Electra Consumer Products (XTAE:ECP) Beneish M-Score : -2.81 (As of Dec. 14, 2024)

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What is Electra Consumer Products 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.

Good Sign:

Beneish M-Score -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XTAE:ECP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26 Med: -2.61 Max: -0.55
Current: -2.81

During the past 13 years, the highest Beneish M-Score of Electra Consumer Products was -0.55. The lowest was -3.26. And the median was -2.61.

Electra Consumer Products Beneish M-Score Historical Data

The historical data trend for Electra Consumer Products'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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Electra Consumer Products Beneish M-Score Chart

Electra Consumer Products Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.87

-2.56

-1.41

-2.57

-2.90

Electra Consumer Products Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.53	-2.90	-2.91	-2.79	-2.81

Competitive Comparison of Electra Consumer Products's Beneish M-Score

For the Consumer Electronics subindustry, Electra Consumer Products'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.

Electra Consumer Products's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Electra Consumer Products's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Electra Consumer Products's Beneish M-Score falls into.

Electra Consumer Products 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 Electra Consumer Products 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 * 0.8781

0.528 * 0.9995

0.404 * 0.8654

0.892 * 1.1449

0.115 * 1.0058

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8821

4.679 * -0.066276

0.327 * 1.0228

-2.81

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₪865 Mil.
Revenue was 1978.511 + 1766.375 + 1759.091 + 1719.381 = ₪7,223 Mil.
Gross Profit was 579.248 + 519.105 + 516.162 + 485.992 = ₪2,101 Mil.
Total Current Assets was ₪2,466 Mil.
Total Assets was ₪8,098 Mil.
Property, Plant and Equipment(Net PPE) was ₪3,189 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪479 Mil.
Selling, General, & Admin. Expense(SGA) was ₪479 Mil.
Total Current Liabilities was ₪3,340 Mil.
Long-Term Debt & Capital Lease Obligation was ₪3,431 Mil.
Net Income was 30.296 + 0.106 + 18.576 + -79.249 = ₪-30 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was 159.491 + -48.612 + 102.752 + 292.829 = ₪506 Mil.

Total Receivables was ₪860 Mil.
Revenue was 1807.741 + 1510.16 + 1469.526 + 1521.726 = ₪6,309 Mil.
Gross Profit was 514.294 + 405.36 + 430.347 + 483.663 = ₪1,834 Mil.
Total Current Assets was ₪2,236 Mil.
Total Assets was ₪7,063 Mil.
Property, Plant and Equipment(Net PPE) was ₪2,364 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪357 Mil.
Selling, General, & Admin. Expense(SGA) was ₪474 Mil.
Total Current Liabilities was ₪3,116 Mil.
Long-Term Debt & Capital Lease Obligation was ₪2,657 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)
	=	(865.072 / 7223.358)	/	(860.445 / 6309.153)
	=	0.11976	/	0.13638
	=	0.8781

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)
	=	(1833.664 / 6309.153)	/	(2100.507 / 7223.358)
	=	0.290636	/	0.290794
	=	0.9995

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 - (2465.562 + 3189.177) / 8098.418)	/	(1 - (2235.713 + 2364.417) / 7062.95)
	=	0.301748	/	0.348696
	=	0.8654

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
	=	7223.358	/	6309.153
	=	1.1449

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))
	=	(357.337 / (357.337 + 2364.417))	/	(478.761 / (478.761 + 3189.177))
	=	0.131289	/	0.130526
	=	1.0058

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)
	=	(478.931 / 7223.358)	/	(474.203 / 6309.153)
	=	0.066303	/	0.075161
	=	0.8821

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)
	=	((3430.929 + 3339.614) / 8098.418)	/	((2656.658 + 3116.43) / 7062.95)
	=	0.836033	/	0.817376
	=	1.0228

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
	=	(-30.271 - 0	-	506.46)	/	8098.418
	=	-0.066276

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.

Electra Consumer Products has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.

Electra Consumer Products Beneish M-Score Related Terms

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Electra Consumer Products Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Electra Consumer Products Ltd (XTAE:ECP) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

1 Sapir Street, New Industrial Zone, Rishon Lezion, ISR, 75704

Website

http://www.electra-consumer.co.il

Electra Consumer Products Ltd engages in the field of household electrical appliances, air conditioning, and communications. The group operates in three fields of operations of which the First field is importing, manufacturing, exporting, marketing, sale, and distribution of electrical consumer products as well as the provision of services for products; the Second field consists of the operation of retail marketing chains for the sale of electrical consumer products in Israel and the Third field includes the operation of "Do It Yourself" chains - retail chains specializing in the provision of home design and maintenance solutions and in the field of products for motor vehicles field. Geographically, the firm is Israel based and it derives revenue from sales and the provision of services.

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