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Dynegy (Dynegy) Beneish M-Score : -2.59 (As of May. 14, 2024)


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What is Dynegy 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.

The historical rank and industry rank for Dynegy's Beneish M-Score or its related term are showing as below:

DYNPRA.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -64.81   Med: -2.56   Max: 0.29
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Dynegy was 0.29. The lowest was -64.81. And the median was -2.56.


Dynegy Beneish M-Score Historical Data

The historical data trend for Dynegy'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.

Dynegy Beneish M-Score Chart

Dynegy Annual Data
Trend Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.06 0.29 -2.37 -2.45 -2.59

Dynegy Quarterly Data
Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17
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 -2.45 -2.46 -2.74 -2.63 -2.59

Competitive Comparison of Dynegy's Beneish M-Score

For the Utilities - Independent Power Producers subindustry, Dynegy'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.


Dynegy's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Dynegy's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dynegy's Beneish M-Score falls into.



Dynegy 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 Dynegy 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 * 1.1852+0.528 * 1.1959+0.404 * 0.5132+0.892 * 1.1214+0.115 * 1.0694
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0469+4.679 * -0.057089-0.327 * 1.0726
=-2.59

* 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 (Dec17) TTM:Last Year (Dec16) TTM:
Total Receivables was $513.00 Mil.
Revenue was 994 + 1437 + 1164 + 1247 = $4,842.00 Mil.
Gross Profit was 287 + 650 + 483 + 490 = $1,910.00 Mil.
Total Current Assets was $1,524.00 Mil.
Total Assets was $11,771.00 Mil.
Property, Plant and Equipment(Net PPE) was $8,884.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $823.00 Mil.
Selling, General, & Admin. Expense(SGA) was $189.00 Mil.
Total Current Liabilities was $1,049.00 Mil.
Long-Term Debt & Capital Lease Obligation was $8,328.00 Mil.
Net Income was -93 + -132 + -296 + 597 = $76.00 Mil.
Non Operating Income was -91 + -75 + -103 + 432 = $163.00 Mil.
Cash Flow from Operations was 84 + 271 + 81 + 149 = $585.00 Mil.
Total Receivables was $386.00 Mil.
Revenue was 1107 + 1184 + 904 + 1123 = $4,318.00 Mil.
Gross Profit was 524 + 524 + 411 + 578 = $2,037.00 Mil.
Total Current Assets was $2,987.00 Mil.
Total Assets was $13,053.00 Mil.
Property, Plant and Equipment(Net PPE) was $7,121.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $710.00 Mil.
Selling, General, & Admin. Expense(SGA) was $161.00 Mil.
Total Current Liabilities was $916.00 Mil.
Long-Term Debt & Capital Lease Obligation was $8,778.00 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)
=(513 / 4842) / (386 / 4318)
=0.105948 / 0.089393
=1.1852

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)
=(2037 / 4318) / (1910 / 4842)
=0.471746 / 0.394465
=1.1959

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 - (1524 + 8884) / 11771) / (1 - (2987 + 7121) / 13053)
=0.115793 / 0.225619
=0.5132

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
=4842 / 4318
=1.1214

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))
=(710 / (710 + 7121)) / (823 / (823 + 8884))
=0.090665 / 0.084784
=1.0694

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)
=(189 / 4842) / (161 / 4318)
=0.039033 / 0.037286
=1.0469

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)
=((8328 + 1049) / 11771) / ((8778 + 916) / 13053)
=0.796619 / 0.742665
=1.0726

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
=(76 - 163 - 585) / 11771
=-0.057089

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.

Dynegy has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.


Dynegy (Dynegy) Business Description

Traded in Other Exchanges
N/A
Address
Dynegy is a wholesale power provider operating in the Midwest, the Northeast, and the West. The company operates a mix of natural gas and coal capacity. Dynegy's capacity consists of baseload, intermediate, and peak power plants. Dynegy also operates a retail energy supply business.
Executives
Ecp Controlco, Llc 10 percent owner 40 BEECHWOOD ROAD, SUMMIT NJ 07901
Energy Capital Partners Iii, Lp 10 percent owner 51 JOHN F. KENNEDY PARKWAY, SUITE 200, SHORT HILLS NJ 07078
Energy Capital Partners Iii-a, Lp 10 percent owner 51 JOHN F. KENNEDY PARKWAY, SUITE 200, SHORT HILLS NJ 07078
Energy Capital Partners Iii-c, Lp 10 percent owner 51 JOHN F. KENNEDY PARKWAY, SUITE 200, SHORT HILLS NJ 07078
Tyler Reeder director 51 JOHN F. KENNEDY PARKWAY, SUITE 200, SHORT HILLS NJ 07078
Terawatt Holdings Gp, Llc 10 percent owner 51 JOHN F. KENNEDY PARKWAY, SUITE 200, SHORT HILLS NJ 07078
Terawatt Holdings, Lp 10 percent owner 51 JOHN F. KENNEDY PARKWAY, SUITE 200, SHORT HILLS NJ 07078
Energy Capital Partners Gp Iii, Lp 10 percent owner 40 BEECHWOOD ROAD, SUMMIT NJ 07901
Energy Capital Partners Iii-b (terawatt Ip), Lp 10 percent owner 51 JOHN F. KENNEDY PARKWAY, SUITE 200, SHORT HILLS NJ 07078
Energy Capital Partners Iii, Llc 10 percent owner 40 BEECHWOOD ROAD, SUMMIT NJ 07901
Dean Ellis officer: Senior Vice President 601 TRAVIS STREET, STE 1400, HOUSTON TX 77002
Sheree M. Petrone officer: Executive Vice President 601 TRAVIS STREET, SUITE 1400, HOUSTON TX 77002
Martin W. Daley officer: Executive Vice President 601 TRAVIS STREET, SUITE 1400, HOUSTON TX 77002
Daniel P. Thompson officer: Executive Vice President 601 TRAVIS STREET, SUITE 1400, HOUSTON TX 77002
Julius Cox officer: Executive Vice President, other: Chief Administrative Officer 77 BEALE STREET, POB 770000, SAN FRANCISCO CA 94177

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