Atlantica Sustainable Infrastructure (Atlantica Sustainable Infrastructure) Beneish M-Score : -2.41 (As of Apr. 26, 2024)

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What is Atlantica Sustainable Infrastructure 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 Atlantica Sustainable Infrastructure's Beneish M-Score or its related term are showing as below:

AY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.61 Max: -1.81
Current: -2.41

During the past 13 years, the highest Beneish M-Score of Atlantica Sustainable Infrastructure was -1.81. The lowest was -3.14. And the median was -2.61.

Atlantica Sustainable Infrastructure Beneish M-Score Historical Data

The historical data trend for Atlantica Sustainable Infrastructure'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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Atlantica Sustainable Infrastructure Beneish M-Score Chart

Atlantica Sustainable Infrastructure Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.60

-2.62

-2.78

-3.14

-2.41

Atlantica Sustainable Infrastructure 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															-3.14	-2.73	-2.52	-2.27	-2.41

Competitive Comparison of Atlantica Sustainable Infrastructure's Beneish M-Score

For the Utilities - Renewable subindustry, Atlantica Sustainable Infrastructure'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.

Atlantica Sustainable Infrastructure's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

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

* The bar in red indicates where Atlantica Sustainable Infrastructure's Beneish M-Score falls into.

Atlantica Sustainable Infrastructure 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 Atlantica Sustainable Infrastructure 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 * 1.4551

0.528 * 0.937

0.404 * 1.0007

0.892 * 0.9981

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4847

4.679 * -0.047968

0.327 * 1.0199

-2.41

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $274 Mil.
Revenue was 241.311 + 303.964 + 312.11 + 242.509 = $1,100 Mil.
Gross Profit was 178.642 + 303.964 + 264.382 + 193.224 = $940 Mil.
Total Current Assets was $982 Mil.
Total Assets was $8,714 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $418 Mil.
Selling, General, & Admin. Expense(SGA) was $190 Mil.
Total Current Liabilities was $608 Mil.
Long-Term Debt & Capital Lease Obligation was $5,065 Mil.
Net Income was -2.67 + 21.389 + 35.651 + -10.99 = $43 Mil.
Non Operating Income was 35.292 + 27.282 + 2.871 + 7.892 = $73 Mil.
Cash Flow from Operations was 54.226 + 195.152 + 96.964 + 41.706 = $388 Mil.

Total Receivables was $189 Mil.
Revenue was 243.624 + 303.121 + 307.832 + 247.452 = $1,102 Mil.
Gross Profit was 189.773 + 251.356 + 250.479 + 191.064 = $883 Mil.
Total Current Assets was $1,032 Mil.
Total Assets was $9,101 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $474 Mil.
Selling, General, & Admin. Expense(SGA) was $128 Mil.
Total Current Liabilities was $519 Mil.
Long-Term Debt & Capital Lease Obligation was $5,290 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)
	=	(273.766 / 1099.894)	/	(188.507 / 1102.029)
	=	0.248902	/	0.171054
	=	1.4551

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)
	=	(882.672 / 1102.029)	/	(940.212 / 1099.894)
	=	0.800952	/	0.854821
	=	0.937

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 - (982.182 + 0) / 8714.333)	/	(1 - (1031.728 + 0) / 9100.911)
	=	0.887291	/	0.886635
	=	1.0007

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
	=	1099.894	/	1102.029
	=	0.9981

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))
	=	(473.638 / (473.638 + 0))	/	(418.271 / (418.271 + 0))
	=	1	/	1
	=	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)
	=	(190.229 / 1099.894)	/	(128.374 / 1102.029)
	=	0.172952	/	0.116489
	=	1.4847

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)
	=	((5065.055 + 607.782) / 8714.333)	/	((5290.097 + 519.002) / 9100.911)
	=	0.650978	/	0.638299
	=	1.0199

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
	=	(43.38 - 73.337	-	388.048)	/	8714.333
	=	-0.047968

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.

Atlantica Sustainable Infrastructure has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

Atlantica Sustainable Infrastructure Beneish M-Score Related Terms

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Atlantica Sustainable Infrastructure (Atlantica Sustainable Infrastructure) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Atlantica Sustainable Infrastructure PLC (NAS:AY) » Definitions » Beneish M-Score

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Traded in Other Exchanges

AY3:Germany

Address

Great West Road, 17th Floor, Great West House, GW1, Brentford, GBR, TW8 9DF

Website

https://www.atlantica.com

Atlantica Sustainable Infrastructure PLC owns, manages, and acquires renewable energy, conventional power, electric transmission lines and water assets. It is focused on North America (the United States and Mexico), South America (Peru, Chile, Brazil, and Uruguay) and EMEA (Spain, Algeria and South Africa). The company's segments include North America, South America and Europe, Middle East and Africa. The renewable energy sector includes the company's activities related to the production of electricity from solar power and wind plants. Atlantica derives most of its revenues from EMEA, followed by South America and North America.