Electricite de France (XSWX:EDF) Beneish M-Score : 0.00 (As of May. 11, 2024)

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What is Electricite de France Beneish M-Score?

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 Electricite de France's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Electricite de France was 0.00. The lowest was 0.00. And the median was 0.00.

Electricite de France Beneish M-Score Historical Data

The historical data trend for Electricite de France'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.

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Electricite de France Beneish M-Score Chart

Electricite de France Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.46

-2.58

-2.76

-1.93

-1.40

Electricite de France Semi-Annual Data
	Jun13	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22
Beneish M-Score	Get a 7-Day Free Trial															-2.76	-	-1.93	-	-1.40

Competitive Comparison of Electricite de France's Beneish M-Score

For the Utilities - Diversified subindustry, Electricite de France'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.

Electricite de France's Beneish M-Score Distribution in the Utilities - Regulated Industry

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

* The bar in red indicates where Electricite de France's Beneish M-Score falls into.

Electricite de France 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 Electricite de France for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.6578

0.528 * 2.7446

0.404 * 0.9332

0.892 * 1.6109

0.115 * 1.5464

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6396

4.679 * -0.027091

0.327 * 1.2582

-1.44

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was CHF24,518 Mil.
Revenue was CHF141,591 Mil.
Gross Profit was CHF27,761 Mil.
Total Current Assets was CHF125,626 Mil.
Total Assets was CHF383,034 Mil.
Property, Plant and Equipment(Net PPE) was CHF169,650 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF6,730 Mil.
Selling, General, & Admin. Expense(SGA) was CHF14,887 Mil.
Total Current Liabilities was CHF135,772 Mil.
Long-Term Debt & Capital Lease Obligation was CHF66,455 Mil.
Net Income was CHF-17,704 Mil.
Gross Profit was CHF0 Mil.
Cash Flow from Operations was CHF-7,327 Mil.

Total Receivables was CHF23,139 Mil.
Revenue was CHF87,897 Mil.
Gross Profit was CHF47,300 Mil.
Total Current Assets was CHF109,373 Mil.
Total Assets was CHF375,650 Mil.
Property, Plant and Equipment(Net PPE) was CHF174,054 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF10,915 Mil.
Selling, General, & Admin. Expense(SGA) was CHF14,449 Mil.
Total Current Liabilities was CHF101,090 Mil.
Long-Term Debt & Capital Lease Obligation was CHF56,544 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)
	=	(24517.659 / 141591.358)	/	(23139.475 / 87896.702)
	=	0.173158	/	0.263258
	=	0.6578

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)
	=	(47299.854 / 87896.702)	/	(27761.483 / 141591.358)
	=	0.53813	/	0.196068
	=	2.7446

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 - (125625.865 + 169649.886) / 383033.656)	/	(1 - (109373.173 + 174054.431) / 375650.403)
	=	0.229113	/	0.245502
	=	0.9332

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
	=	141591.358	/	87896.702
	=	1.6109

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))
	=	(10914.631 / (10914.631 + 174054.431))	/	(6730.415 / (6730.415 + 169649.886))
	=	0.059008	/	0.038159
	=	1.5464

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)
	=	(14886.85 / 141591.358)	/	(14448.773 / 87896.702)
	=	0.10514	/	0.164384
	=	0.6396

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)
	=	((66455.449 + 135771.818) / 383033.656)	/	((56544.197 + 101090.417) / 375650.403)
	=	0.527962	/	0.419631
	=	1.2582

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
	=	(-17704.347 - 0	-	-7327.468)	/	383033.656
	=	-0.027091

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.

Electricite de France has a M-score of -1.44 signals that the company is likely to be a manipulator.

Electricite de France Beneish M-Score Related Terms

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Electricite de France (XSWX:EDF) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Electricite de France SA (XSWX:EDF) » Definitions » Beneish M-Score

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Address

22-30, Avenue de Wagram, Paris, FRA, 75382

Website

http://www.edf.com

Electricite de France is one of the world's largest energy companies, controlling the French power grid along with a massive global generation fleet. Its French nuclear fleet comprises 58 plants. It operates the largest power supply business in France, which acts as a broker between generators and retail end users, is a major renewable developer, and holds stakes in other energy businesses globally, including a small but growing Chinese footprint. With the acquisition of Areva's nuclear reactor unit in 2017, EDF became an integrated nuclear developer.