Just Energy Group Beneish M-Score Historical Data
The historical data trend for Just Energy Group'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.
Just Energy Group Beneish M-Score Chart
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Just Energy Group Annual Data
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Mar13 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
| Beneish M-Score |
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-2.22 |
-2.26 |
-3.07 |
-12.91 |
-5.02 |
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Just Energy Group Quarterly Data
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Dec17 |
Mar18 |
Jun18 |
Sep18 |
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Mar21 |
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Mar22 |
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Sep22 |
| Beneish M-Score |
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-9.96 |
-10.09 |
-5.02 |
-9.03 |
1.24 |
Competitive Comparison of Just Energy Group's Beneish M-Score
For the Utilities - Diversified subindustry, Just Energy Group'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.
Just Energy Group's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Just Energy Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Just Energy Group's Beneish M-Score falls into.
Just Energy Group 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 Just Energy Group 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 * 0.9501 | + | 0.528 * 12.061 | + | 0.404 * 0.8586 | + | 0.892 * 1.1818 | + | 0.115 * 0.7148 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9223 | + | 4.679 * -0.410226 | - | 0.327 * 0.8634 |
| = | 1.53 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was $363 Mil.
Revenue was 684.968 + 570.586 + 614.136 + 510.338 = $2,380 Mil.
Gross Profit was -271.902 + -92.626 + 29.999 + 169.746 = $-165 Mil.
Total Current Assets was $1,232 Mil.
Total Assets was $1,600 Mil.
Property, Plant and Equipment(Net PPE) was $5 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $249 Mil.
Total Current Liabilities was $1,344 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was -205.598 + 160.626 + 316.022 + -109.18 = $162 Mil.
Non Operating Income was 79.069 + 400.618 + 457.551 + -200.965 = $736 Mil.
Cash Flow from Operations was 35.725 + 102.072 + -4.321 + -51.492 = $82 Mil.
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Total Receivables was $323 Mil.
Revenue was 559.382 + 496.361 + 466.424 + 491.716 = $2,014 Mil.
Gross Profit was 64.77 + 65.35 + -1953.329 + 141.508 = $-1,682 Mil.
Total Current Assets was $987 Mil.
Total Assets was $1,359 Mil.
Property, Plant and Equipment(Net PPE) was $12 Mil.
Depreciation, Depletion and Amortization(DDA) was $16 Mil.
Selling, General, & Admin. Expense(SGA) was $229 Mil.
Total Current Liabilities was $1,322 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (362.917 / 2380.028) | / | (323.206 / 2013.883) |
| = | 0.152484 | / | 0.160489 |
| | = | 0.9501 |
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) |
| = | (-1681.701 / 2013.883) | / | (-164.783 / 2380.028) |
| = | -0.835054 | / | -0.069236 |
| | = | 12.061 |
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 - (1231.664 + 4.98) / 1600.062) | / | (1 - (987.225 + 12.334) / 1359.073) |
| = | 0.227127 | / | 0.264529 |
| | = | 0.8586 |
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 |
| = | 2380.028 | / | 2013.883 |
| | = | 1.1818 |
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)) |
| = | (15.948 / (15.948 + 12.334)) | / | (18.614 / (18.614 + 4.98)) |
| = | 0.563892 | / | 0.788929 |
| | = | 0.7148 |
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) |
| = | (249.117 / 2380.028) | / | (228.543 / 2013.883) |
| = | 0.10467 | / | 0.113484 |
| | = | 0.9223 |
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) |
| = | ((0.002 + 1344.238) / 1600.062) | / | ((0.281 + 1322.128) / 1359.073) |
| = | 0.840117 | / | 0.973023 |
| | = | 0.8634 |
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 |
| = | (161.87 - 736.273 | - | 81.984) | / | 1600.062 |
| | = | -0.410226 |
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.
Just Energy Group has a M-score of 1.53 signals that the company is likely to be a manipulator.
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