CGE Transmision Beneish M-Score Historical Data
The historical data trend for CGE Transmision'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.
CGE Transmision Beneish M-Score Chart
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CGE Transmision Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-3.29 |
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CGE Transmision Quarterly Data
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Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-3.29 |
Competitive Comparison of CGE Transmision's Beneish M-Score
For the Utilities - Regulated Electric subindustry, CGE Transmision'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.
CGE Transmision's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, CGE Transmision's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CGE Transmision's Beneish M-Score falls into.
CGE Transmision 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 CGE Transmision 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 * 0.4859 | + | 0.528 * 1.095 | + | 0.404 * 0.9949 | + | 0.892 * 1.1872 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0789 | + | 4.679 * -0.10967 | - | 0.327 * 1.0761 |
| = | -3.29 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was CLP75,722 Mil.
Revenue was 60246.154 + 58496.629 + 59235.878 + 55052.354 = CLP233,031 Mil.
Gross Profit was 38796.902 + 33447.27 + 33518.173 + 33026.821 = CLP138,789 Mil.
Total Current Assets was CLP126,817 Mil.
Total Assets was CLP1,255,572 Mil.
Property, Plant and Equipment(Net PPE) was CLP813,128 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP29,265 Mil.
Total Current Liabilities was CLP464,238 Mil.
Long-Term Debt & Capital Lease Obligation was CLP343,472 Mil.
Net Income was 14204.372 + 2583.588 + 12643.478 + 14249.731 = CLP43,681 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 42165.444 + 16764.759 + 100678.934 + 21770.582 = CLP181,380 Mil.
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Total Receivables was CLP131,268 Mil.
Revenue was 49372.084 + 44583.248 + 43324.529 + 59014.328 = CLP196,294 Mil.
Gross Profit was 27509.74 + 28059.388 + 28201.005 + 44247.981 = CLP128,018 Mil.
Total Current Assets was CLP142,775 Mil.
Total Assets was CLP1,241,748 Mil.
Property, Plant and Equipment(Net PPE) was CLP785,230 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP22,849 Mil.
Total Current Liabilities was CLP568,235 Mil.
Long-Term Debt & Capital Lease Obligation was CLP174,059 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) |
| = | (75722.148 / 233031.015) | / | (131267.722 / 196294.189) |
| = | 0.324945 | / | 0.66873 |
| | = | 0.4859 |
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) |
| = | (128018.114 / 196294.189) | / | (138789.166 / 233031.015) |
| = | 0.652175 | / | 0.595582 |
| | = | 1.095 |
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 - (126817.28 + 813127.777) / 1255571.573) | / | (1 - (142775.489 + 785229.586) / 1241747.928) |
| = | 0.251381 | / | 0.252662 |
| | = | 0.9949 |
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 |
| = | 233031.015 | / | 196294.189 |
| | = | 1.1872 |
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 + 785229.586)) | / | (0 / (0 + 813127.777)) |
| = | 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) |
| = | (29264.875 / 233031.015) | / | (22849.387 / 196294.189) |
| = | 0.125584 | / | 0.116404 |
| | = | 1.0789 |
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) |
| = | ((343471.857 + 464237.725) / 1255571.573) | / | ((174058.94 + 568234.936) / 1241747.928) |
| = | 0.6433 | / | 0.597781 |
| | = | 1.0761 |
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 |
| = | (43681.169 - 0 | - | 181379.719) | / | 1255571.573 |
| | = | -0.10967 |
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.
CGE Transmision has a M-score of -3.29 suggests that the company is unlikely to be a manipulator.
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