Ameren Beneish M-Score Historical Data
The historical data trend for Ameren'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.
|
Ameren Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.85 |
-2.64 |
-2.44 |
-2.40 |
-2.65 |
|
Ameren 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.40 |
-2.43 |
-2.54 |
-2.60 |
-2.65 |
Competitive Comparison
For the Utilities - Regulated Electric subindustry, Ameren'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.
Ameren Beneish M-Score Distribution
For the Utilities - Regulated industry and Utilities sector, Ameren's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ameren's Beneish M-Score falls into.
Ameren 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 Ameren 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 * 0.8864 | + | 0.528 * 0.9089 | + | 0.404 * 1.1383 | + | 0.892 * 0.9426 | + | 0.115 * 1.0342 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.042714 | - | 0.327 * 1.0054 |
| = | -2.65 |
* 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 $919 Mil.
Revenue was 1618 + 2060 + 1760 + 2062 = $7,500 Mil.
Gross Profit was 751 + 1130 + 788 + 798 = $3,467 Mil.
Total Current Assets was $2,181 Mil.
Total Assets was $40,830 Mil.
Property, Plant and Equipment(Net PPE) was $33,776 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,500 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $3,345 Mil.
Long-Term Debt & Capital Lease Obligation was $15,121 Mil.
Net Income was 158 + 493 + 237 + 264 = $1,152 Mil.
Non Operating Income was 78 + 95 + 82 + 77 = $332 Mil.
Cash Flow from Operations was 533 + 920 + 615 + 496 = $2,564 Mil.
|
Total Receivables was $1,100 Mil.
Revenue was 2046 + 2306 + 1726 + 1879 = $7,957 Mil.
Gross Profit was 724 + 1093 + 754 + 772 = $3,343 Mil.
Total Current Assets was $2,668 Mil.
Total Assets was $37,904 Mil.
Property, Plant and Equipment(Net PPE) was $31,262 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,438 Mil.
Selling, General, & Admin. Expense(SGA) was $-46 Mil.
Total Current Liabilities was $3,366 Mil.
Long-Term Debt & Capital Lease Obligation was $13,685 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) |
| = | (919 / 7500) | / | (1100 / 7957) |
| = | 0.122533 | / | 0.138243 |
| | = | 0.8864 |
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) |
| = | (3343 / 7957) | / | (3467 / 7500) |
| = | 0.420133 | / | 0.462267 |
| | = | 0.9089 |
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 - (2181 + 33776) / 40830) | / | (1 - (2668 + 31262) / 37904) |
| = | 0.119349 | / | 0.104844 |
| | = | 1.1383 |
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 |
| = | 7500 | / | 7957 |
| | = | 0.9426 |
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)) |
| = | (1438 / (1438 + 31262)) | / | (1500 / (1500 + 33776)) |
| = | 0.043976 | / | 0.042522 |
| | = | 1.0342 |
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) |
| = | (0 / 7500) | / | (-46 / 7957) |
| = | 0 | / | -0.005781 |
| | = | 0 |
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) |
| = | ((15121 + 3345) / 40830) | / | ((13685 + 3366) / 37904) |
| = | 0.452265 | / | 0.449847 |
| | = | 1.0054 |
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 |
| = | (1152 - 332 | - | 2564) | / | 40830 |
| | = | -0.042714 |
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.
Ameren has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
AEE has been successfully added to your