Empresas CMPC (XSGO:CMPC) Beneish M-Score : -2.55 (As of Apr. 29, 2024)

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What is Empresas CMPC 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:CMPC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05 Med: -2.54 Max: -2.31
Current: -2.55

During the past 13 years, the highest Beneish M-Score of Empresas CMPC was -2.31. The lowest was -3.05. And the median was -2.54.

Empresas CMPC Beneish M-Score Historical Data

The historical data trend for Empresas CMPC'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.

Empresas CMPC Beneish M-Score Chart

Empresas CMPC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.48

-2.68

-2.42

-2.31

-2.55

Empresas CMPC 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															-2.31	-2.50	-2.67	-2.76	-2.55

Competitive Comparison of Empresas CMPC's Beneish M-Score

For the Paper & Paper Products subindustry, Empresas CMPC'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.

Empresas CMPC's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Empresas CMPC's Beneish M-Score distribution charts can be found below:

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

Empresas CMPC 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 Empresas CMPC 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 * 0.8925

0.528 * 1.3645

0.404 * 1.0326

0.892 * 0.9802

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.203

4.679 * -0.022513

0.327 * 1.0611

-2.55

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CLP1,033,496 Mil.
Revenue was 1709932.687 + 1810447.957 + 1618148.273 + 1680186.008 = CLP6,818,715 Mil.
Gross Profit was 292983.839 + 337517.674 + 322739.162 + 508633.858 = CLP1,461,875 Mil.
Total Current Assets was CLP3,991,423 Mil.
Total Assets was CLP14,994,931 Mil.
Property, Plant and Equipment(Net PPE) was CLP7,228,368 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP800,908 Mil.
Total Current Liabilities was CLP2,161,751 Mil.
Long-Term Debt & Capital Lease Obligation was CLP4,317,545 Mil.
Net Income was 30403.975 + 76517.343 + 99993.859 + 178749.406 = CLP385,665 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 119959.914 + 278388.081 + 60681.804 + 264213.029 = CLP723,243 Mil.

Total Receivables was CLP1,181,358 Mil.
Revenue was 1738394.117 + 2031619.691 + 1824420.051 + 1361821.387 = CLP6,956,255 Mil.
Gross Profit was 471832.925 + 623337.574 + 568775.115 + 371022.343 = CLP2,034,968 Mil.
Total Current Assets was CLP4,060,309 Mil.
Total Assets was CLP14,368,072 Mil.
Property, Plant and Equipment(Net PPE) was CLP6,804,491 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP679,206 Mil.
Total Current Liabilities was CLP2,080,310 Mil.
Long-Term Debt & Capital Lease Obligation was CLP3,770,553 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)
	=	(1033495.964 / 6818714.925)	/	(1181358.383 / 6956255.246)
	=	0.151568	/	0.169827
	=	0.8925

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)
	=	(2034967.957 / 6956255.246)	/	(1461874.533 / 6818714.925)
	=	0.292538	/	0.214392
	=	1.3645

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 - (3991423.266 + 7228368.081) / 14994930.779)	/	(1 - (4060308.524 + 6804490.626) / 14368071.94)
	=	0.251761	/	0.243823
	=	1.0326

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
	=	6818714.925	/	6956255.246
	=	0.9802

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 + 6804490.626))	/	(0 / (0 + 7228368.081))
	=	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)
	=	(800907.775 / 6818714.925)	/	(679205.858 / 6956255.246)
	=	0.117457	/	0.09764
	=	1.203

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)
	=	((4317545.16 + 2161750.649) / 14994930.779)	/	((3770552.906 + 2080309.925) / 14368071.94)
	=	0.432099	/	0.407213
	=	1.0611

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
	=	(385664.583 - 0	-	723242.828)	/	14994930.779
	=	-0.022513

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.

Empresas CMPC has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.

Empresas CMPC Beneish M-Score Related Terms

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Empresas CMPC (XSGO:CMPC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Forest Products » Empresas CMPC SA (XSGO:CMPC) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Agustinas 1343, Santiago, CHL

Website

http://www.cmpc.cl

Empresas CMPC SA produces and sells pulp, paper, packaging, tissue paper, and other paper products. The firm organizes itself into three segments based on product type. The pulp forestry segment, which generates the majority of revenue, harvests timber and sells pulp, which is used to make paper products. The paper segment sells a variety of paper products. The tissue segment sells tissue papers. The majority of revenue comes from Latin America. The majority of the company's shares outstanding are owned by Matte Group.

Empresas CMPC (XSGO:CMPC) Headlines

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