Orsted AS Beneish M-Score Historical Data
The historical data trend for Orsted AS'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.
Orsted AS Beneish M-Score Chart
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Orsted AS Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.02 |
-2.63 |
-0.93 |
-2.20 |
-2.65 |
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Orsted AS Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.41 |
-3.92 |
-2.65 |
-2.21 |
-3.58 |
Competitive Comparison of Orsted AS's Beneish M-Score
For the Utilities - Renewable subindustry, Orsted AS'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.
Orsted AS's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Orsted AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Orsted AS's Beneish M-Score falls into.
Orsted AS 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 Orsted AS 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 * 1.1535 | + | 0.528 * 0.3354 | + | 0.404 * 0.8406 | + | 0.892 * 0.7515 | + | 0.115 * 1.0004 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.166371 | - | 0.327 * 1.1247 |
| = | -3.62 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $2,631 Mil.
Revenue was 1793.729 + 2267.705 + 615.673 + 2722.355 = $7,399 Mil.
Gross Profit was 651.754 + 896.09 + 219.758 + 1017.073 = $2,785 Mil.
Total Current Assets was $11,636 Mil.
Total Assets was $41,249 Mil.
Property, Plant and Equipment(Net PPE) was $27,395 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,449 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $7,879 Mil.
Long-Term Debt & Capital Lease Obligation was $12,607 Mil.
Net Income was -247.635 + 373.043 + -46.673 + -3233.682 = $-3,155 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 877.034 + 525.963 + 902.733 + 1401.892 = $3,708 Mil.
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Total Receivables was $3,035 Mil.
Revenue was -18.918 + 3347.142 + 1656.438 + 4861.115 = $9,846 Mil.
Gross Profit was -1437.157 + 945.888 + 664.825 + 1069.31 = $1,243 Mil.
Total Current Assets was $13,142 Mil.
Total Assets was $43,142 Mil.
Property, Plant and Equipment(Net PPE) was $27,241 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,442 Mil.
Selling, General, & Admin. Expense(SGA) was $582 Mil.
Total Current Liabilities was $6,761 Mil.
Long-Term Debt & Capital Lease Obligation was $12,290 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) |
| = | (2631.389 / 7399.462) | / | (3035.405 / 9845.777) |
| = | 0.355619 | / | 0.308295 |
| | = | 1.1535 |
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) |
| = | (1242.866 / 9845.777) | / | (2784.675 / 7399.462) |
| = | 0.126233 | / | 0.376335 |
| | = | 0.3354 |
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 - (11635.947 + 27395.148) / 41248.702) | / | (1 - (13141.635 + 27240.938) / 43141.78) |
| = | 0.053762 | / | 0.063957 |
| | = | 0.8406 |
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 |
| = | 7399.462 | / | 9845.777 |
| | = | 0.7515 |
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)) |
| = | (1441.913 / (1441.913 + 27240.938)) | / | (1449.41 / (1449.41 + 27395.148)) |
| = | 0.050271 | / | 0.050249 |
| | = | 1.0004 |
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 / 7399.462) | / | (581.554 / 9845.777) |
| = | 0 | / | 0.059066 |
| | = | 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) |
| = | ((12607.304 + 7879.024) / 41248.702) | / | ((12289.76 + 6761.449) / 43141.78) |
| = | 0.496654 | / | 0.441595 |
| | = | 1.1247 |
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 |
| = | (-3154.947 - 0 | - | 3707.622) | / | 41248.702 |
| | = | -0.166371 |
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.
Orsted AS has a M-score of -3.62 suggests that the company is unlikely to be a manipulator.
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