Atco Beneish M-Score Historical Data
The historical data trend for Atco'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.
Atco Beneish M-Score Chart
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Atco Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.86 |
-2.64 |
-2.67 |
-2.87 |
-2.70 |
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Atco Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.87 |
-2.73 |
-2.85 |
-2.59 |
-2.70 |
Competitive Comparison of Atco's Beneish M-Score
For the Utilities - Diversified subindustry, Atco'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.
Atco's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Atco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Atco's Beneish M-Score falls into.
Atco 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 Atco 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 * 1.0985 | + | 0.528 * 1.0177 | + | 0.404 * 0.9872 | + | 0.892 * 1.0204 | + | 0.115 * 1.0463 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0985 | + | 4.679 * -0.072371 | - | 0.327 * 1.02 |
| = | -2.72 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was €691 Mil.
Revenue was 931.74 + 742.297 + 753.775 + 899.882 = €3,328 Mil.
Gross Profit was 555.692 + 468.259 + 483.31 + 585.195 = €2,092 Mil.
Total Current Assets was €1,438 Mil.
Total Assets was €17,914 Mil.
Property, Plant and Equipment(Net PPE) was €14,697 Mil.
Depreciation, Depletion and Amortization(DDA) was €546 Mil.
Selling, General, & Admin. Expense(SGA) was €497 Mil.
Total Current Liabilities was €1,042 Mil.
Long-Term Debt & Capital Lease Obligation was €7,775 Mil.
Net Income was 92.504 + 61.858 + 35.248 + 99.911 = €290 Mil.
Non Operating Income was 19.439 + 39.908 + 14.235 + 32.624 = €106 Mil.
Cash Flow from Operations was 413.585 + 307.295 + 382.31 + 376.537 = €1,480 Mil.
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Total Receivables was €617 Mil.
Revenue was 834.568 + 732.648 + 766.967 + 926.969 = €3,261 Mil.
Gross Profit was 539.291 + 463.964 + 494.638 + 589.083 = €2,087 Mil.
Total Current Assets was €1,255 Mil.
Total Assets was €17,333 Mil.
Property, Plant and Equipment(Net PPE) was €14,334 Mil.
Depreciation, Depletion and Amortization(DDA) was €558 Mil.
Selling, General, & Admin. Expense(SGA) was €443 Mil.
Total Current Liabilities was €1,105 Mil.
Long-Term Debt & Capital Lease Obligation was €7,260 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) |
| = | (691.096 / 3327.694) | / | (616.528 / 3261.152) |
| = | 0.20768 | / | 0.189052 |
| | = | 1.0985 |
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) |
| = | (2086.976 / 3261.152) | / | (2092.456 / 3327.694) |
| = | 0.639951 | / | 0.628801 |
| | = | 1.0177 |
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 - (1437.829 + 14696.691) / 17913.54) | / | (1 - (1254.928 + 14333.935) / 17332.503) |
| = | 0.099311 | / | 0.100599 |
| | = | 0.9872 |
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 |
| = | 3327.694 | / | 3261.152 |
| | = | 1.0204 |
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)) |
| = | (558.079 / (558.079 + 14333.935)) | / | (545.957 / (545.957 + 14696.691)) |
| = | 0.037475 | / | 0.035818 |
| | = | 1.0463 |
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) |
| = | (496.842 / 3327.694) | / | (443.228 / 3261.152) |
| = | 0.149305 | / | 0.135911 |
| | = | 1.0985 |
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) |
| = | ((7775.002 + 1042.342) / 17913.54) | / | ((7259.583 + 1104.556) / 17332.503) |
| = | 0.492217 | / | 0.48257 |
| | = | 1.02 |
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 |
| = | (289.521 - 106.206 | - | 1479.727) | / | 17913.54 |
| | = | -0.072371 |
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.
Atco has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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