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ALCE (Alternus Clean Energy) Beneish M-Score : 0.00 (As of Dec. 14, 2024)


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What is Alternus Clean Energy 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 Alternus Clean Energy's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of Alternus Clean Energy was 0.00. The lowest was 0.00. And the median was 0.00.


Alternus Clean Energy Beneish M-Score Historical Data

The historical data trend for Alternus Clean Energy'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.

Alternus Clean Energy Beneish M-Score Chart

Alternus Clean Energy Annual Data
Trend Dec21 Dec22 Dec23
Beneish M-Score
- - -

Alternus Clean Energy Quarterly Data
Dec21 Mar22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - - -

Competitive Comparison of Alternus Clean Energy's Beneish M-Score

For the Utilities - Renewable subindustry, Alternus Clean Energy'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.


Alternus Clean Energy's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

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

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



Alternus Clean Energy 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 Alternus Clean Energy 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was $0.58 Mil.
Revenue was 0.093 + 3.847 + 2.18 + 17.077 = $23.20 Mil.
Gross Profit was 0.046 + 2.203 + 1.346 + 13.405 = $17.00 Mil.
Total Current Assets was $58.67 Mil.
Total Assets was $92.28 Mil.
Property, Plant and Equipment(Net PPE) was $32.61 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.50 Mil.
Selling, General, & Admin. Expense(SGA) was $16.77 Mil.
Total Current Liabilities was $173.89 Mil.
Long-Term Debt & Capital Lease Obligation was $1.07 Mil.
Net Income was -5.07 + -6.837 + -6.579 + -47.964 = $-66.45 Mil.
Non Operating Income was 1.143 + -1.137 + -0.52 + -34.984 = $-35.50 Mil.
Cash Flow from Operations was 2.552 + -2.263 + -6.688 + 19.687 = $13.29 Mil.
Total Receivables was $0.00 Mil.
Revenue was 1.261 + 6.015 + 3.846 + 0 = $11.12 Mil.
Gross Profit was 0.97 + 4.971 + 2.831 + 0 = $8.77 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $0.00 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.33 Mil.
Selling, General, & Admin. Expense(SGA) was $4.49 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(0.581 / 23.197) / (0 / 11.122)
=0.025046 / 0
=

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)
=(8.772 / 11.122) / (17 / 23.197)
=0.788707 / 0.732853
=

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 - (58.671 + 32.605) / 92.276) / (1 - (0 + 0) / 0)
=0.010837 /
=

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
=23.197 / 11.122
=

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))
=(1.328 / (1.328 + 0)) / (2.504 / (2.504 + 32.605))
=1 / 0.071321
=

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)
=(16.769 / 23.197) / (4.491 / 11.122)
=0.722895 / 0.403794
=

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)
=((1.072 + 173.892) / 92.276) / ((0 + 0) / 0)
=1.896094 /
=

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
=(-66.45 - -35.498 - 13.288) / 92.276
=-0.479431

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.


Alternus Clean Energy Beneish M-Score Related Terms

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Alternus Clean Energy Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
360 Kingsley Park Drive, Suite 250, Fort Mill, SC, USA, 29715
Alternus Clean Energy Inc is an international independent clean energy producer. It develops, installs, owns and operates a diverse portfolio of utility-scale solar photovoltaic power stations (PV parks) in Europe and the USA as a long-term owner. The solar parks benefit from long-term government offtake contracts and/or Power Purchase Agreements (PPAs) with investment grade off-takers, plus energy sales to local power grids. It has approximately 8 operating parks, a total of 44 MWp in operation.