Alternus Energy Group Beneish M-Score Historical Data
The historical data trend for Alternus Energy Group'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.
Alternus Energy Group Beneish M-Score Chart
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Alternus Energy Group Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
- |
3.34 |
-1.74 |
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Alternus Energy Group Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
Sep23 |
| Beneish M-Score |
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0.30 |
0.20 |
-1.74 |
-2.46 |
-158.77 |
Competitive Comparison of Alternus Energy Group's Beneish M-Score
For the Utilities - Renewable subindustry, Alternus Energy Group'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.
Alternus Energy Group's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Alternus Energy Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alternus Energy Group's Beneish M-Score falls into.
Alternus Energy Group 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 Alternus Energy Group 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 * 0.5901 | + | 0.528 * 0.9045 | + | 0.404 * -383.5404 | + | 0.892 * 0.8689 | + | 0.115 * 1.718 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.784 | + | 4.679 * -0.07891 | - | 0.327 * 1.4332 |
| = | -158.77 |
* 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 (Sep23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was kr112.4 Mil.
Revenue was 112.373 + 0 + -11.016 + 127.411 = kr228.8 Mil.
Gross Profit was 89.24 + 0 + 0.287 + 80.08 = kr169.6 Mil.
Total Current Assets was kr248.1 Mil.
Total Assets was kr2,270.6 Mil.
Property, Plant and Equipment(Net PPE) was kr1,850.1 Mil.
Depreciation, Depletion and Amortization(DDA) was kr45.9 Mil.
Selling, General, & Admin. Expense(SGA) was kr16.2 Mil.
Total Current Liabilities was kr2,541.9 Mil.
Long-Term Debt & Capital Lease Obligation was kr216.5 Mil.
Net Income was -170.877 + 0 + -96.993 + -4.439 = kr-272.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 0 + 0 + -109.511 + 16.374 = kr-93.1 Mil.
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Total Receivables was kr219.2 Mil.
Revenue was 108.054 + 34.7 + 49.118 + 71.405 = kr263.3 Mil.
Gross Profit was 85.644 + 13.242 + 21.546 + 56.123 = kr176.6 Mil.
Total Current Assets was kr491.9 Mil.
Total Assets was kr2,406.4 Mil.
Property, Plant and Equipment(Net PPE) was kr1,914.9 Mil.
Depreciation, Depletion and Amortization(DDA) was kr83.2 Mil.
Selling, General, & Admin. Expense(SGA) was kr23.7 Mil.
Total Current Liabilities was kr284.5 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,755.2 Mil.
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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) |
| = | (112.395 / 228.768) | / | (219.189 / 263.277) |
| = | 0.491306 | / | 0.832541 |
| | = | 0.5901 |
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) |
| = | (176.555 / 263.277) | / | (169.607 / 228.768) |
| = | 0.670605 | / | 0.741393 |
| | = | 0.9045 |
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 - (248.062 + 1850.097) / 2270.591) | / | (1 - (491.932 + 1914.916) / 2406.371) |
| = | 0.075941 | / | -0.000198 |
| | = | -383.5404 |
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 |
| = | 228.768 | / | 263.277 |
| | = | 0.8689 |
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)) |
| = | (83.162 / (83.162 + 1914.916)) | / | (45.934 / (45.934 + 1850.097)) |
| = | 0.041621 | / | 0.024226 |
| | = | 1.718 |
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) |
| = | (16.161 / 228.768) | / | (23.723 / 263.277) |
| = | 0.070644 | / | 0.090107 |
| | = | 0.784 |
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) |
| = | ((216.489 + 2541.872) / 2270.591) | / | ((1755.238 + 284.499) / 2406.371) |
| = | 1.214821 | / | 0.84764 |
| | = | 1.4332 |
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 |
| = | (-272.309 - 0 | - | -93.137) | / | 2270.591 |
| | = | -0.07891 |
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.
Alternus Energy Group has a M-score of -158.77 suggests that the company is unlikely to be a manipulator.
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