Empresas Gasco Beneish M-Score Historical Data
The historical data trend for Empresas Gasco'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.
Empresas Gasco Beneish M-Score Chart
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Empresas Gasco Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-2.93 |
-1.49 |
-2.35 |
-2.68 |
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Empresas Gasco 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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-2.35 |
-2.50 |
-2.94 |
-2.83 |
-2.68 |
Competitive Comparison of Empresas Gasco's Beneish M-Score
For the Utilities - Regulated Gas subindustry, Empresas Gasco'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.
Empresas Gasco's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Empresas Gasco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Empresas Gasco's Beneish M-Score falls into.
Empresas Gasco 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 Empresas Gasco 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 * 1.2596 | + | 0.528 * 0.7904 | + | 0.404 * 1.1871 | + | 0.892 * 0.9384 | + | 0.115 * 0.9066 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1273 | + | 4.679 * -0.070847 | - | 0.327 * 0.965 |
| = | -2.68 |
* 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 CLP50,818 Mil.
Revenue was 127765.421 + 137128.281 + 133204.655 + 102857.948 = CLP500,956 Mil.
Gross Profit was 24566.537 + 35010.036 + 30798.45 + 18211.797 = CLP108,587 Mil.
Total Current Assets was CLP153,484 Mil.
Total Assets was CLP878,540 Mil.
Property, Plant and Equipment(Net PPE) was CLP680,475 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP4,821 Mil.
Selling, General, & Admin. Expense(SGA) was CLP38,472 Mil.
Total Current Liabilities was CLP132,703 Mil.
Long-Term Debt & Capital Lease Obligation was CLP183,069 Mil.
Net Income was 2222.857 + 7889.016 + 6868.889 + 728.818 = CLP17,710 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 8938.066 + 31830.959 + 26857.122 + 12325.577 = CLP79,952 Mil.
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Total Receivables was CLP42,993 Mil.
Revenue was 116391.365 + 166307.906 + 150074.765 + 101057.76 = CLP533,832 Mil.
Gross Profit was 25123.03 + 31745.52 + 23584.453 + 11002.454 = CLP91,455 Mil.
Total Current Assets was CLP149,223 Mil.
Total Assets was CLP826,345 Mil.
Property, Plant and Equipment(Net PPE) was CLP641,800 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP4,120 Mil.
Selling, General, & Admin. Expense(SGA) was CLP36,368 Mil.
Total Current Liabilities was CLP115,010 Mil.
Long-Term Debt & Capital Lease Obligation was CLP192,766 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) |
| = | (50817.811 / 500956.305) | / | (42992.542 / 533831.796) |
| = | 0.101442 | / | 0.080536 |
| | = | 1.2596 |
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) |
| = | (91455.457 / 533831.796) | / | (108586.82 / 500956.305) |
| = | 0.171319 | / | 0.216759 |
| | = | 0.7904 |
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 - (153483.583 + 680475.421) / 878539.623) | / | (1 - (149223.459 + 641799.846) / 826345.264) |
| = | 0.050744 | / | 0.042745 |
| | = | 1.1871 |
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 |
| = | 500956.305 | / | 533831.796 |
| | = | 0.9384 |
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)) |
| = | (4119.707 / (4119.707 + 641799.846)) | / | (4821.348 / (4821.348 + 680475.421)) |
| = | 0.006378 | / | 0.007035 |
| | = | 0.9066 |
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) |
| = | (38472.191 / 500956.305) | / | (36367.739 / 533831.796) |
| = | 0.076797 | / | 0.068126 |
| | = | 1.1273 |
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) |
| = | ((183068.554 + 132702.528) / 878539.623) | / | ((192765.617 + 115010.077) / 826345.264) |
| = | 0.359427 | / | 0.372454 |
| | = | 0.965 |
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 |
| = | (17709.58 - 0 | - | 79951.724) | / | 878539.623 |
| | = | -0.070847 |
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.
Empresas Gasco has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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