Greenvolt - Energias Renovaveis Beneish M-Score Historical Data
The historical data trend for Greenvolt - Energias Renovaveis'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.
Greenvolt - Energias Renovaveis Beneish M-Score Chart
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Greenvolt - Energias Renovaveis Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.72 |
-1.82 |
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Greenvolt - Energias Renovaveis Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.72 |
-1.70 |
-1.45 |
-1.95 |
-1.82 |
Competitive Comparison of Greenvolt - Energias Renovaveis's Beneish M-Score
For the Utilities - Renewable subindustry, Greenvolt - Energias Renovaveis'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.
Greenvolt - Energias Renovaveis's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Greenvolt - Energias Renovaveis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Greenvolt - Energias Renovaveis's Beneish M-Score falls into.
Greenvolt - Energias Renovaveis 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 Greenvolt - Energias Renovaveis 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 * 1.2267 | + | 0.528 * 1.1969 | + | 0.404 * 1.1114 | + | 0.892 * 1.4513 | + | 0.115 * 1.1225 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.053644 | - | 0.327 * 1.1203 |
| = | -1.82 |
* 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 €231.0 Mil.
Revenue was 95.588 + 124.531 + 60.219 + 65.496 = €345.8 Mil.
Gross Profit was 58.98 + 60.796 + 37.212 + 37.347 = €194.3 Mil.
Total Current Assets was €790.5 Mil.
Total Assets was €2,287.4 Mil.
Property, Plant and Equipment(Net PPE) was €812.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €53.6 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €543.9 Mil.
Long-Term Debt & Capital Lease Obligation was €1,007.6 Mil.
Net Income was -4.752 + 8.926 + -3.289 + 0.297 = €1.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 17.074 + 117.043 + -12.344 + 2.114 = €123.9 Mil.
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Total Receivables was €129.8 Mil.
Revenue was 61.214 + 66.189 + 54.82 + 56.071 = €238.3 Mil.
Gross Profit was 38.705 + 43.334 + 38.177 + 40.059 = €160.3 Mil.
Total Current Assets was €555.3 Mil.
Total Assets was €1,530.3 Mil.
Property, Plant and Equipment(Net PPE) was €563.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €42.0 Mil.
Selling, General, & Admin. Expense(SGA) was €47.2 Mil.
Total Current Liabilities was €214.9 Mil.
Long-Term Debt & Capital Lease Obligation was €711.6 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) |
| = | (231.016 / 345.834) | / | (129.765 / 238.294) |
| = | 0.667997 | / | 0.544558 |
| | = | 1.2267 |
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) |
| = | (160.275 / 238.294) | / | (194.335 / 345.834) |
| = | 0.672594 | / | 0.561931 |
| | = | 1.1969 |
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 - (790.462 + 812.836) / 2287.384) | / | (1 - (555.31 + 563.149) / 1530.257) |
| = | 0.299069 | / | 0.269104 |
| | = | 1.1114 |
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 |
| = | 345.834 | / | 238.294 |
| | = | 1.4513 |
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)) |
| = | (42.042 / (42.042 + 563.149)) | / | (53.622 / (53.622 + 812.836)) |
| = | 0.069469 | / | 0.061886 |
| | = | 1.1225 |
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 / 345.834) | / | (47.202 / 238.294) |
| = | 0 | / | 0.198083 |
| | = | 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) |
| = | ((1007.572 + 543.899) / 2287.384) | / | ((711.6 + 214.913) / 1530.257) |
| = | 0.678273 | / | 0.605462 |
| | = | 1.1203 |
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 |
| = | (1.182 - 0 | - | 123.887) | / | 2287.384 |
| | = | -0.053644 |
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.
Greenvolt - Energias Renovaveis has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.
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