Terna SpA Beneish M-Score Historical Data
The historical data trend for Terna SpA'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.
Terna SpA Beneish M-Score Chart
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Terna SpA Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.54 |
-1.52 |
-2.75 |
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Terna SpA Quarterly Data
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Mar19 |
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Sep19 |
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Mar21 |
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Dec23 |
| Beneish M-Score |
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-2.75 |
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Competitive Comparison of Terna SpA's Beneish M-Score
For the Utilities - Regulated Electric subindustry, Terna SpA'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.
Terna SpA's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Terna SpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Terna SpA's Beneish M-Score falls into.
Terna SpA 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 Terna SpA 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 * 0.7552 | + | 0.528 * 1.0168 | + | 0.404 * 1.2259 | + | 0.892 * 1.0699 | + | 0.115 * 0.9571 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.064321 | - | 0.327 * 0.9057 |
| = | -2.82 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $2,573 Mil.
Revenue was $3,077 Mil.
Gross Profit was $2,522 Mil.
Total Current Assets was $5,425 Mil.
Total Assets was $24,156 Mil.
Property, Plant and Equipment(Net PPE) was $17,162 Mil.
Depreciation, Depletion and Amortization(DDA) was $780 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $7,212 Mil.
Long-Term Debt & Capital Lease Obligation was $8,916 Mil.
Net Income was $908 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $2,462 Mil.
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Total Receivables was $3,184 Mil.
Revenue was $2,876 Mil.
Gross Profit was $2,396 Mil.
Total Current Assets was $6,619 Mil.
Total Assets was $25,265 Mil.
Property, Plant and Equipment(Net PPE) was $17,307 Mil.
Depreciation, Depletion and Amortization(DDA) was $751 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $8,641 Mil.
Long-Term Debt & Capital Lease Obligation was $9,983 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) |
| = | (2572.881 / 3077.436) | / | (3184.068 / 2876.271) |
| = | 0.836047 | / | 1.107013 |
| | = | 0.7552 |
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) |
| = | (2396.384 / 2876.271) | / | (2521.61 / 3077.436) |
| = | 0.833157 | / | 0.819387 |
| | = | 1.0168 |
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 - (5424.894 + 17161.97) / 24155.614) | / | (1 - (6619.322 + 17306.893) / 25264.633) |
| = | 0.064943 | / | 0.052976 |
| | = | 1.2259 |
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 |
| = | 3077.436 | / | 2876.271 |
| | = | 1.0699 |
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)) |
| = | (751.186 / (751.186 + 17306.893)) | / | (779.767 / (779.767 + 17161.97)) |
| = | 0.041598 | / | 0.043461 |
| | = | 0.9571 |
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 / 3077.436) | / | (0 / 2876.271) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((8915.996 + 7212.394) / 24155.614) | / | ((9983.051 + 8641.469) / 25264.633) |
| = | 0.667687 | / | 0.737178 |
| | = | 0.9057 |
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 |
| = | (907.839 - 0 | - | 2461.547) | / | 24155.614 |
| | = | -0.064321 |
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.
Terna SpA has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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