Empresa Distribuidora y Comercializadora Norte Beneish M-Score Historical Data
The historical data trend for Empresa Distribuidora y Comercializadora Norte'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.
Empresa Distribuidora y Comercializadora Norte Beneish M-Score Chart
|
Empresa Distribuidora y Comercializadora Norte Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.71 |
-4.64 |
-5.88 |
0.58 |
-4.77 |
|
Empresa Distribuidora y Comercializadora Norte 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
|
|
|
|
|
|
|
|
|
|
|
|
|
0.58 |
-0.78 |
-0.83 |
-1.85 |
-4.77 |
Competitive Comparison of Empresa Distribuidora y Comercializadora Norte's Beneish M-Score
For the Utilities - Regulated Electric subindustry, Empresa Distribuidora y Comercializadora Norte'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.
Empresa Distribuidora y Comercializadora Norte's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Empresa Distribuidora y Comercializadora Norte's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Empresa Distribuidora y Comercializadora Norte's Beneish M-Score falls into.
Empresa Distribuidora y Comercializadora Norte 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 Empresa Distribuidora y Comercializadora Norte 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 * 0.6208 | + | 0.528 * 0.8994 | + | 0.404 * 0.8 | + | 0.892 * 0.5133 | + | 0.115 * 0.756 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0756 | + | 4.679 * -0.46421 | - | 0.327 * 0.5979 |
| = | -5.48 |
* 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 $270 Mil.
Revenue was 892.762 + 395.362 + 383.083 + 353.374 = $2,025 Mil.
Gross Profit was -5.296 + 62.203 + 16.958 + 7.229 = $81 Mil.
Total Current Assets was $643 Mil.
Total Assets was $4,180 Mil.
Property, Plant and Equipment(Net PPE) was $3,536 Mil.
Depreciation, Depletion and Amortization(DDA) was $268 Mil.
Selling, General, & Admin. Expense(SGA) was $369 Mil.
Total Current Liabilities was $985 Mil.
Long-Term Debt & Capital Lease Obligation was $125 Mil.
Net Income was -12.59 + 217.285 + -20.079 + -50.428 = $134 Mil.
Non Operating Income was 814.731 + 575.428 + 234.779 + 227.304 = $1,852 Mil.
Cash Flow from Operations was 78.235 + 82.217 + 53.596 + 8.069 = $222 Mil.
|
Total Receivables was $849 Mil.
Revenue was 1893.349 + 815.639 + 657.193 + 578.307 = $3,944 Mil.
Gross Profit was 9.239 + 52.623 + -5.934 + 86.168 = $142 Mil.
Total Current Assets was $1,550 Mil.
Total Assets was $8,918 Mil.
Property, Plant and Equipment(Net PPE) was $7,368 Mil.
Depreciation, Depletion and Amortization(DDA) was $415 Mil.
Selling, General, & Admin. Expense(SGA) was $668 Mil.
Total Current Liabilities was $3,692 Mil.
Long-Term Debt & Capital Lease Obligation was $271 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) |
| = | (270.452 / 2024.581) | / | (848.75 / 3944.488) |
| = | 0.133584 | / | 0.215174 |
| | = | 0.6208 |
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) |
| = | (142.096 / 3944.488) | / | (81.094 / 2024.581) |
| = | 0.036024 | / | 0.040055 |
| | = | 0.8994 |
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 - (643.255 + 3536.091) / 4179.512) | / | (1 - (1550.265 + 7367.76) / 8918.473) |
| = | 4.0E-5 | / | 5.0E-5 |
| | = | 0.8 |
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 |
| = | 2024.581 | / | 3944.488 |
| | = | 0.5133 |
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)) |
| = | (415.242 / (415.242 + 7367.76)) | / | (268.497 / (268.497 + 3536.091)) |
| = | 0.053352 | / | 0.070572 |
| | = | 0.756 |
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) |
| = | (368.817 / 2024.581) | / | (668.04 / 3944.488) |
| = | 0.18217 | / | 0.16936 |
| | = | 1.0756 |
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) |
| = | ((124.92 + 985.388) / 4179.512) | / | ((270.749 + 3691.781) / 8918.473) |
| = | 0.265655 | / | 0.444306 |
| | = | 0.5979 |
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 |
| = | (134.188 - 1852.242 | - | 222.117) | / | 4179.512 |
| | = | -0.46421 |
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.
Empresa Distribuidora y Comercializadora Norte has a M-score of -5.48 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
EDN has been successfully added to your