33451.212
	=	0.008325

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.

Valparaiso Sporting Club has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.

Valparaiso Sporting Club Beneish M-Score Related Terms

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Valparaiso Sporting Club (XSGO:SPORTING) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Valparaiso Sporting Club SA (XSGO:SPORTING) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Avenida los Castanos 404, Vina del Mar, CHL

Website

http://www.sporting.cl

Valparaiso Sporting Club SA is engaged in the business of racing purebred horses, which are directly managed by it. Through its subsidiaries it also provides care for racehorses and is responsible for televising this show horse. It also conducts concerts, business events, social events, regional and national level events.

Valparaiso Sporting Club (XSGO:SPORTING) Headlines

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