Altus Power Beneish M-Score Historical Data
The historical data trend for Altus Power'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.
Altus Power Beneish M-Score Chart
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Altus Power Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.87 |
-2.51 |
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Altus Power Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.61 |
-1.55 |
-1.83 |
-2.51 |
-2.49 |
Competitive Comparison of Altus Power's Beneish M-Score
For the Utilities - Renewable subindustry, Altus Power'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.
Altus Power's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Altus Power's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Altus Power's Beneish M-Score falls into.
Altus Power 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 Altus Power 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 * 0.8511 | + | 0.528 * 1.0423 | + | 0.404 * 0.7806 | + | 0.892 * 1.4403 | + | 0.115 * 0.7741 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.933 | + | 4.679 * -0.037976 | - | 0.327 * 1.1182 |
| = | -2.52 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €18.5 Mil.
Revenue was 37.406 + 31.354 + 42.239 + 42.931 = €153.9 Mil.
Gross Profit was 27.36 + 23.785 + 34.907 + 35.934 = €122.0 Mil.
Total Current Assets was €199.4 Mil.
Total Assets was €2,041.0 Mil.
Property, Plant and Equipment(Net PPE) was €1,774.7 Mil.
Depreciation, Depletion and Amortization(DDA) was €53.9 Mil.
Selling, General, & Admin. Expense(SGA) was €47.6 Mil.
Total Current Liabilities was €134.4 Mil.
Long-Term Debt & Capital Lease Obligation was €1,327.5 Mil.
Net Income was 6.908 + -24.875 + 4.994 + 6.299 = €-6.7 Mil.
Non Operating Income was 23.792 + -19.685 + 2.671 + -0.372 = €6.4 Mil.
Cash Flow from Operations was 4.163 + 27.749 + 22.118 + 10.399 = €64.4 Mil.
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Total Receivables was €15.1 Mil.
Revenue was 27.439 + 25.265 + 30.742 + 23.425 = €106.9 Mil.
Gross Profit was 21.857 + 20.838 + 26.21 + 19.367 = €88.3 Mil.
Total Current Assets was €87.2 Mil.
Total Assets was €1,548.0 Mil.
Property, Plant and Equipment(Net PPE) was €1,395.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €32.6 Mil.
Selling, General, & Admin. Expense(SGA) was €35.4 Mil.
Total Current Liabilities was €89.9 Mil.
Long-Term Debt & Capital Lease Obligation was €901.6 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) |
| = | (18.452 / 153.93) | / | (15.052 / 106.871) |
| = | 0.119873 | / | 0.140843 |
| | = | 0.8511 |
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) |
| = | (88.272 / 106.871) | / | (121.986 / 153.93) |
| = | 0.825968 | / | 0.792477 |
| | = | 1.0423 |
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 - (199.371 + 1774.737) / 2040.998) | / | (1 - (87.219 + 1395.763) / 1547.975) |
| = | 0.032773 | / | 0.041986 |
| | = | 0.7806 |
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 |
| = | 153.93 | / | 106.871 |
| | = | 1.4403 |
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)) |
| = | (32.611 / (32.611 + 1395.763)) | / | (53.936 / (53.936 + 1774.737)) |
| = | 0.022831 | / | 0.029495 |
| | = | 0.7741 |
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) |
| = | (47.618 / 153.93) | / | (35.433 / 106.871) |
| = | 0.309348 | / | 0.331549 |
| | = | 0.933 |
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) |
| = | ((1327.519 + 134.398) / 2040.998) | / | ((901.626 + 89.926) / 1547.975) |
| = | 0.716276 | / | 0.640548 |
| | = | 1.1182 |
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 |
| = | (-6.674 - 6.406 | - | 64.429) | / | 2040.998 |
| | = | -0.037976 |
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.
Altus Power has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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