RusHydro PJSC (MIC:HYDR) Beneish M-Score : -2.74 (As of Dec. 14, 2024)

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What is RusHydro 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.

Good Sign:

Beneish M-Score -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIC:HYDR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02 Med: -2.71 Max: -2.3
Current: -2.74

During the past 13 years, the highest Beneish M-Score of RusHydro PJSC was -2.30. The lowest was -3.02. And the median was -2.71.

RusHydro PJSC Beneish M-Score Historical Data

The historical data trend for RusHydro 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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RusHydro PJSC Beneish M-Score Chart

RusHydro PJSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.02

-2.77

-2.68

-2.53

-2.74

RusHydro PJSC Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.53	-2.48	-2.66	-3.08	-2.74

Competitive Comparison of RusHydro PJSC's Beneish M-Score

For the Utilities - Renewable subindustry, RusHydro 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.

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

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

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

RusHydro 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 RusHydro 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 * 0.9602

0.528 * 0.9201

0.404 * 0.9556

0.892 * 1.2192

0.115 * 1.0827

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0067

4.679 * -0.059654

0.327 * 1.2697

-2.74

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₽56,534 Mil.
Revenue was 142419 + 107172 + 118994 + 141740 = ₽510,325 Mil.
Gross Profit was 53024 + 39740 + 59597 + 54918 = ₽207,279 Mil.
Total Current Assets was ₽179,106 Mil.
Total Assets was ₽1,164,353 Mil.
Property, Plant and Equipment(Net PPE) was ₽920,989 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽34,760 Mil.
Selling, General, & Admin. Expense(SGA) was ₽4,667 Mil.
Total Current Liabilities was ₽174,379 Mil.
Long-Term Debt & Capital Lease Obligation was ₽292,821 Mil.
Net Income was -22166 + 8548 + 20242 + 26981 = ₽33,605 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₽0 Mil.
Cash Flow from Operations was 40572 + 1002 + 26296 + 35193 = ₽103,063 Mil.

Total Receivables was ₽48,292 Mil.
Revenue was 116008 + 87931 + 97041 + 117578 = ₽418,558 Mil.
Gross Profit was 41917 + 27647 + 43205 + 43649 = ₽156,418 Mil.
Total Current Assets was ₽164,298 Mil.
Total Assets was ₽993,400 Mil.
Property, Plant and Equipment(Net PPE) was ₽771,729 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽31,633 Mil.
Selling, General, & Admin. Expense(SGA) was ₽3,802 Mil.
Total Current Liabilities was ₽174,211 Mil.
Long-Term Debt & Capital Lease Obligation was ₽139,731 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)
	=	(56534 / 510325)	/	(48292 / 418558)
	=	0.11078	/	0.115377
	=	0.9602

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)
	=	(156418 / 418558)	/	(207279 / 510325)
	=	0.373707	/	0.406171
	=	0.9201

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 - (179106 + 920989) / 1164353)	/	(1 - (164298 + 771729) / 993400)
	=	0.055188	/	0.057754
	=	0.9556

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
	=	510325	/	418558
	=	1.2192

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))
	=	(31633 / (31633 + 771729))	/	(34760 / (34760 + 920989))
	=	0.039376	/	0.036369
	=	1.0827

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)
	=	(4667 / 510325)	/	(3802 / 418558)
	=	0.009145	/	0.009084
	=	1.0067

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)
	=	((292821 + 174379) / 1164353)	/	((139731 + 174211) / 993400)
	=	0.401253	/	0.316028
	=	1.2697

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
	=	(33605 - 0	-	103063)	/	1164353
	=	-0.059654

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.

RusHydro PJSC has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.

RusHydro PJSC Beneish M-Score Related Terms

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RusHydro PJSC Business Description

Industry

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Address

43, Dubrovinskogo Street, Building 1, Krasnoyarsk, RUS, 660017

Website

https://www.rushydro.ru

RusHydro PJSC is one of the largest Russian utility holding companies and produces a sizable amount of the country's electricity. The company constructs, repairs, owns and operates heat and electricity generating power plants. RusHydro's portfolio of facilities includes thermal, geothermal, hydroelectric, tidal, wind, and solar power plants located throughout all of Russia. Hydroelectric sites make up most of these. The company primarily generates revenue from the sale of electricity. Sales of thermal energy, hot water, and capacity also represent substantial revenue streams. RusHydro's largest shareholder is the government of the Russian Federation, which holds a controlling stake in the company.