Aguas Andinas (XSGO:AGUAS-A) Beneish M-Score : -2.59 (As of May. 21, 2024)

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What is Aguas Andinas 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:AGUAS-A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.65 Max: -2.46
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Aguas Andinas was -2.46. The lowest was -2.92. And the median was -2.65.

Aguas Andinas Beneish M-Score Historical Data

The historical data trend for Aguas Andinas'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.

Aguas Andinas Beneish M-Score Chart

Aguas Andinas Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.67

-2.92

-2.64

-2.58

-2.59

Aguas Andinas 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															-2.58	-2.61	-3.11	-2.76	-2.59

Competitive Comparison of Aguas Andinas's Beneish M-Score

For the Utilities - Regulated Water subindustry, Aguas Andinas'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.

Aguas Andinas's Beneish M-Score Distribution in the Utilities - Regulated Industry

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

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

Aguas Andinas 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 Aguas Andinas 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 * 0.9738

0.528 * 0.9875

0.404 * 0.9878

0.892 * 1.104

0.115 * 1.0138

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9229

4.679 * -0.039618

0.327 * 0.9922

-2.59

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CLP132,022 Mil.
Revenue was 165620.335 + 142109.245 + 153443.847 + 179682.427 = CLP640,856 Mil.
Gross Profit was 133869.167 + 109780.316 + 117396.204 + 143575.809 = CLP504,621 Mil.
Total Current Assets was CLP275,004 Mil.
Total Assets was CLP2,423,348 Mil.
Property, Plant and Equipment(Net PPE) was CLP1,809,678 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP77,689 Mil.
Selling, General, & Admin. Expense(SGA) was CLP8,587 Mil.
Total Current Liabilities was CLP361,668 Mil.
Long-Term Debt & Capital Lease Obligation was CLP967,050 Mil.
Net Income was 36908.045 + 22059.594 + 25510.664 + 48912.118 = CLP133,390 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 60041.686 + 38305.347 + 64848.838 + 66201.58 = CLP229,397 Mil.

Total Receivables was CLP122,800 Mil.
Revenue was 161722.552 + 137522.896 + 130883.929 + 150338.677 = CLP580,468 Mil.
Gross Profit was 127412.093 + 104412.14 + 101918.715 + 117616.018 = CLP451,359 Mil.
Total Current Assets was CLP324,838 Mil.
Total Assets was CLP2,379,350 Mil.
Property, Plant and Equipment(Net PPE) was CLP1,717,884 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP74,812 Mil.
Selling, General, & Admin. Expense(SGA) was CLP8,429 Mil.
Total Current Liabilities was CLP265,797 Mil.
Long-Term Debt & Capital Lease Obligation was CLP1,049,097 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)
	=	(132021.849 / 640855.854)	/	(122800.359 / 580468.054)
	=	0.206009	/	0.211554
	=	0.9738

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)
	=	(451358.966 / 580468.054)	/	(504621.496 / 640855.854)
	=	0.777578	/	0.787418
	=	0.9875

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 - (275004.41 + 1809678.004) / 2423347.729)	/	(1 - (324838.124 + 1717884.251) / 2379349.56)
	=	0.139751	/	0.141479
	=	0.9878

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
	=	640855.854	/	580468.054
	=	1.104

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))
	=	(74811.69 / (74811.69 + 1717884.251))	/	(77689.35 / (77689.35 + 1809678.004))
	=	0.041731	/	0.041163
	=	1.0138

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)
	=	(8587.167 / 640855.854)	/	(8428.669 / 580468.054)
	=	0.0134	/	0.01452
	=	0.9229

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)
	=	((967050.361 + 361668.126) / 2423347.729)	/	((1049097.376 + 265797.147) / 2379349.56)
	=	0.548299	/	0.552628
	=	0.9922

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
	=	(133390.421 - 0	-	229397.451)	/	2423347.729
	=	-0.039618

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.

Aguas Andinas has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.

Aguas Andinas Beneish M-Score Related Terms

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Aguas Andinas (XSGO:AGUAS-A) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Aguas Andinas SA (XSGO:AGUAS-A) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Avenida Presidente Balmaceda No. 1398, 14th Floor, Santiago, CHL

Website

https://www.aguasandinasinversionistas.cl

Aguas Andinas SA delivers water-treatment solutions and other sanitation services under concession arrangements from the Chilean government. The company collects, cleans, and distributes water to residential, commercial, and industrial clients. Also, the company treats and disposes sewage and remnants from the process. Wastewater is decontaminated and used for irrigation systems. Aguas Andinas has two operating segments: water (a majority of total revenue) and nonwater. The company gathers water flowing from the Andes and has plants to transform it into a usable form. It uses tanks and an extensive underground network to distribute water to customers.

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