Quinenco Beneish M-Score Historical Data
The historical data trend for Quinenco'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.
Quinenco Beneish M-Score Chart
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Quinenco Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.54 |
-2.49 |
-2.47 |
-1.84 |
-2.48 |
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Quinenco Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.84 |
-2.13 |
-2.21 |
-2.40 |
-2.48 |
Competitive Comparison of Quinenco's Beneish M-Score
For the Conglomerates subindustry, Quinenco'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.
Quinenco's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Quinenco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Quinenco's Beneish M-Score falls into.
Quinenco 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 Quinenco for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9551 | + | 0.528 * 0.9978 | + | 0.404 * 0.8108 | + | 0.892 * 1.0935 | + | 0.115 * 1.0899 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0257 | + | 4.679 * 0.001748 | - | 0.327 * 0.943 |
| = | -2.48 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was CLP40,336,045 Mil.
Revenue was 2130910.654 + 1799815.827 + 1774971.069 + 1307054.329 = CLP7,012,752 Mil.
Gross Profit was 742290.446 + 666947.996 + 637273.292 + 136830.043 = CLP2,183,342 Mil.
Total Current Assets was CLP52,699,117 Mil.
Total Assets was CLP69,348,511 Mil.
Property, Plant and Equipment(Net PPE) was CLP2,088,908 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP94,070 Mil.
Selling, General, & Admin. Expense(SGA) was CLP551,121 Mil.
Total Current Liabilities was CLP1,709,800 Mil.
Long-Term Debt & Capital Lease Obligation was CLP18,551,509 Mil.
Net Income was 116223.558 + 220636.58 + 98076.334 + 407030.384 = CLP841,967 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 57016.537 + 1512219.321 + -1275193.197 + 426687.565 = CLP720,730 Mil.
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Total Receivables was CLP38,619,591 Mil.
Revenue was 2027459.6 + 1767989.447 + 1590897.975 + 1026723.701 = CLP6,413,071 Mil.
Gross Profit was 647986.712 + 611449.315 + 596844.82 + 135980.932 = CLP1,992,262 Mil.
Total Current Assets was CLP49,854,044 Mil.
Total Assets was CLP69,583,052 Mil.
Property, Plant and Equipment(Net PPE) was CLP1,710,332 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP84,282 Mil.
Selling, General, & Admin. Expense(SGA) was CLP491,344 Mil.
Total Current Liabilities was CLP3,353,608 Mil.
Long-Term Debt & Capital Lease Obligation was CLP18,204,214 Mil.
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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) |
| = | (40336045.005 / 7012751.879) | / | (38619590.837 / 6413070.723) |
| = | 5.751814 | / | 6.022012 |
| | = | 0.9551 |
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) |
| = | (1992261.779 / 6413070.723) | / | (2183341.777 / 7012751.879) |
| = | 0.310656 | / | 0.311339 |
| | = | 0.9978 |
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 - (52699117.009 + 2088908.038) / 69348511.034) | / | (1 - (49854043.583 + 1710332.167) / 69583051.9) |
| = | 0.209961 | / | 0.258952 |
| | = | 0.8108 |
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 |
| = | 7012751.879 | / | 6413070.723 |
| | = | 1.0935 |
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)) |
| = | (84282.375 / (84282.375 + 1710332.167)) | / | (94069.889 / (94069.889 + 2088908.038)) |
| = | 0.046964 | / | 0.043092 |
| | = | 1.0899 |
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) |
| = | (551120.814 / 7012751.879) | / | (491344.208 / 6413070.723) |
| = | 0.078588 | / | 0.076616 |
| | = | 1.0257 |
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) |
| = | ((18551509.447 + 1709800.291) / 69348511.034) | / | ((18204214.464 + 3353607.849) / 69583051.9) |
| = | 0.292166 | / | 0.309814 |
| | = | 0.943 |
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 |
| = | (841966.856 - 0 | - | 720730.226) | / | 69348511.034 |
| | = | 0.001748 |
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.
Quinenco has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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