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AFP Planvital S.A. (XSGO:PLANVITAL) Beneish M-Score : -2.45 (As of May. 12, 2024)


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What is AFP Planvital S.A. Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for AFP Planvital S.A.'s Beneish M-Score or its related term are showing as below:

XSGO:PLANVITAL' s Beneish M-Score Range Over the Past 10 Years
Min: -5.27   Med: -2.17   Max: 3.9
Current: -2.45

During the past 13 years, the highest Beneish M-Score of AFP Planvital S.A. was 3.90. The lowest was -5.27. And the median was -2.17.


AFP Planvital S.A. Beneish M-Score Historical Data

The historical data trend for AFP Planvital S.A.'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.

* Premium members only.

AFP Planvital S.A. Beneish M-Score Chart

AFP Planvital S.A. Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.08 -5.27 3.90 -1.89 -2.45

AFP Planvital S.A. Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.89 -1.86 -2.08 -2.54 -2.45

Competitive Comparison of AFP Planvital S.A.'s Beneish M-Score

For the Asset Management subindustry, AFP Planvital S.A.'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.


AFP Planvital S.A.'s Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, AFP Planvital S.A.'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where AFP Planvital S.A.'s Beneish M-Score falls into.



AFP Planvital S.A. 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 AFP Planvital S.A. 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 * 0.9642+0.528 * 0.9923+0.404 * 0.902+0.892 * 1.1875+0.115 * 0.7731
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7823+4.679 * -0.006725-0.327 * 1.1209
=-2.45

* 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 CLP5,563 Mil.
Revenue was 32582.661 + 27336.25 + 27894.159 + 25899.531 = CLP113,713 Mil.
Gross Profit was 26509.006 + 21523.995 + 22177.344 + 20443.001 = CLP90,653 Mil.
Total Current Assets was CLP47,977 Mil.
Total Assets was CLP147,030 Mil.
Property, Plant and Equipment(Net PPE) was CLP6,185 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP1,857 Mil.
Selling, General, & Admin. Expense(SGA) was CLP11,414 Mil.
Total Current Liabilities was CLP35,950 Mil.
Long-Term Debt & Capital Lease Obligation was CLP2,945 Mil.
Net Income was 15606.86 + 10610.463 + 11715.681 + 10293.921 = CLP48,227 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 7847.933 + 18160.653 + 12382.381 + 10824.764 = CLP49,216 Mil.
Total Receivables was CLP4,859 Mil.
Revenue was 27667.448 + 23115.489 + 25283.318 + 19691.613 = CLP95,758 Mil.
Gross Profit was 21890.648 + 17804.257 + 20400.731 + 15652.42 = CLP75,748 Mil.
Total Current Assets was CLP24,244 Mil.
Total Assets was CLP105,419 Mil.
Property, Plant and Equipment(Net PPE) was CLP7,360 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP1,599 Mil.
Selling, General, & Admin. Expense(SGA) was CLP12,286 Mil.
Total Current Liabilities was CLP21,330 Mil.
Long-Term Debt & Capital Lease Obligation was CLP3,550 Mil.




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)
=(5563.207 / 113712.601) / (4858.773 / 95757.868)
=0.048923 / 0.05074
=0.9642

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)
=(75748.056 / 95757.868) / (90653.346 / 113712.601)
=0.791037 / 0.797215
=0.9923

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 - (47977.127 + 6185.368) / 147029.95) / (1 - (24243.791 + 7359.705) / 105418.885)
=0.631623 / 0.70021
=0.902

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
=113712.601 / 95757.868
=1.1875

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))
=(1598.988 / (1598.988 + 7359.705)) / (1856.794 / (1856.794 + 6185.368))
=0.178485 / 0.230882
=0.7731

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)
=(11414.03 / 113712.601) / (12285.995 / 95757.868)
=0.100376 / 0.128303
=0.7823

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)
=((2945.073 + 35950.057) / 147029.95) / ((3550.033 + 21329.757) / 105418.885)
=0.264539 / 0.236009
=1.1209

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
=(48226.925 - 0 - 49215.731) / 147029.95
=-0.006725

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.

AFP Planvital S.A. has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.


AFP Planvital S.A. Beneish M-Score Related Terms

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AFP Planvital S.A. (XSGO:PLANVITAL) Business Description

Traded in Other Exchanges
N/A
Address
Tenderini 127, Santiago, CHL
AFP Planvital S.A. is a Chile based pension fund administrator. Its activities include investment & collection of affiliate contributions, management of individual capitalization accounts, & provision of life & disability benefits, as well as retirement pensions. It offers professional pension management.

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