Carozzi Beneish M-Score Historical Data
The historical data trend for Carozzi'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.
Carozzi Beneish M-Score Chart
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Carozzi Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.87 |
-2.51 |
-2.17 |
-2.99 |
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Carozzi Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.33 |
-2.56 |
-2.78 |
-2.99 |
-2.97 |
Competitive Comparison of Carozzi's Beneish M-Score
For the Packaged Foods subindustry, Carozzi'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.
Carozzi's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Carozzi's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carozzi's Beneish M-Score falls into.
Carozzi 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 Carozzi for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9694 | + | 0.528 * 0.9155 | + | 0.404 * 1.0281 | + | 0.892 * 1.0553 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0282 | + | 4.679 * -0.108827 | - | 0.327 * 0.8898 |
| = | -2.97 |
* 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.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was CLP257,341 Mil.
Revenue was 351377.185 + 393666.485 + 386487.304 + 366893.788 = CLP1,498,425 Mil.
Gross Profit was 127002.881 + 146071.545 + 139548.964 + 123688.956 = CLP536,312 Mil.
Total Current Assets was CLP650,311 Mil.
Total Assets was CLP1,596,823 Mil.
Property, Plant and Equipment(Net PPE) was CLP695,190 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP335,955 Mil.
Total Current Liabilities was CLP442,863 Mil.
Long-Term Debt & Capital Lease Obligation was CLP290,422 Mil.
Net Income was 20512.42 + 25529.552 + 25451.956 + 18242.376 = CLP89,736 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 22890.253 + 96495.752 + 103599.024 + 40529.474 = CLP263,515 Mil.
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Total Receivables was CLP251,536 Mil.
Revenue was 323116.795 + 398649.16 + 371215.387 + 326887.663 = CLP1,419,869 Mil.
Gross Profit was 107779.794 + 131116.737 + 120863.586 + 105515.436 = CLP465,276 Mil.
Total Current Assets was CLP678,806 Mil.
Total Assets was CLP1,522,963 Mil.
Property, Plant and Equipment(Net PPE) was CLP611,003 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP309,616 Mil.
Total Current Liabilities was CLP452,607 Mil.
Long-Term Debt & Capital Lease Obligation was CLP333,388 Mil.
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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) |
| = | (257340.902 / 1498424.762) | / | (251536.325 / 1419869.005) |
| = | 0.171741 | / | 0.177155 |
| | = | 0.9694 |
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) |
| = | (465275.553 / 1419869.005) | / | (536312.346 / 1498424.762) |
| = | 0.327689 | / | 0.357917 |
| | = | 0.9155 |
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 - (650311.4 + 695190.034) / 1596823.002) | / | (1 - (678806.089 + 611002.811) / 1522962.839) |
| = | 0.157388 | / | 0.153092 |
| | = | 1.0281 |
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 |
| = | 1498424.762 | / | 1419869.005 |
| | = | 1.0553 |
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 + 611002.811)) | / | (0 / (0 + 695190.034)) |
| = | 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) |
| = | (335954.568 / 1498424.762) | / | (309615.504 / 1419869.005) |
| = | 0.224205 | / | 0.218059 |
| | = | 1.0282 |
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) |
| = | ((290422.147 + 442862.648) / 1596823.002) | / | ((333387.896 + 452606.688) / 1522962.839) |
| = | 0.459215 | / | 0.516096 |
| | = | 0.8898 |
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 |
| = | (89736.304 - 0 | - | 263514.503) | / | 1596823.002 |
| | = | -0.108827 |
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.
Carozzi has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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