Federal Grid Company Rosseti PJSC (MIC:FEES) Beneish M-Score : 0.00 (As of Jun. 26, 2025)

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What is Federal Grid Company Rosseti PJSC 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.

The historical rank and industry rank for Federal Grid Company Rosseti PJSC's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Federal Grid Company Rosseti PJSC was 0.00. The lowest was 0.00. And the median was 0.00.

Federal Grid Company Rosseti PJSC Beneish M-Score Historical Data

The historical data trend for Federal Grid Company Rosseti PJSC'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.

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Federal Grid Company Rosseti PJSC Beneish M-Score Chart

Federal Grid Company Rosseti PJSC Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Beneish M-Score

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-1.58

-2.85

-2.01

-3.01

-2.70

Federal Grid Company Rosseti PJSC Quarterly Data
	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Jun23
Beneish M-Score	Get a 7-Day Free Trial															-2.70	-2.47	-2.77	-2.98	-1.22

Competitive Comparison of Federal Grid Company Rosseti PJSC's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Federal Grid Company Rosseti PJSC'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.

Federal Grid Company Rosseti PJSC's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Federal Grid Company Rosseti PJSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Federal Grid Company Rosseti PJSC's Beneish M-Score falls into.

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Federal Grid Company Rosseti PJSC 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 Federal Grid Company Rosseti PJSC for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.499

0.528 * 1.1618

0.404 * 0.5592

0.892 * 2.1541

0.115 * 1.2471

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.000741

0.327 * 1.5235

-1.22

This Year (Jun23) TTM:

Last Year (Dec20) TTM:

Total Receivables was ₽126,408 Mil.
Revenue was 323804 + 62513 + 60810 + 61819 = ₽508,946 Mil.
Gross Profit was 198980 + 47825 + 46954 + 48005 = ₽341,764 Mil.
Total Current Assets was ₽442,704 Mil.
Total Assets was ₽3,062,490 Mil.
Property, Plant and Equipment(Net PPE) was ₽2,437,823 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽73,367 Mil.
Selling, General, & Admin. Expense(SGA) was ₽2,056 Mil.
Total Current Liabilities was ₽597,774 Mil.
Long-Term Debt & Capital Lease Obligation was ₽460,849 Mil.
Net Income was 48661 + 18159 + 16998 + 19574 = ₽103,392 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₽0 Mil.
Cash Flow from Operations was 0 + 27709 + 37539 + 35875 = ₽101,123 Mil.

Total Receivables was ₽39,147 Mil.
Revenue was 60867 + 61082 + 55859 + 58458 = ₽236,266 Mil.
Gross Profit was 45676 + 47855 + 44299 + 46492 = ₽184,322 Mil.
Total Current Assets was ₽114,431 Mil.
Total Assets was ₽1,340,158 Mil.
Property, Plant and Equipment(Net PPE) was ₽1,083,330 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽40,964 Mil.
Selling, General, & Admin. Expense(SGA) was ₽0 Mil.
Total Current Liabilities was ₽84,224 Mil.
Long-Term Debt & Capital Lease Obligation was ₽219,850 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)
	=	(126408 / 508946)	/	(39147 / 236266)
	=	0.248372	/	0.16569
	=	1.499

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)
	=	(184322 / 236266)	/	(341764 / 508946)
	=	0.780146	/	0.671513
	=	1.1618

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 - (442704 + 2437823) / 3062490)	/	(1 - (114431 + 1083330) / 1340158)
	=	0.059417	/	0.106254
	=	0.5592

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
	=	508946	/	236266
	=	2.1541

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))
	=	(40964 / (40964 + 1083330))	/	(73367 / (73367 + 2437823))
	=	0.036435	/	0.029216
	=	1.2471

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)
	=	(2056 / 508946)	/	(0 / 236266)
	=	0.00404	/	0
	=	1

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)
	=	((460849 + 597774) / 3062490)	/	((219850 + 84224) / 1340158)
	=	0.345674	/	0.226894
	=	1.5235

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
	=	(103392 - 0	-	101123)	/	3062490
	=	0.000741

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.

Federal Grid Company Rosseti PJSC has a M-score of -1.22 signals that the company is likely to be a manipulator.

Federal Grid Company Rosseti PJSC Beneish M-Score Related Terms

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Federal Grid Company Rosseti PJSC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Federal Grid Company Rosseti PJSC (MIC:FEES) » Definitions » Beneish M-Score

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Address

5A, Akademika Chelomeya Street, Moscow, RUS, 117630

Website

https://www.fsk-ees.ru

Federal Grid Company Rosseti PJSC is a Russian electric utility company of which the Russian Federation is the majority shareholder through its subsidiary, PJSC "Russian Grids." The company's principal activity is the transmission of electricity via the Russian Unified National Electric Grid. Federal Grid Company does this through its operation of numerous substations, transformers, and electricity transmission lines all throughout Russia. The vast majority of the company's revenue is derived from the provision of electricity transmission services to a variety of customers, such as industrial firms and other Russian utilities companies. This income stream is dependent upon changes in tariffs set by the Russian government and electricity demand.

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