Vinan Pedro Tarapaca (XSGO:VSPT) Beneish M-Score : -2.75 (As of Dec. 11, 2024)

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What is Vinan Pedro Tarapaca 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:VSPT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8 Med: -2.57 Max: -2.05
Current: -2.75

During the past 13 years, the highest Beneish M-Score of Vinan Pedro Tarapaca was -2.05. The lowest was -2.80. And the median was -2.57.

Vinan Pedro Tarapaca Beneish M-Score Historical Data

The historical data trend for Vinan Pedro Tarapaca'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.

Vinan Pedro Tarapaca Beneish M-Score Chart

Vinan Pedro Tarapaca Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.80

-2.75

-2.25

-2.07

-2.70

Vinan Pedro Tarapaca Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.68	-2.70	-2.41	-2.58	-2.75

Competitive Comparison of Vinan Pedro Tarapaca's Beneish M-Score

For the Beverages - Wineries & Distilleries subindustry, Vinan Pedro Tarapaca'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.

Vinan Pedro Tarapaca's Beneish M-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Vinan Pedro Tarapaca's Beneish M-Score distribution charts can be found below:

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

Vinan Pedro Tarapaca 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 Vinan Pedro Tarapaca 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 * 0.9776

0.528 * 0.916

0.404 * 0.9802

0.892 * 1.0301

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0646

4.679 * -0.050874

0.327 * 0.9341

-2.75

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was CLP67,949 Mil.
Revenue was 74774.164 + 72124.558 + 58765.21 + 63429.861 = CLP269,094 Mil.
Gross Profit was 30100.762 + 28733.133 + 22737.498 + 27466.097 = CLP109,037 Mil.
Total Current Assets was CLP210,820 Mil.
Total Assets was CLP451,873 Mil.
Property, Plant and Equipment(Net PPE) was CLP187,738 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP44,454 Mil.
Total Current Liabilities was CLP132,004 Mil.
Long-Term Debt & Capital Lease Obligation was CLP4,497 Mil.
Net Income was 6549.495 + 5386.439 + 1603.703 + 6981.693 = CLP20,521 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 13640.812 + 6523.319 + 12391.258 + 10954.72 = CLP43,510 Mil.

Total Receivables was CLP67,477 Mil.
Revenue was 72379.599 + 64369.291 + 52646.744 + 71834.081 = CLP261,230 Mil.
Gross Profit was 29617.781 + 22354.675 + 16884.152 + 28106.342 = CLP96,963 Mil.
Total Current Assets was CLP221,691 Mil.
Total Assets was CLP455,516 Mil.
Property, Plant and Equipment(Net PPE) was CLP178,994 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP40,536 Mil.
Total Current Liabilities was CLP90,884 Mil.
Long-Term Debt & Capital Lease Obligation was CLP56,425 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)
	=	(67949.336 / 269093.793)	/	(67476.563 / 261229.715)
	=	0.252512	/	0.258304
	=	0.9776

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)
	=	(96962.95 / 261229.715)	/	(109037.49 / 269093.793)
	=	0.371179	/	0.405203
	=	0.916

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 - (210819.716 + 187737.884) / 451872.823)	/	(1 - (221690.726 + 178993.737) / 455515.99)
	=	0.117987	/	0.120372
	=	0.9802

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
	=	269093.793	/	261229.715
	=	1.0301

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 / (0 + 178993.737))	/	(0 / (0 + 187737.884))
	=	0	/	0
	=	1

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)
	=	(44453.683 / 269093.793)	/	(40535.502 / 261229.715)
	=	0.165198	/	0.155172
	=	1.0646

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)
	=	((4496.884 + 132004.324) / 451872.823)	/	((56424.907 + 90883.529) / 455515.99)
	=	0.302079	/	0.323388
	=	0.9341

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
	=	(20521.33 - 0	-	43510.109)	/	451872.823
	=	-0.050874

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.

Vinan Pedro Tarapaca has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.

Vinan Pedro Tarapaca Beneish M-Score Related Terms

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Vinan Pedro Tarapaca Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Alcoholic » Vina San Pedro Tarapaca SA (XSGO:VSPT) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Avenida Alonso de Cordova 5151, office 1202 and 1203, Las Condes, Santiago, CHL

Website

http://www.vinosdechile.cl

Vina San Pedro Tarapaca SA is Santiago based producer and exporter of wine in Chile and internationally. It markets ultra-premium, premium, reserve, varietal and massive wines under the brand family of Vina San Pedro, Vina Tarapaca, Vina Santa Helena, Vina Misiones de Rengo, Vina Mar de Casablanca, Vina Casa Rivas, Vina Leyda, Bodega Tamari and Finca La Celia. The company's revenue is generated from the operation of wineries.

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