Gasco Inversiones Beneish M-Score Historical Data
The historical data trend for Gasco Inversiones'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.
Gasco Inversiones Beneish M-Score Chart
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Gasco Inversiones Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.20 |
-3.19 |
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Gasco Inversiones Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.20 |
-1.55 |
-2.20 |
4.48 |
-3.19 |
Competitive Comparison of Gasco Inversiones's Beneish M-Score
For the Asset Management subindustry, Gasco Inversiones'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.
Gasco Inversiones's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Gasco Inversiones's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gasco Inversiones's Beneish M-Score falls into.
Gasco Inversiones 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 Gasco Inversiones 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 * 0.7397 | + | 0.528 * -0.0788 | + | 0.404 * 1.0267 | + | 0.892 * 1.0531 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0074 | + | 4.679 * 0.067351 | - | 0.327 * 1.8293 |
| = | -3.19 |
* 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 CLP155 Mil.
Revenue was 377.666 + 352.284 + 365.417 + 345.685 = CLP1,441 Mil.
Gross Profit was -1269.152 + -92.736 + -121.013 + 152.965 = CLP-1,330 Mil.
Total Current Assets was CLP2,679 Mil.
Total Assets was CLP73,497 Mil.
Property, Plant and Equipment(Net PPE) was CLP42 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP325 Mil.
Total Current Liabilities was CLP439 Mil.
Long-Term Debt & Capital Lease Obligation was CLP23 Mil.
Net Income was 1576.628 + -90.222 + 1667.934 + 126.299 = CLP3,281 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was -1413.788 + -128.75 + -201.222 + 74.351 = CLP-1,669 Mil.
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Total Receivables was CLP199 Mil.
Revenue was 366.389 + 352.854 + 374.324 + 274.871 = CLP1,368 Mil.
Gross Profit was 77.692 + 92.491 + -126.963 + 56.341 = CLP100 Mil.
Total Current Assets was CLP4,275 Mil.
Total Assets was CLP69,099 Mil.
Property, Plant and Equipment(Net PPE) was CLP13 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP306 Mil.
Total Current Liabilities was CLP238 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0 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) |
| = | (154.642 / 1441.052) | / | (198.53 / 1368.438) |
| = | 0.107312 | / | 0.145078 |
| | = | 0.7397 |
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) |
| = | (99.561 / 1368.438) | / | (-1329.936 / 1441.052) |
| = | 0.072755 | / | -0.922892 |
| | = | -0.0788 |
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 - (2678.549 + 41.561) / 73496.632) | / | (1 - (4275.065 + 12.682) / 69099.092) |
| = | 0.96299 | / | 0.937948 |
| | = | 1.0267 |
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 |
| = | 1441.052 | / | 1368.438 |
| | = | 1.0531 |
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 + 12.682)) | / | (0 / (0 + 41.561)) |
| = | 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) |
| = | (324.647 / 1441.052) | / | (306.014 / 1368.438) |
| = | 0.225285 | / | 0.223623 |
| | = | 1.0074 |
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) |
| = | ((22.906 + 439.469) / 73496.632) | / | ((0 + 237.616) / 69099.092) |
| = | 0.006291 | / | 0.003439 |
| | = | 1.8293 |
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 |
| = | (3280.639 - 0 | - | -1669.409) | / | 73496.632 |
| | = | 0.067351 |
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.
Gasco Inversiones has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
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