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TAURON Polska Energia (LTS:0N2X) Beneish M-Score : -3.03 (As of Dec. 15, 2024)


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What is TAURON Polska Energia 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 -3.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0N2X' s Beneish M-Score Range Over the Past 10 Years
Min: -11.62   Med: -2.8   Max: -1.59
Current: -3.03

During the past 13 years, the highest Beneish M-Score of TAURON Polska Energia was -1.59. The lowest was -11.62. And the median was -2.80.


TAURON Polska Energia Beneish M-Score Historical Data

The historical data trend for TAURON Polska Energia'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.

TAURON Polska Energia Beneish M-Score Chart

TAURON Polska Energia 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 -2.45 -4.64 -3.18 -2.21 -2.72

TAURON Polska Energia Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 -2.80 -2.72 -3.59 -3.67 -3.03

Competitive Comparison of TAURON Polska Energia's Beneish M-Score

For the Utilities - Renewable subindustry, TAURON Polska Energia'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.


TAURON Polska Energia's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

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

* The bar in red indicates where TAURON Polska Energia's Beneish M-Score falls into.



TAURON Polska Energia 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 TAURON Polska Energia 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 * 1.0333+0.528 * 1.3342+0.404 * 0.9067+0.892 * 0.7793+0.115 * 0.9195
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.379+4.679 * -0.099461-0.327 * 0.9572
=-3.03

* 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 zł3,871 Mil.
Revenue was 8126 + 8080 + 9320 + 12750 = zł38,276 Mil.
Gross Profit was 1213 + -308 + 1349 + 541 = zł2,795 Mil.
Total Current Assets was zł8,339 Mil.
Total Assets was zł45,797 Mil.
Property, Plant and Equipment(Net PPE) was zł34,266 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2,366 Mil.
Selling, General, & Admin. Expense(SGA) was zł1,483 Mil.
Total Current Liabilities was zł10,629 Mil.
Long-Term Debt & Capital Lease Obligation was zł14,043 Mil.
Net Income was 635 + -1376 + 531 + -585 = zł-795 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -780 + 3020 + 2144 + -624 = zł3,760 Mil.
Total Receivables was zł4,807 Mil.
Revenue was 11063 + 11664 + 15863 + 10525 = zł49,115 Mil.
Gross Profit was 962 + 1600 + 2002 + 221 = zł4,785 Mil.
Total Current Assets was zł12,400 Mil.
Total Assets was zł48,898 Mil.
Property, Plant and Equipment(Net PPE) was zł32,739 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2,067 Mil.
Selling, General, & Admin. Expense(SGA) was zł1,380 Mil.
Total Current Liabilities was zł12,898 Mil.
Long-Term Debt & Capital Lease Obligation was zł14,623 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)
=(3871 / 38276) / (4807 / 49115)
=0.101134 / 0.097872
=1.0333

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)
=(4785 / 49115) / (2795 / 38276)
=0.097424 / 0.073022
=1.3342

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 - (8339 + 34266) / 45797) / (1 - (12400 + 32739) / 48898)
=0.069699 / 0.076874
=0.9067

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
=38276 / 49115
=0.7793

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))
=(2067 / (2067 + 32739)) / (2366 / (2366 + 34266))
=0.059386 / 0.064588
=0.9195

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)
=(1483 / 38276) / (1380 / 49115)
=0.038745 / 0.028097
=1.379

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)
=((14043 + 10629) / 45797) / ((14623 + 12898) / 48898)
=0.538725 / 0.562825
=0.9572

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
=(-795 - 0 - 3760) / 45797
=-0.099461

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.

TAURON Polska Energia has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.


TAURON Polska Energia Beneish M-Score Related Terms

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TAURON Polska Energia Business Description

Traded in Other Exchanges
Address
ul. ks. Piotra Sciegiennego 3, Katowice, POL, 40-114
TAURON Polska Energia SA is a Polish joint stock company that operates and has ownership stakes in the energy industry in Eastern and Northern Europe. TAURON Polska Energia is, cumulatively, involved in the production, distribution, and sale of energy and fuel inputs. The company segments its operations into Mining, Generation, Distribution, and Sales. In its Generation division, TAURON Polska Energia operates a portfolio of biomass, coal, gas, and hydro power plants mainly in Poland. Most of its total energy production comes from its conventional, thermal facilities. The company generates the majority of its revenue from the sale of electricity and heat out of its Sales unit. Distribution service revenue and sales made by the Generation division are also significant.

TAURON Polska Energia Headlines

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