Boralex Beneish M-Score Historical Data
The historical data trend for Boralex'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.
Boralex Beneish M-Score Chart
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Boralex Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.73 |
-2.73 |
-2.17 |
-2.81 |
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Boralex Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.58 |
-2.81 |
-3.09 |
-2.75 |
-2.16 |
Competitive Comparison of Boralex's Beneish M-Score
For the Utilities - Renewable subindustry, Boralex'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.
Boralex's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Boralex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Boralex's Beneish M-Score falls into.
Boralex 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 Boralex 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 * 1.9183 | + | 0.528 * 0.5845 | + | 0.404 * 0.91 | + | 0.892 * 0.9134 | + | 0.115 * 1.0408 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1066 | + | 4.679 * -0.035246 | - | 0.327 * 1.0289 |
| = | -2.16 |
* 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 $158.0 Mil.
Revenue was 117.378 + 137.906 + 191.342 + 241.503 = $688.1 Mil.
Gross Profit was 117.378 + 137.906 + 191.342 + 241.503 = $688.1 Mil.
Total Current Assets was $414.9 Mil.
Total Assets was $4,863.4 Mil.
Property, Plant and Equipment(Net PPE) was $2,935.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $220.7 Mil.
Selling, General, & Admin. Expense(SGA) was $51.6 Mil.
Total Current Liabilities was $485.0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,501.1 Mil.
Net Income was -10.335 + 8.026 + 40.632 + 27.579 = $65.9 Mil.
Non Operating Income was 5.168 + 6.567 + 14.775 + -3.727 = $22.8 Mil.
Cash Flow from Operations was -135.833 + 100.693 + 169.917 + 79.756 = $214.5 Mil.
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Total Receivables was $90.2 Mil.
Revenue was 131.55 + 162.577 + 217.788 + 241.443 = $753.4 Mil.
Gross Profit was 79.817 + 101.611 + 124.973 + 133.971 = $440.4 Mil.
Total Current Assets was $503.3 Mil.
Total Assets was $4,845.9 Mil.
Property, Plant and Equipment(Net PPE) was $2,686.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $210.8 Mil.
Selling, General, & Admin. Expense(SGA) was $51.0 Mil.
Total Current Liabilities was $431.6 Mil.
Long-Term Debt & Capital Lease Obligation was $2,460.3 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) |
| = | (157.98 / 688.129) | / | (90.163 / 753.358) |
| = | 0.229579 | / | 0.119681 |
| | = | 1.9183 |
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) |
| = | (440.372 / 753.358) | / | (688.129 / 688.129) |
| = | 0.584545 | / | 1 |
| | = | 0.5845 |
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 - (414.883 + 2935.922) / 4863.428) | / | (1 - (503.289 + 2686.424) / 4845.909) |
| = | 0.31102 | / | 0.341772 |
| | = | 0.91 |
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 |
| = | 688.129 | / | 753.358 |
| | = | 0.9134 |
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)) |
| = | (210.812 / (210.812 + 2686.424)) | / | (220.671 / (220.671 + 2935.922)) |
| = | 0.072763 | / | 0.069908 |
| | = | 1.0408 |
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) |
| = | (51.592 / 688.129) | / | (51.042 / 753.358) |
| = | 0.074974 | / | 0.067753 |
| | = | 1.1066 |
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) |
| = | ((2501.107 + 485.014) / 4863.428) | / | ((2460.276 + 431.602) / 4845.909) |
| = | 0.613995 | / | 0.596767 |
| | = | 1.0289 |
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 |
| = | (65.902 - 22.783 | - | 214.533) | / | 4863.428 |
| | = | -0.035246 |
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.
Boralex has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.
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