ACEA SpA Beneish M-Score Historical Data
The historical data trend for ACEA SpA'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.
ACEA SpA Beneish M-Score Chart
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ACEA SpA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.69 |
-2.36 |
-4.19 |
-2.69 |
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ACEA SpA Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.15 |
-2.69 |
-2.85 |
-2.93 |
-2.89 |
Competitive Comparison of ACEA SpA's Beneish M-Score
For the Utilities - Diversified subindustry, ACEA SpA'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.
ACEA SpA's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, ACEA SpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ACEA SpA's Beneish M-Score falls into.
ACEA SpA 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 ACEA SpA 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 * 0.9666 | + | 0.528 * 0.6719 | + | 0.404 * 1.0877 | + | 0.892 * 0.9171 | + | 0.115 * 0.996 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.07347 | - | 0.327 * 0.9786 |
| = | -2.89 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was €1,149 Mil.
Revenue was 1116.117 + 964.912 + 1026.314 + 1123.37 = €4,231 Mil.
Gross Profit was 511.398 + 443.025 + 1026.314 + 1202.777 = €3,184 Mil.
Total Current Assets was €2,367 Mil.
Total Assets was €12,134 Mil.
Property, Plant and Equipment(Net PPE) was €3,499 Mil.
Depreciation, Depletion and Amortization(DDA) was €675 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €3,531 Mil.
Long-Term Debt & Capital Lease Obligation was €4,686 Mil.
Net Income was 113.281 + 89.14 + 82.565 + 84.483 = €369 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 315.272 + 334.337 + 210.574 + 400.742 = €1,261 Mil.
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Total Receivables was €1,296 Mil.
Revenue was 1083.924 + 1056.305 + 1239.865 + 1233.192 = €4,613 Mil.
Gross Profit was 414.03 + 415.611 + 416.555 + 1086.095 = €2,332 Mil.
Total Current Assets was €2,843 Mil.
Total Assets was €11,830 Mil.
Property, Plant and Equipment(Net PPE) was €3,368 Mil.
Depreciation, Depletion and Amortization(DDA) was €647 Mil.
Selling, General, & Admin. Expense(SGA) was €-1,943 Mil.
Total Current Liabilities was €3,392 Mil.
Long-Term Debt & Capital Lease Obligation was €4,795 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) |
| = | (1149.067 / 4230.713) | / | (1296.282 / 4613.286) |
| = | 0.271601 | / | 0.280989 |
| | = | 0.9666 |
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) |
| = | (2332.291 / 4613.286) | / | (3183.514 / 4230.713) |
| = | 0.50556 | / | 0.752477 |
| | = | 0.6719 |
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 - (2366.679 + 3499.137) / 12133.534) | / | (1 - (2843.364 + 3368.213) / 11829.515) |
| = | 0.516562 | / | 0.474909 |
| | = | 1.0877 |
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 |
| = | 4230.713 | / | 4613.286 |
| | = | 0.9171 |
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)) |
| = | (646.63 / (646.63 + 3368.213)) | / | (674.963 / (674.963 + 3499.137)) |
| = | 0.16106 | / | 0.161703 |
| | = | 0.996 |
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 / 4230.713) | / | (-1942.56 / 4613.286) |
| = | 0 | / | -0.421079 |
| | = | 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) |
| = | ((4686 + 3530.728) / 12133.534) | / | ((4794.7 + 3391.734) / 11829.515) |
| = | 0.677192 | / | 0.692035 |
| | = | 0.9786 |
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 |
| = | (369.469 - 0 | - | 1260.925) | / | 12133.534 |
| | = | -0.07347 |
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.
ACEA SpA has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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