Interconexion Electrica ESP (BOG:ISA) Beneish M-Score : -2.21 (As of Apr. 02, 2025)

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What is Interconexion Electrica ESP 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.

Good Sign:

Beneish M-Score -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOG:ISA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.61 Med: -2.45 Max: -1.32
Current: -2.21

During the past 13 years, the highest Beneish M-Score of Interconexion Electrica ESP was -1.32. The lowest was -4.61. And the median was -2.45.

Interconexion Electrica ESP Beneish M-Score Historical Data

The historical data trend for Interconexion Electrica ESP'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.

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Interconexion Electrica ESP Beneish M-Score Chart

Interconexion Electrica ESP Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.12

-4.61

-2.14

-2.94

-2.21

Interconexion Electrica ESP Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.94	-2.72	-	-	-2.21

Competitive Comparison of Interconexion Electrica ESP's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Interconexion Electrica ESP'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.

Interconexion Electrica ESP's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Interconexion Electrica ESP's Beneish M-Score distribution charts can be found below:

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

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Interconexion Electrica ESP 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 Interconexion Electrica ESP for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9162

0.528 * 1.0424

0.404 * 0.9958

0.892 * 1.1317

0.115 * 1.068

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.051185

0.327 * 0.1795

-2.21

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was COP5,759,000 Mil.
Revenue was COP15,995,000 Mil.
Gross Profit was COP9,264,000 Mil.
Total Current Assets was COP13,542,000 Mil.
Total Assets was COP76,995,000 Mil.
Property, Plant and Equipment(Net PPE) was COP15,494,000 Mil.
Depreciation, Depletion and Amortization(DDA) was COP1,073,000 Mil.
Selling, General, & Admin. Expense(SGA) was COP0 Mil.
Total Current Liabilities was COP5,621,000 Mil.
Long-Term Debt & Capital Lease Obligation was COP0 Mil.
Net Income was COP2,808,000 Mil.
Gross Profit was COP0 Mil.
Cash Flow from Operations was COP6,749,000 Mil.

Total Receivables was COP5,554,172 Mil.
Revenue was COP14,134,000 Mil.
Gross Profit was COP8,533,000 Mil.
Total Current Assets was COP12,407,460 Mil.
Total Assets was COP71,217,174 Mil.
Property, Plant and Equipment(Net PPE) was COP14,260,803 Mil.
Depreciation, Depletion and Amortization(DDA) was COP1,059,713 Mil.
Selling, General, & Admin. Expense(SGA) was COP288,766 Mil.
Total Current Liabilities was COP5,307,301 Mil.
Long-Term Debt & Capital Lease Obligation was COP23,660,661 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)
	=	(5759000 / 15995000)	/	(5554172 / 14134000)
	=	0.36005	/	0.392965
	=	0.9162

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)
	=	(8533000 / 14134000)	/	(9264000 / 15995000)
	=	0.603722	/	0.579181
	=	1.0424

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 - (13542000 + 15494000) / 76995000)	/	(1 - (12407460 + 14260803) / 71217174)
	=	0.622885	/	0.625536
	=	0.9958

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
	=	15995000	/	14134000
	=	1.1317

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))
	=	(1059713 / (1059713 + 14260803))	/	(1073000 / (1073000 + 15494000))
	=	0.06917	/	0.064767
	=	1.068

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 / 15995000)	/	(288766 / 14134000)
	=	0	/	0.020431
	=	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)
	=	((0 + 5621000) / 76995000)	/	((23660661 + 5307301) / 71217174)
	=	0.073005	/	0.406755
	=	0.1795

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
	=	(2808000 - 0	-	6749000)	/	76995000
	=	-0.051185

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.

Interconexion Electrica ESP has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.

Interconexion Electrica ESP Beneish M-Score Related Terms

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Interconexion Electrica ESP Business Description

Industry

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IESFY:USA

Address

Calle 12, Sur No. 18 -168, Bloque 3 - Piso 2, Medellin, COL, 50022

Website

https://www.isa.co/es

Interconexion Electrica SA ESP, also known as ISA, is a mixed public services company in which the Colombian state is a majority shareholder. Through its subsidiaries, ISA participates in a variety of infrastructure projects across South and Central America. The company segments its operations into Electric Power Transmission, Roads, Telecommunications and ICT. The company generates the majority of its revenue from its Energy Transmission division where it owns, operates, and maintains high-voltage power transmission systems in many of the largest countries in Latin America.

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