Elektrokrajina AD (XBLB:EKBL-R-A) Beneish M-Score: 0.00 (As of Jul. 15, 2026)

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What is Elektrokrajina AD Beneish M-Score?

Elektrokrajina AD XBLB:EKBL-R-A Beneish M-Score is 0.00 as of Jul. 15, 2026.

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.

The historical rank and industry rank for Elektrokrajina AD's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of Elektrokrajina AD was 0.00. The lowest was 0.00. And the median was 0.00.

Elektrokrajina AD Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Elektrokrajina AD'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.

Elektrokrajina AD Beneish M-Score Chart

Elektrokrajina AD Annual Data
Trend Dec17 Dec18 Dec19 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.71 0.00 0.00 -2.91

Elektrokrajina AD Semi-Annual Data
Dec17 Dec18 Dec19 Dec21 Dec22 Dec23
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.71 0.00 0.00 -2.91

XBLB:EKBL-R-A vs NEE, SO, DUK: Beneish M-Score Comparison

For the Utilities - Regulated Electric subindustry, Elektrokrajina AD'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.

Elektrokrajina AD Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Elektrokrajina AD's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Elektrokrajina AD's Beneish M-Score falls into.


Elektrokrajina AD 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 Elektrokrajina AD 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 * 0.5199+0.528 * 0.9387+0.404 * 1.0841+0.892 * 1.2156+0.115 * 0.9478
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8117+4.679 * -0.041715-0.327 * 1.0302
=-2.91

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was BAM15.1 Mil.
Revenue was BAM150.0 Mil.
Gross Profit was BAM88.8 Mil.
Total Current Assets was BAM29.6 Mil.
Total Assets was BAM510.1 Mil.
Property, Plant and Equipment(Net PPE) was BAM460.2 Mil.
Depreciation, Depletion and Amortization(DDA) was BAM29.7 Mil.
Selling, General, & Admin. Expense(SGA) was BAM1.5 Mil.
Total Current Liabilities was BAM173.9 Mil.
Long-Term Debt & Capital Lease Obligation was BAM35.4 Mil.
Net Income was BAM2.2 Mil.
Gross Profit was BAM0.0 Mil.
Cash Flow from Operations was BAM23.5 Mil.
 Total Receivables was BAM23.9 Mil.
Revenue was BAM123.4 Mil.
Gross Profit was BAM68.6 Mil.
Total Current Assets was BAM36.1 Mil.
Total Assets was BAM508.8 Mil.
Property, Plant and Equipment(Net PPE) was BAM454.2 Mil.
Depreciation, Depletion and Amortization(DDA) was BAM27.7 Mil.
Selling, General, & Admin. Expense(SGA) was BAM1.5 Mil.
Total Current Liabilities was BAM165.8 Mil.
Long-Term Debt & Capital Lease Obligation was BAM36.8 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)
=(15.093 / 149.98) / (23.882 / 123.382)
=0.100633 / 0.193561
=0.5199

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)
=(68.57 / 123.382) / (88.799 / 149.98)
=0.555754 / 0.592072
=0.9387

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 - (29.639 + 460.245) / 510.075) / (1 - (36.071 + 454.152) / 508.801)
=0.039584 / 0.036513
=1.0841

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
=149.98 / 123.382
=1.2156

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))
=(27.681 / (27.681 + 454.152)) / (29.697 / (29.697 + 460.245))
=0.057449 / 0.060613
=0.9478

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)
=(1.469 / 149.98) / (1.489 / 123.382)
=0.009795 / 0.012068
=0.8117

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)
=((35.36 + 173.931) / 510.075) / ((36.796 + 165.849) / 508.801)
=0.410314 / 0.398279
=1.0302

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
=(2.231 - 0 - 23.509) / 510.075
=-0.041715

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.

Elektrokrajina AD has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Elektrokrajina AD (XBLB:EKBL-R-A) has a Beneish M-Score of 0.00 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Elektrokrajina AD and its competitors.
Is Elektrokrajina AD's Beneish M-Score too high?
Elektrokrajina AD's current Beneish M-Score is 0.00.
How does Elektrokrajina AD's Beneish M-Score compare to NEE and SO?
Elektrokrajina AD's Beneish M-Score of 0.00 can be compared against companies in the Utilities - Regulated industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Elektrokrajina AD and its competitors. Elektrokrajina AD's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Elektrokrajina AD stock overvalued right now?
Elektrokrajina AD (XBLB:EKBL-R-A) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Elektrokrajina AD (XBLB:EKBL-R-A), the current Beneish M-Score is 0.00 as of Jul. 15, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Elektrokrajina AD Business Description

Address 95 Kralja Petra I Karayoryeviya Street, Banja Luka, BIH, 78000
Elektrokrajina AD is an electricity distribution company operating in Bosnia and Herzegovina. The activities of the company include distribution and supply of electricity and designing power facilities as well as building and maintaining them.