El-Mor Electric Installation & Services (1986) (XTAE:ELMR) Beneish M-Score : 0.00 (As of Jun. 06, 2024)

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What is El-Mor Electric Installation & Services (1986) 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 El-Mor Electric Installation & Services (1986)'s Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of El-Mor Electric Installation & Services (1986) was 0.00. The lowest was 0.00. And the median was 0.00.

El-Mor Electric Installation & Services (1986) Beneish M-Score Historical Data

The historical data trend for El-Mor Electric Installation & Services (1986)'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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El-Mor Electric Installation & Services (1986) Beneish M-Score Chart

El-Mor Electric Installation & Services (1986) Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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El-Mor Electric Installation & Services (1986) Quarterly Data
	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial								-	-	-	-	-

Competitive Comparison of El-Mor Electric Installation & Services (1986)'s Beneish M-Score

For the Engineering & Construction subindustry, El-Mor Electric Installation & Services (1986)'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.

El-Mor Electric Installation & Services (1986)'s Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, El-Mor Electric Installation & Services (1986)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where El-Mor Electric Installation & Services (1986)'s Beneish M-Score falls into.

El-Mor Electric Installation & Services (1986) 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 El-Mor Electric Installation & Services (1986) 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was ₪241.9 Mil.
Revenue was 173.723 + 141.908 + 119.63 + 132.251 = ₪567.5 Mil.
Gross Profit was 28.45 + 21.861 + 22.135 + 23.028 = ₪95.5 Mil.
Total Current Assets was ₪333.8 Mil.
Total Assets was ₪554.3 Mil.
Property, Plant and Equipment(Net PPE) was ₪27.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪10.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₪7.8 Mil.
Total Current Liabilities was ₪273.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₪21.3 Mil.
Net Income was 11.318 + 10.35 + 8.628 + 8.51 = ₪38.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.0 Mil.
Cash Flow from Operations was 7.442 + 0.07 + 15.233 + 15.821 = ₪38.6 Mil.

Total Receivables was ₪0.0 Mil.
Revenue was 117.256 + 120.952 + 118.213 + 0 = ₪356.4 Mil.
Gross Profit was 23.521 + 23.851 + 23.985 + 0 = ₪71.4 Mil.
Total Current Assets was ₪0.0 Mil.
Total Assets was ₪0.0 Mil.
Property, Plant and Equipment(Net PPE) was ₪0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪8.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₪40.0 Mil.
Total Current Liabilities was ₪0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₪0.0 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)
	=	(241.866 / 567.512)	/	(0 / 356.421)
	=	0.426187	/	0
	=

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)
	=	(71.357 / 356.421)	/	(95.474 / 567.512)
	=	0.200204	/	0.168233
	=

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 - (333.79 + 27.641) / 554.301)	/	(1 - (0 + 0) / 0)
	=	0.347952	/
	=

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
	=	567.512	/	356.421
	=

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))
	=	(8.616 / (8.616 + 0))	/	(9.95 / (9.95 + 27.641))
	=	1	/	0.264691
	=

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)
	=	(7.798 / 567.512)	/	(39.962 / 356.421)
	=	0.013741	/	0.11212
	=

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)
	=	((21.251 + 273.301) / 554.301)	/	((0 + 0) / 0)
	=	0.531394	/
	=

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
	=	(38.806 - 0	-	38.566)	/	554.301
	=	0.000433

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.

El-Mor Electric Installation & Services (1986) Beneish M-Score Related Terms

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El-Mor Electric Installation & Services (1986) (XTAE:ELMR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » El-Mor Electric Installation & Services (1986) Ltd (XTAE:ELMR) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

22 Hotzot Haytozer Street, Ashkelon, ISR

Website

http://www.el-mor.co.il

El-Mor Electric Installation & Services (1986) Ltd builds electricity projects and deals in energy, infrastructure and communications sectors through subsidiaries.It has branches in Lod, Kfar Saba and Ashkelon. It has electricity and air-conditioning projects in a variety of fields such as power plants, renewable and solar energy, industry, telecom, high-tech, commercial and public buildings, military and defense facilities, electrical and telecom infrastructure, and street lighting.

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