Colorado Peintures (CAS:COL) Beneish M-Score : -2.02 (As of May. 23, 2024)

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What is Colorado Peintures 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 -2.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CAS:COL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.43 Med: -2.1 Max: 6.51
Current: -2.02

During the past 11 years, the highest Beneish M-Score of Colorado Peintures was 6.51. The lowest was -2.43. And the median was -2.10.

Colorado Peintures Beneish M-Score Historical Data

The historical data trend for Colorado Peintures'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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Colorado Peintures Beneish M-Score Chart

Colorado Peintures Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.14

-2.43

-2.21

6.51

-2.02

Colorado Peintures Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.21	-	6.51	-	-2.02

Competitive Comparison of Colorado Peintures's Beneish M-Score

For the Specialty Chemicals subindustry, Colorado Peintures'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.

Colorado Peintures's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Colorado Peintures's Beneish M-Score distribution charts can be found below:

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

Colorado Peintures 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 Colorado Peintures 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 * 0.9663

0.528 * 0.9759

0.404 * 1.0195

0.892 * 1.0024

0.115 * 1.0756

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * 0.070698

0.327 * 1.0404

-2.02

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was MAD202.3 Mil.
Revenue was MAD611.4 Mil.
Gross Profit was MAD208.8 Mil.
Total Current Assets was MAD416.1 Mil.
Total Assets was MAD546.5 Mil.
Property, Plant and Equipment(Net PPE) was MAD123.4 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD0.3 Mil.
Selling, General, & Admin. Expense(SGA) was MAD0.0 Mil.
Total Current Liabilities was MAD207.3 Mil.
Long-Term Debt & Capital Lease Obligation was MAD4.0 Mil.
Net Income was MAD38.6 Mil.
Gross Profit was MAD0.0 Mil.
Cash Flow from Operations was MAD0.0 Mil.

Total Receivables was MAD208.8 Mil.
Revenue was MAD609.9 Mil.
Gross Profit was MAD203.3 Mil.
Total Current Assets was MAD409.9 Mil.
Total Assets was MAD542.0 Mil.
Property, Plant and Equipment(Net PPE) was MAD125.1 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD0.3 Mil.
Selling, General, & Admin. Expense(SGA) was MAD71.6 Mil.
Total Current Liabilities was MAD197.4 Mil.
Long-Term Debt & Capital Lease Obligation was MAD4.0 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)
	=	(202.273 / 611.402)	/	(208.82 / 609.919)
	=	0.330835	/	0.342373
	=	0.9663

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)
	=	(203.252 / 609.919)	/	(208.782 / 611.402)
	=	0.333244	/	0.341481
	=	0.9759

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 - (416.072 + 123.35) / 546.533)	/	(1 - (409.924 + 125.149) / 541.99)
	=	0.013011	/	0.012762
	=	1.0195

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
	=	611.402	/	609.919
	=	1.0024

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))
	=	(0.334 / (0.334 + 125.149))	/	(0.306 / (0.306 + 123.35))
	=	0.002662	/	0.002475
	=	1.0756

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)
	=	(0 / 611.402)	/	(71.607 / 609.919)
	=	0	/	0.117404
	=	0

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)
	=	((4.042 + 207.309) / 546.533)	/	((4.044 + 197.414) / 541.99)
	=	0.386712	/	0.371701
	=	1.0404

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
	=	(38.639 - 0	-	0)	/	546.533
	=	0.070698

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.

Colorado Peintures has a M-score of -2.02 suggests that the company is unlikely to be a manipulator.

Colorado Peintures Beneish M-Score Related Terms

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Colorado Peintures (CAS:COL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » Colorado Peintures (CAS:COL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Route My Thami Km 15, Commune Rurale Oulad Azouz, Dar Bouazza, Casablanca, MAR, 20100

Website

http://www.colorado.ma

Colorado Peintures is engaged in the production of architectural paint as well as decorative paints. The company provides interior paints, exterior paints, automotive refinish, tinting machine, and industrial coatings.