GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Public Power Corp SA (LTS:0MC5) » Definitions » Beneish M-Score

Public Power (LTS:0MC5) Beneish M-Score : -2.52 (As of Dec. 12, 2024)


View and export this data going back to 2009. Start your Free Trial

What is Public Power Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Public Power's Beneish M-Score or its related term are showing as below:

LTS:0MC5' s Beneish M-Score Range Over the Past 10 Years
Min: -3.44   Med: -2.89   Max: -1.37
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Public Power was -1.37. The lowest was -3.44. And the median was -2.89.


Public Power Beneish M-Score Historical Data

The historical data trend for Public Power'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.

* Premium members only.

Public Power Beneish M-Score Chart

Public Power Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.44 -2.92 -1.40 -1.64 -2.52

Public Power Semi-Annual Data
Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -1.64 - -2.52 -

Competitive Comparison of Public Power's Beneish M-Score

For the Utilities - Renewable subindustry, Public Power'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.


Public Power's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Public Power's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Public Power's Beneish M-Score falls into.



Public Power 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 Public Power 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 * 1.9407+0.528 * 0.637+0.404 * 1.1764+0.892 * 0.6831+0.115 * 1.1971
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.6915+4.679 * -0.045172-0.327 * 1.0754
=-2.52

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was €4,587 Mil.
Revenue was €7,687 Mil.
Gross Profit was €3,667 Mil.
Total Current Assets was €8,699 Mil.
Total Assets was €23,851 Mil.
Property, Plant and Equipment(Net PPE) was €13,514 Mil.
Depreciation, Depletion and Amortization(DDA) was €681 Mil.
Selling, General, & Admin. Expense(SGA) was €45 Mil.
Total Current Liabilities was €7,926 Mil.
Long-Term Debt & Capital Lease Obligation was €4,595 Mil.
Net Income was €428 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €1,506 Mil.
Total Receivables was €3,460 Mil.
Revenue was €11,253 Mil.
Gross Profit was €3,420 Mil.
Total Current Assets was €7,661 Mil.
Total Assets was €19,527 Mil.
Property, Plant and Equipment(Net PPE) was €10,726 Mil.
Depreciation, Depletion and Amortization(DDA) was €653 Mil.
Selling, General, & Admin. Expense(SGA) was €24 Mil.
Total Current Liabilities was €5,567 Mil.
Long-Term Debt & Capital Lease Obligation was €3,966 Mil.




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)
=(4587.331 / 7686.767) / (3460.384 / 11253.107)
=0.596783 / 0.307505
=1.9407

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)
=(3419.907 / 11253.107) / (3667.185 / 7686.767)
=0.303908 / 0.477078
=0.637

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 - (8698.824 + 13513.583) / 23851.103) / (1 - (7660.505 + 10726.248) / 19527.215)
=0.068705 / 0.058404
=1.1764

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
=7686.767 / 11253.107
=0.6831

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))
=(653.309 / (653.309 + 10726.248)) / (680.768 / (680.768 + 13513.583))
=0.057411 / 0.04796
=1.1971

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)
=(44.727 / 7686.767) / (24.324 / 11253.107)
=0.005819 / 0.002162
=2.6915

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)
=((4595.135 + 7925.725) / 23851.103) / ((3965.745 + 5566.917) / 19527.215)
=0.524959 / 0.488173
=1.0754

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
=(428.322 - 0 - 1505.724) / 23851.103
=-0.045172

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.

Public Power has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.


Public Power Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Public Power's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Public Power Business Description

Traded in Other Exchanges
Address
30, Chalkokondyli Street, Athens, GRC, 104 32
Public Power Corp SA is a public electric utility company with the Hellenic Republic as its main shareholder. PPC is involved in generating, transmitting, and distributing electric energy. The company, along with its subsidiaries, operates a variety of power plants, including natural gas, coal, hydroelectric, wind, and solar plants. PPC majorly generates electricity from its thermal energy facilities. The company is divided into segments including Production/Supply, which includes production from lignite, oil, natural gas, and renewable energy sources, as well as lignite mining in support of production and supply activities in Greece and Romania. Other segments include the Distribution network and others.

Public Power Headlines

No Headlines