Polenergia Beneish M-Score Historical Data
The historical data trend for Polenergia'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.
Polenergia Beneish M-Score Chart
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Polenergia Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.19 |
-2.01 |
-0.68 |
-2.26 |
-2.58 |
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Polenergia Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.64 |
-2.58 |
-2.70 |
-2.08 |
-3.02 |
Competitive Comparison of Polenergia's Beneish M-Score
For the Utilities - Independent Power Producers subindustry, Polenergia'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.
Polenergia's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Polenergia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Polenergia's Beneish M-Score falls into.
Polenergia 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 Polenergia 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 * 1.0393 | + | 0.528 * 0.5891 | + | 0.404 * 1.2839 | + | 0.892 * 0.7555 | + | 0.115 * 0.9445 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4644 | + | 4.679 * -0.052924 | - | 0.327 * 0.7521 |
| = | -3.02 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was zł453 Mil.
Revenue was 911.491 + 913.622 + 1191.204 + 1535.922 = zł4,552 Mil.
Gross Profit was 174.632 + 197.327 + 257.357 + 185.738 = zł815 Mil.
Total Current Assets was zł1,666 Mil.
Total Assets was zł6,699 Mil.
Property, Plant and Equipment(Net PPE) was zł3,373 Mil.
Depreciation, Depletion and Amortization(DDA) was zł174 Mil.
Selling, General, & Admin. Expense(SGA) was zł286 Mil.
Total Current Liabilities was zł686 Mil.
Long-Term Debt & Capital Lease Obligation was zł1,412 Mil.
Net Income was 73.651 + 79.681 + 140.686 + 54.814 = zł349 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 160.152 + 154.494 + 257.633 + 131.105 = zł703 Mil.
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Total Receivables was zł577 Mil.
Revenue was 1241.441 + 1371.126 + 1466.924 + 1946.101 = zł6,026 Mil.
Gross Profit was 137.275 + 133.516 + 220.313 + 144.457 = zł636 Mil.
Total Current Assets was zł1,563 Mil.
Total Assets was zł5,880 Mil.
Property, Plant and Equipment(Net PPE) was zł3,182 Mil.
Depreciation, Depletion and Amortization(DDA) was zł154 Mil.
Selling, General, & Admin. Expense(SGA) was zł259 Mil.
Total Current Liabilities was zł942 Mil.
Long-Term Debt & Capital Lease Obligation was zł1,505 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) |
| = | (453.357 / 4552.239) | / | (577.415 / 6025.592) |
| = | 0.09959 | / | 0.095827 |
| | = | 1.0393 |
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) |
| = | (635.561 / 6025.592) | / | (815.054 / 4552.239) |
| = | 0.105477 | / | 0.179045 |
| | = | 0.5891 |
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 - (1666.095 + 3372.59) / 6699.234) | / | (1 - (1562.976 + 3181.836) / 5880.015) |
| = | 0.247871 | / | 0.193061 |
| | = | 1.2839 |
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 |
| = | 4552.239 | / | 6025.592 |
| | = | 0.7555 |
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)) |
| = | (154.359 / (154.359 + 3181.836)) | / | (173.725 / (173.725 + 3372.59)) |
| = | 0.046268 | / | 0.048987 |
| | = | 0.9445 |
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) |
| = | (286.358 / 4552.239) | / | (258.828 / 6025.592) |
| = | 0.062905 | / | 0.042955 |
| | = | 1.4644 |
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) |
| = | ((1411.697 + 685.797) / 6699.234) | / | ((1505.481 + 942.479) / 5880.015) |
| = | 0.313095 | / | 0.416319 |
| | = | 0.7521 |
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 |
| = | (348.832 - 0 | - | 703.384) | / | 6699.234 |
| | = | -0.052924 |
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.
Polenergia has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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