Grupo Empresas Navieras (XSGO:NAVIERA) Beneish M-Score : -2.66 (As of May. 04, 2024)

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What is Grupo Empresas Navieras 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:NAVIERA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.4 Med: -2.57 Max: -2.02
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Grupo Empresas Navieras was -2.02. The lowest was -3.40. And the median was -2.57.

Grupo Empresas Navieras Beneish M-Score Historical Data

The historical data trend for Grupo Empresas Navieras'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.

Grupo Empresas Navieras Beneish M-Score Chart

Grupo Empresas Navieras Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.65

-3.40

-2.02

-2.36

-2.66

Grupo Empresas Navieras 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															-2.36	-2.66	-3.08	-2.78	-2.66

Competitive Comparison of Grupo Empresas Navieras's Beneish M-Score

For the Marine Shipping subindustry, Grupo Empresas Navieras'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.

Grupo Empresas Navieras's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Grupo Empresas Navieras's Beneish M-Score distribution charts can be found below:

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

Grupo Empresas Navieras 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 Grupo Empresas Navieras 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 * 1.1547

0.528 * 0.9986

0.404 * 1.0868

0.892 * 0.8933

0.115 * 1.4067

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4474

4.679 * -0.048213

0.327 * 1.0029

-2.66

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CLP175,122 Mil.
Revenue was 206038.893 + 206218.129 + 172123.486 + 177226.019 = CLP761,607 Mil.
Gross Profit was 41645.825 + 36602.782 + 30580.502 + 31440.983 = CLP140,270 Mil.
Total Current Assets was CLP279,156 Mil.
Total Assets was CLP1,127,695 Mil.
Property, Plant and Equipment(Net PPE) was CLP649,694 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP3,014 Mil.
Selling, General, & Admin. Expense(SGA) was CLP34,858 Mil.
Total Current Liabilities was CLP293,276 Mil.
Long-Term Debt & Capital Lease Obligation was CLP374,005 Mil.
Net Income was 8686.725 + 13783.061 + 4892.335 + -1371.838 = CLP25,990 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 27355.634 + 19641.247 + 23345.947 + 10017.26 = CLP80,360 Mil.

Total Receivables was CLP169,781 Mil.
Revenue was 197354.891 + 232938.339 + 234901.453 + 187422.002 = CLP852,617 Mil.
Gross Profit was 37524.194 + 44593.457 + 41095.059 + 33595.988 = CLP156,809 Mil.
Total Current Assets was CLP295,655 Mil.
Total Assets was CLP1,115,909 Mil.
Property, Plant and Equipment(Net PPE) was CLP639,196 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP4,179 Mil.
Selling, General, & Admin. Expense(SGA) was CLP26,962 Mil.
Total Current Liabilities was CLP250,568 Mil.
Long-Term Debt & Capital Lease Obligation was CLP407,816 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)
	=	(175121.624 / 761606.527)	/	(169781.371 / 852616.685)
	=	0.229937	/	0.19913
	=	1.1547

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)
	=	(156808.698 / 852616.685)	/	(140270.092 / 761606.527)
	=	0.183915	/	0.184177
	=	0.9986

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 - (279156.311 + 649693.9) / 1127695.124)	/	(1 - (295654.754 + 639196.205) / 1115908.663)
	=	0.176329	/	0.162251
	=	1.0868

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
	=	761606.527	/	852616.685
	=	0.8933

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))
	=	(4179.492 / (4179.492 + 639196.205))	/	(3014.12 / (3014.12 + 649693.9))
	=	0.006496	/	0.004618
	=	1.4067

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)
	=	(34858.37 / 761606.527)	/	(26962.381 / 852616.685)
	=	0.04577	/	0.031623
	=	1.4474

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)
	=	((374004.946 + 293276.277) / 1127695.124)	/	((407816.373 + 250567.631) / 1115908.663)
	=	0.591721	/	0.589998
	=	1.0029

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
	=	(25990.283 - 0	-	80360.088)	/	1127695.124
	=	-0.048213

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.

Grupo Empresas Navieras has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

Grupo Empresas Navieras Beneish M-Score Related Terms

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Grupo Empresas Navieras (XSGO:NAVIERA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Grupo Empresas Navieras SA (XSGO:NAVIERA) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Urriola 87, 4th floor, Valparaiso, CHL

Website

http://www.naviera.cl

Grupo Empresas Navieras SA through its holdings is engaged in the business of maritime transport. It is an agent of ships and provides services to cargo. It is engaged in the representations of transport operators, both maritime and air, investments in port and air infrastructure, land equipment and afloat, land transport , storage and distribution of products.

Grupo Empresas Navieras (XSGO:NAVIERA) Headlines

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