ENCE Energia y Celulosa Beneish M-Score Historical Data
The historical data trend for ENCE Energia y Celulosa'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.
ENCE Energia y Celulosa Beneish M-Score Chart
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ENCE Energia y Celulosa Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.60 |
-1.96 |
-3.23 |
-2.85 |
-2.55 |
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ENCE Energia y Celulosa Quarterly Data
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Jun19 |
Sep19 |
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Mar21 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.55 |
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Competitive Comparison of ENCE Energia y Celulosa's Beneish M-Score
For the Paper & Paper Products subindustry, ENCE Energia y Celulosa'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.
ENCE Energia y Celulosa's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, ENCE Energia y Celulosa's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ENCE Energia y Celulosa's Beneish M-Score falls into.
ENCE Energia y Celulosa 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 ENCE Energia y Celulosa 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 * 0.8621 | + | 0.528 * 1.2544 | + | 0.404 * 1.3224 | + | 0.892 * 0.8512 | + | 0.115 * 0.9731 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2778 | + | 4.679 * 0.012589 | - | 0.327 * 1.1834 |
| = | -2.53 |
* 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 $42.98 Mil.
Revenue was $904.69 Mil.
Gross Profit was $440.36 Mil.
Total Current Assets was $517.43 Mil.
Total Assets was $1,854.39 Mil.
Property, Plant and Equipment(Net PPE) was $1,078.52 Mil.
Depreciation, Depletion and Amortization(DDA) was $111.11 Mil.
Selling, General, & Admin. Expense(SGA) was $94.61 Mil.
Total Current Liabilities was $511.01 Mil.
Long-Term Debt & Capital Lease Obligation was $404.82 Mil.
Net Income was $-26.96 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $-50.30 Mil.
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Total Receivables was $58.57 Mil.
Revenue was $1,062.90 Mil.
Gross Profit was $648.99 Mil.
Total Current Assets was $644.83 Mil.
Total Assets was $1,885.81 Mil.
Property, Plant and Equipment(Net PPE) was $1,042.24 Mil.
Depreciation, Depletion and Amortization(DDA) was $104.20 Mil.
Selling, General, & Admin. Expense(SGA) was $86.99 Mil.
Total Current Liabilities was $546.87 Mil.
Long-Term Debt & Capital Lease Obligation was $240.14 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) |
| = | (42.978 / 904.692) | / | (58.569 / 1062.896) |
| = | 0.047506 | / | 0.055103 |
| | = | 0.8621 |
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) |
| = | (648.985 / 1062.896) | / | (440.362 / 904.692) |
| = | 0.610582 | / | 0.486754 |
| | = | 1.2544 |
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 - (517.429 + 1078.516) / 1854.388) | / | (1 - (644.825 + 1042.242) / 1885.809) |
| = | 0.139368 | / | 0.105388 |
| | = | 1.3224 |
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 |
| = | 904.692 | / | 1062.896 |
| | = | 0.8512 |
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)) |
| = | (104.195 / (104.195 + 1042.242)) | / | (111.107 / (111.107 + 1078.516)) |
| = | 0.090886 | / | 0.093397 |
| | = | 0.9731 |
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) |
| = | (94.605 / 904.692) | / | (86.985 / 1062.896) |
| = | 0.104572 | / | 0.081838 |
| | = | 1.2778 |
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) |
| = | ((404.823 + 511.013) / 1854.388) | / | ((240.141 + 546.869) / 1885.809) |
| = | 0.493875 | / | 0.417333 |
| | = | 1.1834 |
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 |
| = | (-26.957 - 0 | - | -50.301) | / | 1854.388 |
| | = | 0.012589 |
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.
ENCE Energia y Celulosa has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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