EDESAL Holding Beneish M-Score Historical Data
The historical data trend for EDESAL Holding'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.
EDESAL Holding Beneish M-Score Chart
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EDESAL Holding Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
Dec25 |
| Beneish M-Score |
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0.00 |
0.00 |
0.00 |
0.00 |
-3.42 |
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EDESAL Holding Quarterly Data
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Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
Sep25 |
Dec25 |
Mar26 |
| Beneish M-Score |
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-2.67 |
-2.83 |
-2.93 |
-3.42 |
0.00 |
BUE:EDLH vs NEE, DUK, SO: Beneish M-Score Comparison
For the Utilities - Regulated Electric subindustry, EDESAL Holding'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.
EDESAL Holding Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, EDESAL Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EDESAL Holding's Beneish M-Score falls into.
EDESAL Holding 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 EDESAL Holding 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 (Mar26) TTM: | Last Year (Mar25) TTM: |
Total Receivables was ARS50,556 Mil.
Revenue was 58124.056 + 70725.454 + 52427.298 + 50229.936 = ARS231,507 Mil.
Gross Profit was 13772.987 + 21785.044 + 11848.646 + 29436.628 = ARS76,843 Mil.
Total Current Assets was ARS69,736 Mil.
Total Assets was ARS271,065 Mil.
Property, Plant and Equipment(Net PPE) was ARS201,329 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS10,657 Mil.
Selling, General, & Admin. Expense(SGA) was ARS22,935 Mil.
Total Current Liabilities was ARS45,018 Mil.
Long-Term Debt & Capital Lease Obligation was ARS0 Mil.
Net Income was 863.693 + 13642.532 + -232.529 + -13449.803 = ARS824 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 8557.789 + 14517.899 + 8675.515 + 3809.436 = ARS35,561 Mil.
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Total Receivables was ARS32,026 Mil.
Revenue was 63164.772 + 68441.679 + 49956.805 + 40257.58 = ARS221,821 Mil.
Gross Profit was 11694.738 + 15471.433 + 7198.633 + 5959.834 = ARS40,325 Mil.
Total Current Assets was ARS40,404 Mil.
Total Assets was ARS180,749 Mil.
Property, Plant and Equipment(Net PPE) was ARS140,346 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS12,144 Mil.
Selling, General, & Admin. Expense(SGA) was ARS24,341 Mil.
Total Current Liabilities was ARS40,607 Mil.
Long-Term Debt & Capital Lease Obligation was ARS0 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) |
| = | (50555.695 / 231506.744) | / | (32026.088 / 221820.836) |
| = | 0.218377 | / | 0.144378 |
| | = | |
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) |
| = | (40324.638 / 221820.836) | / | (76843.305 / 231506.744) |
| = | 0.181789 | / | 0.331927 |
| | = | |
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 - (69736.023 + 201329.175) / 271065.198) | / | (1 - (40403.5 + 140345.639) / 180749.139) |
| = | 0 | / | 0 |
| | = | |
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 |
| = | 231506.744 | / | 221820.836 |
| | = | |
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)) |
| = | (12144.013 / (12144.013 + 140345.639)) | / | (10657.274 / (10657.274 + 201329.175)) |
| = | 0.079638 | / | 0.050273 |
| | = | |
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) |
| = | (22934.504 / 231506.744) | / | (24340.851 / 221820.836) |
| = | 0.099066 | / | 0.109732 |
| | = | |
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 + 45017.82) / 271065.198) | / | ((0 + 40607.439) / 180749.139) |
| = | 0.166077 | / | 0.224662 |
| | = | |
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 |
| = | (823.893 - 0 | - | 35560.639) | / | 271065.198 |
| | = | -0.128149 |
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.
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