Enel Chile (Enel Chile) Beneish M-Score : -2.12 (As of Apr. 27, 2024)

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What is Enel Chile 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ENIC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.13 Max: -1.64
Current: -2.12

During the past 12 years, the highest Beneish M-Score of Enel Chile was -1.64. The lowest was -2.86. And the median was -2.13.

Enel Chile Beneish M-Score Historical Data

The historical data trend for Enel Chile'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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Enel Chile Beneish M-Score Chart

Enel Chile Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.39

-2.11

-2.13

-1.64

-2.12

Enel Chile Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.64	-2.27	-2.44	-2.71	-2.12

Competitive Comparison of Enel Chile's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Enel Chile'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.

Enel Chile's Beneish M-Score Distribution in the Utilities - Regulated Industry

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

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

Enel Chile 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 Enel Chile 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

0.528 * 0.6662

0.404 * 4.7553

0.892 * 1.0061

0.115 * 0.0333

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.629

4.679 * -0.024788

0.327 * 0.5072

-2.06

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $0 Mil.
Revenue was 1175.829 + 1142.403 + 1157.763 + 1488.913 = $4,965 Mil.
Gross Profit was 580.37 + 461.033 + 167.301 + 462.787 = $1,671 Mil.
Total Current Assets was $2,716 Mil.
Total Assets was $13,556 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $300 Mil.
Selling, General, & Admin. Expense(SGA) was $205 Mil.
Total Current Liabilities was $3,201 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 409.872 + 178.55 + -33.296 + 177.961 = $733 Mil.
Non Operating Income was 246.169 + 28.089 + 10.986 + -10.107 = $275 Mil.
Cash Flow from Operations was 462.793 + 381.558 + -343.163 + 292.79 = $794 Mil.

Total Receivables was $2,353 Mil.
Revenue was 1345.605 + 1342.706 + 1106.784 + 1139.648 = $4,935 Mil.
Gross Profit was 338.213 + 323.85 + 134.437 + 310.347 = $1,107 Mil.
Total Current Assets was $3,534 Mil.
Total Assets was $13,686 Mil.
Property, Plant and Equipment(Net PPE) was $7,850 Mil.
Depreciation, Depletion and Amortization(DDA) was $270 Mil.
Selling, General, & Admin. Expense(SGA) was $324 Mil.
Total Current Liabilities was $3,655 Mil.
Long-Term Debt & Capital Lease Obligation was $2,716 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)
	=	(0 / 4964.908)	/	(2353.327 / 4934.743)
	=	0	/	0.476889
	=	0

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)
	=	(1106.847 / 4934.743)	/	(1671.491 / 4964.908)
	=	0.224297	/	0.336661
	=	0.6662

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 - (2716.044 + 0) / 13556.012)	/	(1 - (3534.264 + 7850.028) / 13685.632)
	=	0.799643	/	0.168157
	=	4.7553

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
	=	4964.908	/	4934.743
	=	1.0061

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))
	=	(270.485 / (270.485 + 7850.028))	/	(300.164 / (300.164 + 0))
	=	0.033309	/	1
	=	0.0333

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)
	=	(205.108 / 4964.908)	/	(324.103 / 4934.743)
	=	0.041312	/	0.065678
	=	0.629

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)
	=	((0 + 3200.548) / 13556.012)	/	((2716.32 + 3654.504) / 13685.632)
	=	0.236098	/	0.465512
	=	0.5072

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
	=	(733.087 - 275.137	-	793.978)	/	13556.012
	=	-0.024788

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.

Enel Chile has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.

Enel Chile Beneish M-Score Related Terms

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Enel Chile (Enel Chile) Business Description

Industry

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Traded in Other Exchanges

355:Germany ENELCHILE:Chile

Address

Avenida Santa Rosa 76, Piso 15, Santiago, CHL, 833009

Website

https://www.enelchile.cl

Enel Chile SA is an electricity utility company, which through its subsidiaries and affiliates is engaged in the generation, transmission and distribution of electricity businesses in Chile. It operates through two segments including Generation Business and Distribution and Network Business. The Generation Business Segment is comprised of a group of electricity companies that own electricity generating plants, whose energy is transmitted and distributed to end customers. The Distribution and Network Reportable Segment is comprised of a group of electricity companies operating under a public utility concession.