Embotelladora Andina Beneish M-Score Historical Data
The historical data trend for Embotelladora Andina'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.
Embotelladora Andina Beneish M-Score Chart
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Embotelladora Andina Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-2.81 |
-2.30 |
-2.74 |
-2.61 |
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Embotelladora Andina Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.90 |
-2.91 |
-2.71 |
-2.61 |
-2.45 |
Competitive Comparison of Embotelladora Andina's Beneish M-Score
For the Beverages - Non-Alcoholic subindustry, Embotelladora Andina'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.
Embotelladora Andina's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Embotelladora Andina's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Embotelladora Andina's Beneish M-Score falls into.
Embotelladora Andina 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 Embotelladora Andina 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 * 0.9686 | + | 0.528 * 0.9864 | + | 0.404 * 1.0093 | + | 0.892 * 1.0219 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9686 | + | 4.679 * -0.017838 | - | 0.327 * 0.937 |
| = | -2.55 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $318 Mil.
Revenue was 921.745 + 684.386 + 739.196 + 765.471 = $3,111 Mil.
Gross Profit was 374.474 + 261.227 + 284.618 + 294.786 = $1,215 Mil.
Total Current Assets was $1,130 Mil.
Total Assets was $3,579 Mil.
Property, Plant and Equipment(Net PPE) was $1,140 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $776 Mil.
Total Current Liabilities was $706 Mil.
Long-Term Debt & Capital Lease Obligation was $1,154 Mil.
Net Income was 81.12 + 67.921 + 70.252 + 15.189 = $234 Mil.
Non Operating Income was -1.607 + -16.483 + 13.805 + -40.565 = $-45 Mil.
Cash Flow from Operations was 0 + 192.947 + 78.723 + 71.494 = $343 Mil.
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Total Receivables was $321 Mil.
Revenue was 889.191 + 835.282 + 676.499 + 643.191 = $3,044 Mil.
Gross Profit was 350.418 + 320.219 + 255.032 + 247.188 = $1,173 Mil.
Total Current Assets was $1,301 Mil.
Total Assets was $3,592 Mil.
Property, Plant and Equipment(Net PPE) was $989 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $784 Mil.
Total Current Liabilities was $1,009 Mil.
Long-Term Debt & Capital Lease Obligation was $983 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) |
| = | (317.798 / 3110.798) | / | (321.082 / 3044.163) |
| = | 0.10216 | / | 0.105475 |
| | = | 0.9686 |
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) |
| = | (1172.857 / 3044.163) | / | (1215.105 / 3110.798) |
| = | 0.385281 | / | 0.390609 |
| | = | 0.9864 |
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 - (1129.809 + 1140.289) / 3578.505) | / | (1 - (1301.471 + 988.978) / 3591.584) |
| = | 0.36563 | / | 0.362273 |
| | = | 1.0093 |
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 |
| = | 3110.798 | / | 3044.163 |
| | = | 1.0219 |
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)) |
| = | (0 / (0 + 988.978)) | / | (0 / (0 + 1140.289)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (775.514 / 3110.798) | / | (783.535 / 3044.163) |
| = | 0.249297 | / | 0.257389 |
| | = | 0.9686 |
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) |
| = | ((1154.028 + 705.731) / 3578.505) | / | ((983.26 + 1008.757) / 3591.584) |
| = | 0.519703 | / | 0.554635 |
| | = | 0.937 |
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 |
| = | (234.482 - -44.85 | - | 343.164) | / | 3578.505 |
| | = | -0.017838 |
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.
Embotelladora Andina has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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