Colbun (XSGO:COLBUN) Beneish M-Score : -2.98 (As of Apr. 27, 2024)

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What is Colbun 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 -2.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:COLBUN' s Beneish M-Score Range Over the Past 10 Years
Min: -4.07 Med: -2.63 Max: -1.57
Current: -2.98

During the past 13 years, the highest Beneish M-Score of Colbun was -1.57. The lowest was -4.07. And the median was -2.63.

Colbun Beneish M-Score Historical Data

The historical data trend for Colbun'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.

Colbun Beneish M-Score Chart

Colbun Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.07

-2.93

-1.57

-2.70

-2.98

Colbun 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															-2.70	-2.68	-3.07	-2.59	-2.98

Competitive Comparison of Colbun's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Colbun'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.

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

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

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

Colbun 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 Colbun 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 * 0.7646

0.528 * 1.0412

0.404 * 0.83

0.892 * 0.9585

0.115 * 1.2052

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9959

4.679 * -0.051133

0.327 * 0.9588

-2.98

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CLP208,648 Mil.
Revenue was 357249.544 + 447778.532 + 438268.089 + 437748.976 = CLP1,681,045 Mil.
Gross Profit was 175648.013 + 240561.972 + 141274.889 + 182321.868 = CLP739,807 Mil.
Total Current Assets was CLP1,245,049 Mil.
Total Assets was CLP5,814,478 Mil.
Property, Plant and Equipment(Net PPE) was CLP4,365,012 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP173,648 Mil.
Selling, General, & Admin. Expense(SGA) was CLP1,617 Mil.
Total Current Liabilities was CLP411,016 Mil.
Long-Term Debt & Capital Lease Obligation was CLP1,782,786 Mil.
Net Income was 47079.939 + 106753.201 + 107492.496 + 69397.014 = CLP330,723 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 157359.71 + 345983.025 + 67921.978 + 56767.105 = CLP628,032 Mil.

Total Receivables was CLP284,699 Mil.
Revenue was 481239.984 + 471580.908 + 472824.087 + 328112.678 = CLP1,753,758 Mil.
Gross Profit was 258701.053 + 231408.195 + 172487.93 + 141029.942 = CLP803,627 Mil.
Total Current Assets was CLP1,463,779 Mil.
Total Assets was CLP5,727,446 Mil.
Property, Plant and Equipment(Net PPE) was CLP4,021,056 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP194,378 Mil.
Selling, General, & Admin. Expense(SGA) was CLP1,695 Mil.
Total Current Liabilities was CLP470,495 Mil.
Long-Term Debt & Capital Lease Obligation was CLP1,783,220 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)
	=	(208648.141 / 1681045.141)	/	(284699.215 / 1753757.657)
	=	0.124118	/	0.162337
	=	0.7646

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)
	=	(803627.12 / 1753757.657)	/	(739806.742 / 1681045.141)
	=	0.458232	/	0.440087
	=	1.0412

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 - (1245049.282 + 4365011.815) / 5814478.05)	/	(1 - (1463779.096 + 4021056.379) / 5727445.688)
	=	0.035157	/	0.042359
	=	0.83

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
	=	1681045.141	/	1753757.657
	=	0.9585

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))
	=	(194378.149 / (194378.149 + 4021056.379))	/	(173647.645 / (173647.645 + 4365011.815))
	=	0.046111	/	0.03826
	=	1.2052

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)
	=	(1617.169 / 1681045.141)	/	(1694.909 / 1753757.657)
	=	0.000962	/	0.000966
	=	0.9959

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)
	=	((1782786.474 + 411016.28) / 5814478.05)	/	((1783220.269 + 470495.129) / 5727445.688)
	=	0.3773	/	0.393494
	=	0.9588

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
	=	(330722.65 - 0	-	628031.818)	/	5814478.05
	=	-0.051133

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.

Colbun has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.

Colbun Beneish M-Score Related Terms

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Colbun (XSGO:COLBUN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Colbun SA (XSGO:COLBUN) » Definitions » Beneish M-Score

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Address

Avenida Apoquindo 4775, Piso 11, Santiago, CHL

Website

http://www.colbun.cl

Colbun SA is a Chilean origin utility company engaged in the electric power generation, transmission and distribution using a diverse field of natural energy resources. The company supplies energy to 18 large customers, among which 15 are regulated customers and three are free or industrial customers such as mining companies, transport services, and water treatment plants. Colbun owns and operates thermoelectric power stations and hydroelectric and hydro run-of-the-river power plants. It operates 23 power plants in Chile and one in Peru, through which it has a total installed capacity of around 3,852 MW.

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