EDESA Holding Beneish M-Score Historical Data
The historical data trend for EDESA 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.
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EDESA Holding Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
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-2.60 |
-2.26 |
-2.20 |
-0.38 |
-3.65 |
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EDESA Holding Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
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|
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-0.38 |
-2.21 |
-1.95 |
-2.18 |
-3.65 |
Competitive Comparison
For the Utilities - Regulated Electric subindustry, EDESA 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.
EDESA Holding Beneish M-Score Distribution
For the Utilities - Regulated industry and Utilities sector, EDESA Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EDESA Holding's Beneish M-Score falls into.
EDESA 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 EDESA 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 * 0.851 | + | 0.528 * 2.4233 | + | 0.404 * 0.4412 | + | 0.892 * 0.8549 | + | 0.115 * 1.962 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 6.8004 | + | 4.679 * -0.119018 | - | 0.327 * 0.9687 |
| = | -3.65 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ARS15,700 Mil.
Revenue was 44432.312 + 12984.434 + 10040.855 + 9708.221 = ARS77,166 Mil.
Gross Profit was 7298.824 + 680.835 + 292.964 + 2041.46 = ARS10,314 Mil.
Total Current Assets was ARS24,480 Mil.
Total Assets was ARS243,841 Mil.
Property, Plant and Equipment(Net PPE) was ARS216,990 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS4,151 Mil.
Selling, General, & Admin. Expense(SGA) was ARS10,127 Mil.
Total Current Liabilities was ARS41,302 Mil.
Long-Term Debt & Capital Lease Obligation was ARS25,029 Mil.
Net Income was 3578.465 + -11477.078 + 1424.334 + 462.996 = ARS-6,011 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 13638.385 + 4950.702 + 144.5 + 4276.595 = ARS23,010 Mil.
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Total Receivables was ARS21,580 Mil.
Revenue was 52781.012 + 15856.274 + 11744.488 + 9884.971 = ARS90,267 Mil.
Gross Profit was 16771.282 + 5073.984 + 3930.322 + 3461.406 = ARS29,237 Mil.
Total Current Assets was ARS26,267 Mil.
Total Assets was ARS207,847 Mil.
Property, Plant and Equipment(Net PPE) was ARS176,998 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS6,767 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,742 Mil.
Total Current Liabilities was ARS58,160 Mil.
Long-Term Debt & Capital Lease Obligation was ARS209 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) |
| = | (15700.049 / 77165.822) | / | (21580.246 / 90266.745) |
| = | 0.203459 | / | 0.239072 |
| | = | 0.851 |
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) |
| = | (29236.994 / 90266.745) | / | (10314.083 / 77165.822) |
| = | 0.323896 | / | 0.133661 |
| | = | 2.4233 |
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 - (24480.37 + 216989.51) / 243841.181) | / | (1 - (26267.12 + 176997.8) / 207846.723) |
| = | 0.009725 | / | 0.022044 |
| | = | 0.4412 |
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 |
| = | 77165.822 | / | 90266.745 |
| | = | 0.8549 |
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)) |
| = | (6767.473 / (6767.473 + 176997.8)) | / | (4150.809 / (4150.809 + 216989.51)) |
| = | 0.036827 | / | 0.01877 |
| | = | 1.962 |
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) |
| = | (10126.798 / 77165.822) | / | (1741.952 / 90266.745) |
| = | 0.131234 | / | 0.019298 |
| | = | 6.8004 |
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) |
| = | ((25029.136 + 41301.97) / 243841.181) | / | ((208.62 + 58159.99) / 207846.723) |
| = | 0.272026 | / | 0.280825 |
| | = | 0.9687 |
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 |
| = | (-6011.283 - 0 | - | 23010.182) | / | 243841.181 |
| | = | -0.119018 |
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.
EDESA Holding has a M-score of -3.65 suggests that the company is unlikely to be a manipulator.
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