Empresas Tricot (XSGO:TRICOT) Beneish M-Score : -2.70 (As of Apr. 21, 2025)

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What is Empresas Tricot 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:TRICOT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.85 Med: -2.53 Max: -1.91
Current: -2.7

During the past 12 years, the highest Beneish M-Score of Empresas Tricot was -1.91. The lowest was -3.85. And the median was -2.53.

Empresas Tricot Beneish M-Score Historical Data

The historical data trend for Empresas Tricot'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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Empresas Tricot Beneish M-Score Chart

Empresas Tricot Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.85

-2.21

-1.91

-2.72

-2.70

Empresas Tricot 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															-2.72	-2.58	-2.71	-2.77	-2.70

Competitive Comparison of Empresas Tricot's Beneish M-Score

For the Apparel Retail subindustry, Empresas Tricot'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.

Empresas Tricot's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Empresas Tricot's Beneish M-Score distribution charts can be found below:

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

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Empresas Tricot 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 Empresas Tricot 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 * 1.0445

0.528 * 0.919

0.404 * 0.76

0.892 * 1.1015

0.115 * 1.0039

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9985

4.679 * -0.043812

0.327 * 1.0162

-2.70

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was CLP93,512 Mil.
Revenue was 75172.534 + 50212.305 + 62146.677 + 50331.129 = CLP237,863 Mil.
Gross Profit was 31879.758 + 19219.463 + 25707.381 + 19528.519 = CLP96,335 Mil.
Total Current Assets was CLP187,910 Mil.
Total Assets was CLP346,832 Mil.
Property, Plant and Equipment(Net PPE) was CLP135,207 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP19,089 Mil.
Selling, General, & Admin. Expense(SGA) was CLP25,322 Mil.
Total Current Liabilities was CLP109,922 Mil.
Long-Term Debt & Capital Lease Obligation was CLP79,388 Mil.
Net Income was 9090.408 + 1045.85 + 5671.634 + 1492.466 = CLP17,300 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 12882.071 + -3153.983 + 18961.995 + 3805.828 = CLP32,496 Mil.

Total Receivables was CLP81,278 Mil.
Revenue was 68330.45 + 45023.675 + 55468.005 + 47130.998 = CLP215,953 Mil.
Gross Profit was 29140.321 + 16148.594 + 20569.644 + 14515.307 = CLP80,374 Mil.
Total Current Assets was CLP165,196 Mil.
Total Assets was CLP327,386 Mil.
Property, Plant and Equipment(Net PPE) was CLP132,736 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP18,823 Mil.
Selling, General, & Admin. Expense(SGA) was CLP23,025 Mil.
Total Current Liabilities was CLP93,873 Mil.
Long-Term Debt & Capital Lease Obligation was CLP81,976 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)
	=	(93511.959 / 237862.645)	/	(81277.686 / 215953.128)
	=	0.393134	/	0.376367
	=	1.0445

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)
	=	(80373.866 / 215953.128)	/	(96335.121 / 237862.645)
	=	0.372182	/	0.405003
	=	0.919

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 - (187909.773 + 135207.09) / 346832.064)	/	(1 - (165196.095 + 132735.838) / 327385.84)
	=	0.068377	/	0.089967
	=	0.76

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
	=	237862.645	/	215953.128
	=	1.1015

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))
	=	(18823.296 / (18823.296 + 132735.838))	/	(19089.488 / (19089.488 + 135207.09))
	=	0.124198	/	0.123719
	=	1.0039

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)
	=	(25322.165 / 237862.645)	/	(23025.445 / 215953.128)
	=	0.106457	/	0.106622
	=	0.9985

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)
	=	((79388.204 + 109921.799) / 346832.064)	/	((81975.654 + 93872.973) / 327385.84)
	=	0.545826	/	0.53713
	=	1.0162

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
	=	(17300.358 - 0	-	32495.911)	/	346832.064
	=	-0.043812

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.

Empresas Tricot has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.

Empresas Tricot Beneish M-Score Related Terms

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Empresas Tricot Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Empresas Tricot SA (XSGO:TRICOT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Vicuna Mackenna Avenue 3600, Macul, Santiago, CHL

Website

https://www.tricot.cl

Empresas Tricot SA is a Chile-based company that predominantly operates in the apparel sector. The company operates in the following business segments; Retail Business and Financial Business. The Retail Business segment which generates maximum revenue, operates Tiendas Tricot. a chain of stores specializing in clothing, including footwear and accessories, and Tricot Connect stores, a chain of stores specializing in electronic items such as cell phones, tablets, and accessories, among others. The Financial Business segment participates in the financial business through insurance brokerage and issuance of its credit card (Tricot Visa), granting direct credit to its clients, both through sales in its stores and associated businesses and cash advances.

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