Engie Energia Chile (XSGO:ECL) Beneish M-Score : -3.76 (As of May. 06, 2024)

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What is Engie Energia Chile 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 -3.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:ECL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.76 Med: -2.53 Max: 5.19
Current: -3.76

During the past 13 years, the highest Beneish M-Score of Engie Energia Chile was 5.19. The lowest was -3.76. And the median was -2.53.

Engie Energia Chile Beneish M-Score Historical Data

The historical data trend for Engie Energia Chile'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.

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Engie Energia Chile Beneish M-Score Chart

Engie Energia Chile Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.32

-2.38

-1.34

5.19

-3.76

Engie Energia Chile Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-0.07	-3.09	-3.47	-3.76	-

Competitive Comparison of Engie Energia Chile's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Engie Energia Chile'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.

Engie Energia Chile's Beneish M-Score Distribution in the Utilities - Regulated Industry

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

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

Engie Energia Chile 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 Engie Energia Chile 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 * 0.833

0.528 * 0.1465

0.404 * 0.9879

0.892 * 0.9543

0.115 * 1.0466

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4477

4.679 * -0.176319

0.327 * 1.1302

-4.07

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was CLP169,778 Mil.
Revenue was 386477.656 + 411964.303 + 464262.162 + 494596.158 = CLP1,757,300 Mil.
Gross Profit was 95713.728 + 43730.43 + 75658.565 + 38645.831 = CLP253,749 Mil.
Total Current Assets was CLP702,800 Mil.
Total Assets was CLP3,662,787 Mil.
Property, Plant and Equipment(Net PPE) was CLP2,292,461 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP3,847 Mil.
Selling, General, & Admin. Expense(SGA) was CLP26,848 Mil.
Total Current Liabilities was CLP802,732 Mil.
Long-Term Debt & Capital Lease Obligation was CLP1,377,749 Mil.
Net Income was 40204.585 + -419497.862 + 38678.538 + 5725.516 = CLP-334,889 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 43005.008 + 27074.544 + 196112.305 + 44738.172 = CLP310,930 Mil.

Total Receivables was CLP213,577 Mil.
Revenue was 463944.928 + 452003.539 + 482693.772 + 442867.105 = CLP1,841,509 Mil.
Gross Profit was 50754.854 + 18363.272 + 10044.468 + -40197.168 = CLP38,965 Mil.
Total Current Assets was CLP721,185 Mil.
Total Assets was CLP3,595,902 Mil.
Property, Plant and Equipment(Net PPE) was CLP2,211,360 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP3,883 Mil.
Selling, General, & Admin. Expense(SGA) was CLP19,434 Mil.
Total Current Liabilities was CLP662,318 Mil.
Long-Term Debt & Capital Lease Obligation was CLP1,231,731 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)
	=	(169778.297 / 1757300.279)	/	(213576.572 / 1841509.344)
	=	0.096613	/	0.115979
	=	0.833

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)
	=	(38965.426 / 1841509.344)	/	(253748.554 / 1757300.279)
	=	0.02116	/	0.144397
	=	0.1465

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 - (702799.812 + 2292460.942) / 3662787.277)	/	(1 - (721185.104 + 2211360.477) / 3595901.945)
	=	0.182246	/	0.184476
	=	0.9879

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
	=	1757300.279	/	1841509.344
	=	0.9543

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))
	=	(3882.828 / (3882.828 + 2211360.477))	/	(3847.368 / (3847.368 + 2292460.942))
	=	0.001753	/	0.001675
	=	1.0466

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)
	=	(26847.886 / 1757300.279)	/	(19433.624 / 1841509.344)
	=	0.015278	/	0.010553
	=	1.4477

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)
	=	((1377749.029 + 802731.635) / 3662787.277)	/	((1231731.485 + 662317.619) / 3595901.945)
	=	0.595306	/	0.526724
	=	1.1302

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
	=	(-334889.223 - 0	-	310930.029)	/	3662787.277
	=	-0.176319

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.

Engie Energia Chile has a M-score of -4.07 suggests that the company is unlikely to be a manipulator.

Engie Energia Chile Beneish M-Score Related Terms

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Engie Energia Chile (XSGO:ECL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Engie Energia Chile SA (XSGO:ECL) » Definitions » Beneish M-Score

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Address

EL Bosque Norte Avenue 500, Room 902, Santiago, CHL

Website

https://www.engie.cl

Engie Energia Chile SA is in electricity transmission and generation business. The company produces transports and supplies electric power to industrial clients and mining companies in the Great North of Chile. It purchases, sales, distributes and markets gas and its by-products as well as purchase, sale, and transport all kinds of fuels. The company also offers consultancy services in engineering and management specialties and provides maintenance service of the electric system.