Citicore Renewable Energy Beneish M-Score Historical Data
The historical data trend for Citicore Renewable Energy'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.
Citicore Renewable Energy Beneish M-Score Chart
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Citicore Renewable Energy Annual Data
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Trend |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
- |
- |
-2.83 |
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Citicore Renewable Energy Quarterly Data
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Jun23 |
Sep23 |
Dec23 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.83 |
Competitive Comparison of Citicore Renewable Energy's Beneish M-Score
For the Utilities - Renewable subindustry, Citicore Renewable Energy'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.
Citicore Renewable Energy's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Citicore Renewable Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Citicore Renewable Energy's Beneish M-Score falls into.
Citicore Renewable Energy 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 Citicore Renewable Energy 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 * 0.3595 | + | 0.528 * 0.98 | + | 0.404 * 1.0224 | + | 0.892 * 1.3968 | + | 0.115 * 2.5512 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4297 | + | 4.679 * -0.044733 | - | 0.327 * 1.0263 |
| = | -2.83 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₱2,419 Mil.
Revenue was ₱5,146 Mil.
Gross Profit was ₱1,772 Mil.
Total Current Assets was ₱11,680 Mil.
Total Assets was ₱47,934 Mil.
Property, Plant and Equipment(Net PPE) was ₱25,727 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱164 Mil.
Selling, General, & Admin. Expense(SGA) was ₱24 Mil.
Total Current Liabilities was ₱3,886 Mil.
Long-Term Debt & Capital Lease Obligation was ₱25,770 Mil.
Net Income was ₱618 Mil.
Gross Profit was ₱0 Mil.
Cash Flow from Operations was ₱2,763 Mil.
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Total Receivables was ₱4,818 Mil.
Revenue was ₱3,684 Mil.
Gross Profit was ₱1,243 Mil.
Total Current Assets was ₱7,730 Mil.
Total Assets was ₱22,299 Mil.
Property, Plant and Equipment(Net PPE) was ₱9,778 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱161 Mil.
Selling, General, & Admin. Expense(SGA) was ₱12 Mil.
Total Current Liabilities was ₱1,581 Mil.
Long-Term Debt & Capital Lease Obligation was ₱11,861 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) |
| = | (2419.496 / 5145.634) | / | (4818.081 / 3683.876) |
| = | 0.470204 | / | 1.307884 |
| | = | 0.3595 |
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) |
| = | (1243.156 / 3683.876) | / | (1771.915 / 5145.634) |
| = | 0.337459 | / | 0.344353 |
| | = | 0.98 |
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 - (11679.654 + 25726.88) / 47934.129) | / | (1 - (7730.32 + 9778.037) / 22298.578) |
| = | 0.219626 | / | 0.214822 |
| | = | 1.0224 |
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 |
| = | 5145.634 | / | 3683.876 |
| | = | 1.3968 |
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)) |
| = | (161.096 / (161.096 + 9778.037)) | / | (164.496 / (164.496 + 25726.88)) |
| = | 0.016208 | / | 0.006353 |
| | = | 2.5512 |
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) |
| = | (24.294 / 5145.634) | / | (12.164 / 3683.876) |
| = | 0.004721 | / | 0.003302 |
| | = | 1.4297 |
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) |
| = | ((25769.683 + 3885.992) / 47934.129) | / | ((11861.434 + 1580.699) / 22298.578) |
| = | 0.618676 | / | 0.602825 |
| | = | 1.0263 |
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 |
| = | (618.28 - 0 | - | 2762.533) | / | 47934.129 |
| | = | -0.044733 |
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.
Citicore Renewable Energy has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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