Energy and Electrificationmaraenergo PJSC (MIC:SAGO) Beneish M-Score : -2.41 (As of Dec. 14, 2024)

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What is Energy and Electrificationmaraenergo 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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIC:SAGO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.8 Max: 27.56
Current: -2.41

During the past 13 years, the highest Beneish M-Score of Energy and Electrificationmaraenergo PJSC was 27.56. The lowest was -3.12. And the median was -2.80.

Energy and Electrificationmaraenergo PJSC Beneish M-Score Historical Data

The historical data trend for Energy and Electrificationmaraenergo 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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Energy and Electrificationmaraenergo PJSC Beneish M-Score Chart

Energy and Electrificationmaraenergo PJSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.88

-2.92

-2.19

-2.87

-2.41

Energy and Electrificationmaraenergo 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															-2.87	-	-	-	-2.41

Competitive Comparison of Energy and Electrificationmaraenergo PJSC's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Energy and Electrificationmaraenergo 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.

Energy and Electrificationmaraenergo PJSC's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Energy and Electrificationmaraenergo PJSC's Beneish M-Score distribution charts can be found below:

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

Energy and Electrificationmaraenergo 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 Energy and Electrificationmaraenergo 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 * 0.9455

0.528 * 0.9345

0.404 * 1.2205

0.892 * 1.0875

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0344

4.679 * -0.007327

0.327 * 0.9134

-2.41

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₽3,097 Mil.
Revenue was ₽44,322 Mil.
Gross Profit was ₽4,231 Mil.
Total Current Assets was ₽8,510 Mil.
Total Assets was ₽12,200 Mil.
Property, Plant and Equipment(Net PPE) was ₽1,856 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽0 Mil.
Selling, General, & Admin. Expense(SGA) was ₽2,311 Mil.
Total Current Liabilities was ₽3,985 Mil.
Long-Term Debt & Capital Lease Obligation was ₽38 Mil.
Net Income was ₽1,786 Mil.
Gross Profit was ₽0 Mil.
Cash Flow from Operations was ₽1,875 Mil.

Total Receivables was ₽3,012 Mil.
Revenue was ₽40,755 Mil.
Gross Profit was ₽3,636 Mil.
Total Current Assets was ₽7,423 Mil.
Total Assets was ₽10,751 Mil.
Property, Plant and Equipment(Net PPE) was ₽2,003 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽0 Mil.
Selling, General, & Admin. Expense(SGA) was ₽2,054 Mil.
Total Current Liabilities was ₽3,882 Mil.
Long-Term Debt & Capital Lease Obligation was ₽0 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)
	=	(3097.055 / 44321.645)	/	(3012.04 / 40754.572)
	=	0.069877	/	0.073907
	=	0.9455

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)
	=	(3635.59 / 40754.572)	/	(4231.085 / 44321.645)
	=	0.089207	/	0.095463
	=	0.9345

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 - (8509.678 + 1856.036) / 12200.478)	/	(1 - (7423.462 + 2002.878) / 10751.067)
	=	0.150385	/	0.123218
	=	1.2205

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
	=	44321.645	/	40754.572
	=	1.0875

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))
	=	(0 / (0 + 2002.878))	/	(0 / (0 + 1856.036))
	=	0	/	0
	=	1

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)
	=	(2310.916 / 44321.645)	/	(2054.274 / 40754.572)
	=	0.05214	/	0.050406
	=	1.0344

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)
	=	((38.226 + 3985.277) / 12200.478)	/	((0 + 3881.557) / 10751.067)
	=	0.329782	/	0.361039
	=	0.9134

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
	=	(1785.888 - 0	-	1875.282)	/	12200.478
	=	-0.007327

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.

Energy and Electrificationmaraenergo PJSC has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

Energy and Electrificationmaraenergo PJSC Beneish M-Score Related Terms

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Energy and Electrificationmaraenergo PJSC Business Description

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GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Energy and Electrification Samaraenergo PJSC (MIC:SAGO) » Definitions » Beneish M-Score

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Address

G Mitirev Street 9, Samara, RUS, 443079

Website

http://www.samaraenergo.ru

Energy and Electrification Samaraenergo PJSC formerly Samaraenergo PJSC is a Russian company. The company's main activity is the purchase of electrical energy in the wholesale market of electrical energy and the supply of electrical energy to the retail market of the Samara Region under power supply and sales contracts.

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