Inmobiliarian Patricio Beneish M-Score Historical Data
The historical data trend for Inmobiliarian Patricio'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.
Inmobiliarian Patricio Beneish M-Score Chart
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Inmobiliarian Patricio Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.62 |
-3.84 |
-2.25 |
-2.16 |
9.18 |
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Inmobiliarian Patricio 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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-3.87 |
-2.17 |
30.94 |
9.18 |
24.11 |
Competitive Comparison of Inmobiliarian Patricio's Beneish M-Score
For the Real Estate Services subindustry, Inmobiliarian Patricio'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.
Inmobiliarian Patricio's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Inmobiliarian Patricio's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inmobiliarian Patricio's Beneish M-Score falls into.
Inmobiliarian Patricio 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 Inmobiliarian Patricio 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 * 31.9329 | + | 0.528 * 0.4832 | + | 0.404 * 0.9429 | + | 0.892 * 1.329 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8528 | + | 4.679 * 0.099977 | - | 0.327 * 8.2193 |
| = | 24.11 |
* 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 CLP222.0 Mil.
Revenue was 198.003 + 108.156 + 102.02 + 91.587 = CLP499.8 Mil.
Gross Profit was 172.752 + 82.904 + 76.769 + 66.335 = CLP398.8 Mil.
Total Current Assets was CLP6,980.2 Mil.
Total Assets was CLP116,049.8 Mil.
Property, Plant and Equipment(Net PPE) was CLP328.3 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0.0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP1,239.2 Mil.
Total Current Liabilities was CLP9,340.0 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0.0 Mil.
Net Income was -79.836 + 10979.313 + -105.882 + 53.974 = CLP10,847.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0.0 Mil.
Cash Flow from Operations was -145.576 + -198.902 + -286.131 + -124.18 = CLP-754.8 Mil.
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Total Receivables was CLP5.2 Mil.
Revenue was 90.212 + 92.899 + 85.592 + 107.346 = CLP376.0 Mil.
Gross Profit was 64.961 + 14.841 + 15.819 + 49.363 = CLP145.0 Mil.
Total Current Assets was CLP146.5 Mil.
Total Assets was CLP92,883.3 Mil.
Property, Plant and Equipment(Net PPE) was CLP429.3 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0.0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP1,093.4 Mil.
Total Current Liabilities was CLP909.5 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0.0 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) |
| = | (221.989 / 499.766) | / | (5.231 / 376.049) |
| = | 0.444186 | / | 0.01391 |
| | = | 31.9329 |
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) |
| = | (144.984 / 376.049) | / | (398.76 / 499.766) |
| = | 0.385546 | / | 0.797893 |
| | = | 0.4832 |
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 - (6980.232 + 328.269) / 116049.838) | / | (1 - (146.543 + 429.275) / 92883.294) |
| = | 0.937023 | / | 0.993801 |
| | = | 0.9429 |
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 |
| = | 499.766 | / | 376.049 |
| | = | 1.329 |
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 + 429.275)) | / | (0 / (0 + 328.269)) |
| = | 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) |
| = | (1239.202 / 499.766) | / | (1093.351 / 376.049) |
| = | 2.479564 | / | 2.90747 |
| | = | 0.8528 |
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) |
| = | ((0 + 9339.999) / 116049.838) | / | ((0 + 909.504) / 92883.294) |
| = | 0.080483 | / | 0.009792 |
| | = | 8.2193 |
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 |
| = | (10847.569 - 0 | - | -754.789) | / | 116049.838 |
| | = | 0.099977 |
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.
Inmobiliarian Patricio has a M-score of 24.11 signals that the company is likely to be a manipulator.
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