Eni SpA (BUE:E) Beneish M-Score : -3.03 (As of Dec. 15, 2024)

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What is Eni SpA 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 -3.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUE:E' s Beneish M-Score Range Over the Past 10 Years
Min: -8.52 Med: -2.88 Max: 10.91
Current: -3.03

During the past 13 years, the highest Beneish M-Score of Eni SpA was 10.91. The lowest was -8.52. And the median was -2.88.

Eni SpA Beneish M-Score Historical Data

The historical data trend for Eni 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.

* Premium members only.

Eni SpA Beneish M-Score Chart

Eni SpA Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.88

-2.40

-2.42

-2.02

-2.85

Eni SpA Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.46	-2.85	-2.76	-2.82	-3.03

Competitive Comparison of Eni SpA's Beneish M-Score

For the Oil & Gas Integrated subindustry, Eni 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.

Eni SpA's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Eni SpA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Eni SpA's Beneish M-Score falls into.

Eni 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 Eni SpA 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 * 0.8844

0.528 * 0.9537

0.404 * 1.1031

0.892 * 2.9631

0.115 * 0.8472

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2481

4.679 * -0.067637

0.327 * 1.0212

-1.20

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ARS15,046,594 Mil.
Revenue was 21792928.968 + 20931951.023 + 21003891.304 + 9693066.521 = ARS73,421,838 Mil.
Gross Profit was 2091943.951 + 2602637.244 + 3312307.065 + 1122761.178 = ARS9,129,649 Mil.
Total Current Assets was ARS47,045,003 Mil.
Total Assets was ARS147,019,458 Mil.
Property, Plant and Equipment(Net PPE) was ARS65,109,777 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS6,376,178 Mil.
Selling, General, & Admin. Expense(SGA) was ARS2,790,921 Mil.
Total Current Liabilities was ARS36,129,549 Mil.
Long-Term Debt & Capital Lease Obligation was ARS27,416,809 Mil.
Net Income was 550678.135 + 637164.155 + 1108986.413 + 68105.78 = ARS2,364,934 Mil.
Non Operating Income was 901972.808 + 215922.497 + 478027.174 + -242110.142 = ARS1,353,812 Mil.
Cash Flow from Operations was 3161652.053 + 4406168.461 + 1743608.696 + 1643593.239 = ARS10,955,022 Mil.

Total Receivables was ARS5,741,869 Mil.
Revenue was 8335682.303 + 5094084.507 + 5749889.541 + 5598692.861 = ARS24,778,349 Mil.
Gross Profit was 1346766.001 + 672676.056 + 710037.859 + 209029.707 = ARS2,938,510 Mil.
Total Current Assets was ARS17,952,025 Mil.
Total Assets was ARS52,658,327 Mil.
Property, Plant and Equipment(Net PPE) was ARS23,385,400 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS1,911,661 Mil.
Selling, General, & Admin. Expense(SGA) was ARS754,627 Mil.
Total Current Liabilities was ARS12,535,829 Mil.
Long-Term Debt & Capital Lease Obligation was ARS9,751,168 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)
	=	(15046594.34 / 73421837.816)	/	(5741869.247 / 24778349.212)
	=	0.204934	/	0.231729
	=	0.8844

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)
	=	(2938509.623 / 24778349.212)	/	(9129649.438 / 73421837.816)
	=	0.118592	/	0.124345
	=	0.9537

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 - (47045002.775 + 65109777.469) / 147019457.825)	/	(1 - (17952024.788 + 23385400.215) / 52658326.566)
	=	0.237143	/	0.214988
	=	1.1031

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
	=	73421837.816	/	24778349.212
	=	2.9631

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))
	=	(1911660.962 / (1911660.962 + 23385400.215))	/	(6376178.05 / (6376178.05 + 65109777.469))
	=	0.075568	/	0.089195
	=	0.8472

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)
	=	(2790920.687 / 73421837.816)	/	(754626.917 / 24778349.212)
	=	0.038012	/	0.030455
	=	1.2481

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)
	=	((27416808.546 + 36129549.39) / 147019457.825)	/	((9751168.477 + 12535829.405) / 52658326.566)
	=	0.432231	/	0.423238
	=	1.0212

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
	=	(2364934.483 - 1353812.337	-	10955022.449)	/	147019457.825
	=	-0.067637

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.

Eni SpA has a M-score of -1.20 signals that the company is likely to be a manipulator.

Eni SpA Beneish M-Score Related Terms

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Eni SpA Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

EIPAF:USA E:USA ENI:Italy ENIm:UK 0N9S:UK ENI:Germany ENI:Germany ENI:Germany ENI1:Germany ENI:Germany ENI:Bulgaria ENI:Austria

Address

1, Piazzale Enrico Mattei, Rome, ITA, 00144

Website

https://www.eni.com

Eni is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2023, the company produced 0.8 million barrels of liquids and 4.6 billion cubic feet of natural gas per day. At end-2023, Eni held reserves of 6.4 billion barrels of oil equivalent, 48% of which are liquids. The Italian government owns a 30.1% stake in the company. Eni is placing its renewable and low-carbon business in a separate entity called Plentitude, which it will likely list publicly at some point.