Empresa Electrica Pehuenche (XSGO:PEHUENCHE) Beneish M-Score : -1.87 (As of May. 15, 2024)

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What is Empresa Electrica Pehuenche 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 -1.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:PEHUENCHE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.46 Med: -2.42 Max: -0.76
Current: -1.87

During the past 13 years, the highest Beneish M-Score of Empresa Electrica Pehuenche was -0.76. The lowest was -3.46. And the median was -2.42.

Empresa Electrica Pehuenche Beneish M-Score Historical Data

The historical data trend for Empresa Electrica Pehuenche'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.

Empresa Electrica Pehuenche Beneish M-Score Chart

Empresa Electrica Pehuenche Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.13

-2.58

-2.37

-1.80

-1.42

Empresa Electrica Pehuenche 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															-1.77	-1.61	-2.10	-1.42	-1.87

Competitive Comparison of Empresa Electrica Pehuenche's Beneish M-Score

For the Utilities - Renewable subindustry, Empresa Electrica Pehuenche'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.

Empresa Electrica Pehuenche's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Empresa Electrica Pehuenche's Beneish M-Score distribution charts can be found below:

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

Empresa Electrica Pehuenche 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 Empresa Electrica Pehuenche 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 * 1.019

0.528 * 1.003

0.404 * 1.0252

0.892 * 0.8702

0.115 * 1.123

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3081

4.679 * 0.163316

0.327 * 1.073

-1.87

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was CLP101,212 Mil.
Revenue was 60364.025 + 58581.584 + 103943.805 + 55191.759 = CLP278,081 Mil.
Gross Profit was 58566.017 + 57546.498 + 99060.852 + 53290.982 = CLP268,464 Mil.
Total Current Assets was CLP102,779 Mil.
Total Assets was CLP266,102 Mil.
Property, Plant and Equipment(Net PPE) was CLP163,237 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP8,487 Mil.
Selling, General, & Admin. Expense(SGA) was CLP7,457 Mil.
Total Current Liabilities was CLP29,413 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0 Mil.
Net Income was 40995.753 + 40113.802 + 69723.91 + 37818.016 = CLP188,651 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 43236.677 + 37540.398 + 49677.33 + 14738.463 = CLP145,193 Mil.

Total Receivables was CLP114,150 Mil.
Revenue was 47131.692 + 100698.801 + 115603.656 + 56139.489 = CLP319,574 Mil.
Gross Profit was 45087.203 + 100642.719 + 109460.201 + 54270.508 = CLP309,461 Mil.
Total Current Assets was CLP115,521 Mil.
Total Assets was CLP272,782 Mil.
Property, Plant and Equipment(Net PPE) was CLP157,174 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP9,236 Mil.
Selling, General, & Admin. Expense(SGA) was CLP6,551 Mil.
Total Current Liabilities was CLP28,098 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0 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)
	=	(101212.059 / 278081.173)	/	(114149.697 / 319573.638)
	=	0.363966	/	0.357194
	=	1.019

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)
	=	(309460.631 / 319573.638)	/	(268464.349 / 278081.173)
	=	0.968355	/	0.965417
	=	1.003

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 - (102778.644 + 163237.036) / 266102.143)	/	(1 - (115521.162 + 157173.903) / 272781.528)
	=	0.000325	/	0.000317
	=	1.0252

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
	=	278081.173	/	319573.638
	=	0.8702

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))
	=	(9235.567 / (9235.567 + 157173.903))	/	(8486.755 / (8486.755 + 163237.036))
	=	0.055499	/	0.049421
	=	1.123

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)
	=	(7457.322 / 278081.173)	/	(6551.247 / 319573.638)
	=	0.026817	/	0.0205
	=	1.3081

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)
	=	((0 + 29412.611) / 266102.143)	/	((0 + 28098.282) / 272781.528)
	=	0.110531	/	0.103007
	=	1.073

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
	=	(188651.481 - 0	-	145192.868)	/	266102.143
	=	0.163316

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.

Empresa Electrica Pehuenche has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.

Empresa Electrica Pehuenche Beneish M-Score Related Terms

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Empresa Electrica Pehuenche (XSGO:PEHUENCHE) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Empresa Electrica Pehuenche SA (XSGO:PEHUENCHE) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Santa Rosa 76, Piso 16, Santiago, CHL

Website

http://www.endesa.cl

Empresa Electrica Pehuenche SA is an electric power generation and distribution company. The firm is mainly engaged in the generation, transportation, distribution, and supply of electric power and promotes the commercialization of Liquefied Natural Gas in the industrial, residential, and commercial sectors. It also provides engineering and consulting services. The company owns the Pehuenche, Curillinque and Loma Alta hydroelectric plants, all located in the Maule River basin, Maule Region.

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