Dubai Electricity & Water Authority PJSC (DFM:DEWA) Beneish M-Score : -2.79 (As of Apr. 01, 2025)

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What is Dubai Electricity & Water Authority PJSC 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dubai Electricity & Water Authority PJSC's Beneish M-Score or its related term are showing as below:

DFM:DEWA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79 Med: -2.68 Max: -2.46
Current: -2.79

During the past 12 years, the highest Beneish M-Score of Dubai Electricity & Water Authority PJSC was -2.46. The lowest was -2.79. And the median was -2.68.

Dubai Electricity & Water Authority PJSC Beneish M-Score Historical Data

The historical data trend for Dubai Electricity & Water Authority PJSC'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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Dubai Electricity & Water Authority PJSC Beneish M-Score Chart

Dubai Electricity & Water Authority PJSC Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.46

-2.68

-2.79

Dubai Electricity & Water Authority PJSC Quarterly Data
	Dec15	Dec16	Dec17	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.68	-2.77	-2.66	-2.87	-2.79

Competitive Comparison of Dubai Electricity & Water Authority PJSC's Beneish M-Score

For the Utilities - Diversified subindustry, Dubai Electricity & Water Authority PJSC'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.

Dubai Electricity & Water Authority PJSC's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Dubai Electricity & Water Authority PJSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dubai Electricity & Water Authority PJSC's Beneish M-Score falls into.

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Dubai Electricity & Water Authority PJSC 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 Dubai Electricity & Water Authority PJSC 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 * 0.8546

0.528 * 1.0107

0.404 * 1.1288

0.892 * 1.062

0.115 * 0.9489

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1225

4.679 * -0.056414

0.327 * 0.9939

-2.79

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was د.إ3,104 Mil.
Revenue was 7443.045 + 9870.235 + 7864.07 + 5800.001 = د.إ30,977 Mil.
Gross Profit was 2785.379 + 4348.474 + 2909.884 + 1763.276 = د.إ11,807 Mil.
Total Current Assets was د.إ19,290 Mil.
Total Assets was د.إ184,755 Mil.
Property, Plant and Equipment(Net PPE) was د.إ158,252 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ6,568 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ715 Mil.
Total Current Liabilities was د.إ25,569 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ28,854 Mil.
Net Income was 1646.213 + 2858.65 + 1860.375 + 647.422 = د.إ7,013 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 5831.059 + 5923.176 + 2413.312 + 3267.862 = د.إ17,435 Mil.

Total Receivables was د.إ3,420 Mil.
Revenue was 7017.214 + 9422.286 + 7293.615 + 5435.814 = د.إ29,169 Mil.
Gross Profit was 2399.644 + 4489.429 + 2811.493 + 1535.709 = د.إ11,236 Mil.
Total Current Assets was د.إ18,781 Mil.
Total Assets was د.إ180,958 Mil.
Property, Plant and Equipment(Net PPE) was د.إ155,917 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ6,127 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ600 Mil.
Total Current Liabilities was د.إ26,271 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ27,358 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)
	=	(3103.822 / 30977.351)	/	(3420.058 / 29168.929)
	=	0.100196	/	0.11725
	=	0.8546

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)
	=	(11236.275 / 29168.929)	/	(11807.013 / 30977.351)
	=	0.385214	/	0.38115
	=	1.0107

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 - (19289.5 + 158251.706) / 184755.308)	/	(1 - (18780.939 + 155917.149) / 180957.777)
	=	0.039047	/	0.034592
	=	1.1288

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
	=	30977.351	/	29168.929
	=	1.062

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))
	=	(6126.978 / (6126.978 + 155917.149))	/	(6567.932 / (6567.932 + 158251.706))
	=	0.037811	/	0.039849
	=	0.9489

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)
	=	(714.859 / 30977.351)	/	(599.649 / 29168.929)
	=	0.023077	/	0.020558
	=	1.1225

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)
	=	((28854.195 + 25568.577) / 184755.308)	/	((27357.818 + 26270.963) / 180957.777)
	=	0.294567	/	0.296361
	=	0.9939

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
	=	(7012.66 - 0	-	17435.409)	/	184755.308
	=	-0.056414

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.

Dubai Electricity & Water Authority PJSC has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

Dubai Electricity & Water Authority PJSC Beneish M-Score Related Terms

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Dubai Electricity & Water Authority PJSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Dubai Electricity & Water Authority PJSC (DFM:DEWA) » Definitions » Beneish M-Score

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Address

Sheikh Rashid Road, Umm Hurair 2, P.O. Box 564, Near Wafi Mall, Happiness Center Zaabeel East, Dubai, ARE

Website

https://www.dewa.gov.ae

Dubai Electricity & Water Authority PJSC is engaged in water desalination and distribution and its generation, transmission, and distribution of electricity, throughout the Emirate of Dubai. The group is organized into four segments; DEWA is engaged in the generation, transmission, and distribution of electricity and water desalination, transmission and distribution to residential, commercial, industrial, and government; EMPOWER is engaged in the provision of district cooling, maintenance of central cooling plants and manufacturing and sale of insulated pipes; IWPP is engaged in the development, operation and maintenance of power and water plants; and Others operations include purification and sale of potable water, and other. It generates maximum revenue from the DEWA segment.

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