Sociedad MatrizAM (XSGO:SMSAAM) Beneish M-Score : -1.42 (As of May. 05, 2024)

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What is Sociedad MatrizAM 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.

Warning Sign:

Beneish M-Score -1.42 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XSGO:SMSAAM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.55 Max: -1.42
Current: -1.42

During the past 13 years, the highest Beneish M-Score of Sociedad MatrizAM was -1.42. The lowest was -3.21. And the median was -2.55.

Sociedad MatrizAM Beneish M-Score Historical Data

The historical data trend for Sociedad MatrizAM'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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Sociedad MatrizAM Beneish M-Score Chart

Sociedad MatrizAM Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.79

-2.84

-1.95

-3.05

-1.42

Sociedad MatrizAM 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															-3.05	-3.00	-3.12	-1.38	-1.42

Competitive Comparison of Sociedad MatrizAM's Beneish M-Score

For the Marine Shipping subindustry, Sociedad MatrizAM'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.

Sociedad MatrizAM's Beneish M-Score Distribution in the Transportation Industry

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

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

Sociedad MatrizAM 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 Sociedad MatrizAM 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 * 1.0361

0.528 * 1.0213

0.404 * 0.985

0.892 * 1.1144

0.115 * 1.2521

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0465

4.679 * 0.180253

0.327 * 0.8266

-1.42

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CLP103,238 Mil.
Revenue was 126094.134 + 125201.046 + 104911.077 + 100144.185 = CLP456,350 Mil.
Gross Profit was 36878.645 + 37394.453 + 29362.034 + 30008.368 = CLP133,644 Mil.
Total Current Assets was CLP919,184 Mil.
Total Assets was CLP1,916,553 Mil.
Property, Plant and Equipment(Net PPE) was CLP744,121 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP9,201 Mil.
Selling, General, & Admin. Expense(SGA) was CLP26,371 Mil.
Total Current Liabilities was CLP443,235 Mil.
Long-Term Debt & Capital Lease Obligation was CLP300,806 Mil.
Net Income was 12632.459 + 410721.424 + 12754.585 + 13926.762 = CLP450,035 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 42641.861 + 33064.292 + 19246.661 + 9618.653 = CLP104,571 Mil.

Total Receivables was CLP89,409 Mil.
Revenue was 107837.84 + 113959.985 + 103432.224 + 84269.411 = CLP409,499 Mil.
Gross Profit was 33509.937 + 34533.534 + 27455.584 + 26979.908 = CLP122,479 Mil.
Total Current Assets was CLP833,326 Mil.
Total Assets was CLP1,638,704 Mil.
Property, Plant and Equipment(Net PPE) was CLP585,536 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP9,094 Mil.
Selling, General, & Admin. Expense(SGA) was CLP22,613 Mil.
Total Current Liabilities was CLP388,566 Mil.
Long-Term Debt & Capital Lease Obligation was CLP381,106 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)
	=	(103237.684 / 456350.442)	/	(89408.675 / 409499.46)
	=	0.226225	/	0.218336
	=	1.0361

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)
	=	(122478.963 / 409499.46)	/	(133643.5 / 456350.442)
	=	0.299094	/	0.292853
	=	1.0213

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 - (919184.036 + 744120.9) / 1916552.965)	/	(1 - (833325.819 + 585536.088) / 1638704.437)
	=	0.132137	/	0.134156
	=	0.985

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
	=	456350.442	/	409499.46
	=	1.1144

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))
	=	(9093.597 / (9093.597 + 585536.088))	/	(9200.935 / (9200.935 + 744120.9))
	=	0.015293	/	0.012214
	=	1.2521

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)
	=	(26371.492 / 456350.442)	/	(22612.779 / 409499.46)
	=	0.057788	/	0.055221
	=	1.0465

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)
	=	((300806.344 + 443235.118) / 1916552.965)	/	((381106.395 + 388566.149) / 1638704.437)
	=	0.388219	/	0.469684
	=	0.8266

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
	=	(450035.23 - 0	-	104571.467)	/	1916552.965
	=	0.180253

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.

Sociedad MatrizAM has a M-score of -1.42 signals that the company is likely to be a manipulator.

Sociedad MatrizAM Beneish M-Score Related Terms

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Sociedad MatrizAM (XSGO:SMSAAM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Sociedad Matriz SAAM SA (XSGO:SMSAAM) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Avenue Apoquindo 4800, Torre II, 18th Floor, Las Condes, Santiago, CHL

Website

http://www.saam.cl

Sociedad Matriz SAAM SA is a Chile based company which provides maritime transport, freight and cargo services. It participates in the businesses of tugboats, harbor terminals and logistics in over 10 countries of the American continent. The company provides foreign trade services by means of its three business divisions, Port Terminals, Towage and Logistics.

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