Ignitis Group AB Beneish M-Score Historical Data
The historical data trend for Ignitis Group AB'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.
Ignitis Group AB Beneish M-Score Chart
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Ignitis Group AB Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-0.91 |
-1.76 |
-3.15 |
-2.81 |
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Ignitis Group AB Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.15 |
-2.68 |
-2.59 |
-2.64 |
-2.81 |
Competitive Comparison of Ignitis Group AB's Beneish M-Score
For the Utilities - Diversified subindustry, Ignitis Group AB'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.
Ignitis Group AB's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Ignitis Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ignitis Group AB's Beneish M-Score falls into.
Ignitis Group AB 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 Ignitis Group AB 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 * 1.3641 | + | 0.528 * 0.8329 | + | 0.404 * 0.7392 | + | 0.892 * 0.9029 | + | 0.115 * 1.0202 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.371 | + | 4.679 * -0.067473 | - | 0.327 * 1.0281 |
| = | -2.81 |
* 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 €388 Mil.
Revenue was 685.6 + 521.4 + 437.9 + 650.7 = €2,296 Mil.
Gross Profit was 211.4 + 161.3 + 168.1 + 243.6 = €784 Mil.
Total Current Assets was €954 Mil.
Total Assets was €5,706 Mil.
Property, Plant and Equipment(Net PPE) was €4,105 Mil.
Depreciation, Depletion and Amortization(DDA) was €195 Mil.
Selling, General, & Admin. Expense(SGA) was €49 Mil.
Total Current Liabilities was €709 Mil.
Long-Term Debt & Capital Lease Obligation was €1,780 Mil.
Net Income was 62.2 + 45.6 + 49.7 + 118.7 = €276 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 135.1 + 134.1 + 138.4 + 253.6 = €661 Mil.
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Total Receivables was €315 Mil.
Revenue was 705.1 + 469.5 + 440.7 + 927.1 = €2,542 Mil.
Gross Profit was 224.3 + 155.6 + 102.9 + 240.8 = €724 Mil.
Total Current Assets was €1,028 Mil.
Total Assets was €5,244 Mil.
Property, Plant and Equipment(Net PPE) was €3,412 Mil.
Depreciation, Depletion and Amortization(DDA) was €166 Mil.
Selling, General, & Admin. Expense(SGA) was €40 Mil.
Total Current Liabilities was €661 Mil.
Long-Term Debt & Capital Lease Obligation was €1,564 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) |
| = | (388.1 / 2295.6) | / | (315.1 / 2542.4) |
| = | 0.169063 | / | 0.123938 |
| | = | 1.3641 |
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) |
| = | (723.6 / 2542.4) | / | (784.4 / 2295.6) |
| = | 0.284613 | / | 0.341697 |
| | = | 0.8329 |
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 - (954 + 4105) / 5706) | / | (1 - (1027.5 + 3412.4) / 5244.4) |
| = | 0.113389 | / | 0.153402 |
| | = | 0.7392 |
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 |
| = | 2295.6 | / | 2542.4 |
| | = | 0.9029 |
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)) |
| = | (165.7 / (165.7 + 3412.4)) | / | (195.2 / (195.2 + 4105)) |
| = | 0.046309 | / | 0.045393 |
| | = | 1.0202 |
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) |
| = | (48.9 / 2295.6) | / | (39.5 / 2542.4) |
| = | 0.021302 | / | 0.015537 |
| | = | 1.371 |
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) |
| = | ((1779.7 + 708.7) / 5706) | / | ((1563.5 + 661.1) / 5244.4) |
| = | 0.436102 | / | 0.424186 |
| | = | 1.0281 |
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 |
| = | (276.2 - 0 | - | 661.2) | / | 5706 |
| | = | -0.067473 |
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.
Ignitis Group AB has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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