Summit Power Beneish M-Score Historical Data
The historical data trend for Summit Power'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.
Summit Power Beneish M-Score Chart
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Summit Power Annual Data
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Trend |
Dec14 |
Dec15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.07 |
-2.65 |
-1.50 |
-1.46 |
-2.32 |
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Summit Power Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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-1.46 |
- |
-1.58 |
-2.05 |
-2.32 |
Competitive Comparison of Summit Power's Beneish M-Score
For the Utilities - Regulated Electric subindustry, Summit Power'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.
Summit Power's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Summit Power's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Summit Power's Beneish M-Score falls into.
Summit Power 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 Summit Power 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 * 0.8308 | + | 0.528 * 1.9311 | + | 0.404 * 1.1467 | + | 0.892 * 1.0329 | + | 0.115 * 0.9427 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1973 | + | 4.679 * -0.048209 | - | 0.327 * 1.0064 |
| = | -2.32 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was BDT29,423 Mil.
Revenue was 8252.028 + 15567.532 + 13302.331 + 18056.651 = BDT55,179 Mil.
Gross Profit was -2373.49 + 2565.26 + 2276.043 + 2136.977 = BDT4,605 Mil.
Total Current Assets was BDT49,072 Mil.
Total Assets was BDT110,123 Mil.
Property, Plant and Equipment(Net PPE) was BDT44,136 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT2,373 Mil.
Selling, General, & Admin. Expense(SGA) was BDT116 Mil.
Total Current Liabilities was BDT37,777 Mil.
Long-Term Debt & Capital Lease Obligation was BDT17,715 Mil.
Net Income was 23.129 + 507.801 + 807.078 + 869.181 = BDT2,207 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 2368.74 + 2992.346 + 1307.132 + 847.87 = BDT7,516 Mil.
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Total Receivables was BDT34,288 Mil.
Revenue was 20217.633 + 12917.34 + 9152.977 + 11132.011 = BDT53,420 Mil.
Gross Profit was 2593.634 + 1944.096 + 2023.192 + 2048.006 = BDT8,609 Mil.
Total Current Assets was BDT49,061 Mil.
Total Assets was BDT103,388 Mil.
Property, Plant and Equipment(Net PPE) was BDT40,479 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT2,046 Mil.
Selling, General, & Admin. Expense(SGA) was BDT93 Mil.
Total Current Liabilities was BDT34,147 Mil.
Long-Term Debt & Capital Lease Obligation was BDT17,618 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) |
| = | (29423 / 55178.542) | / | (34288.382 / 53419.961) |
| = | 0.533233 | / | 0.641865 |
| | = | 0.8308 |
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) |
| = | (8608.928 / 53419.961) | / | (4604.79 / 55178.542) |
| = | 0.161156 | / | 0.083453 |
| | = | 1.9311 |
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 - (49072.475 + 44136.167) / 110122.916) | / | (1 - (49060.881 + 40479.277) / 103387.795) |
| = | 0.153594 | / | 0.133939 |
| | = | 1.1467 |
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 |
| = | 55178.542 | / | 53419.961 |
| | = | 1.0329 |
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)) |
| = | (2045.547 / (2045.547 + 40479.277)) | / | (2373.087 / (2373.087 + 44136.167)) |
| = | 0.048102 | / | 0.051024 |
| | = | 0.9427 |
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) |
| = | (115.546 / 55178.542) | / | (93.452 / 53419.961) |
| = | 0.002094 | / | 0.001749 |
| | = | 1.1973 |
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) |
| = | ((17715.188 + 37776.695) / 110122.916) | / | ((17618.119 + 34147.071) / 103387.795) |
| = | 0.503909 | / | 0.50069 |
| | = | 1.0064 |
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 |
| = | (2207.189 - 0 | - | 7516.088) | / | 110122.916 |
| | = | -0.048209 |
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.
Summit Power has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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