Shikun & Binui Energy Beneish M-Score Historical Data
The historical data trend for Shikun & Binui Energy'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.
Shikun & Binui Energy Beneish M-Score Chart
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Shikun & Binui Energy Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.36 |
-1.66 |
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Shikun & Binui Energy Quarterly Data
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Dec19 |
Dec20 |
Mar21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.00 |
- |
-2.40 |
-1.66 |
-1.62 |
Competitive Comparison of Shikun & Binui Energy's Beneish M-Score
For the Utilities - Renewable subindustry, Shikun & Binui Energy'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.
Shikun & Binui Energy's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Shikun & Binui Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shikun & Binui Energy's Beneish M-Score falls into.
Shikun & Binui Energy 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 Shikun & Binui Energy 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 * 2.192 | + | 0.528 * 1.0995 | + | 0.404 * 0.9432 | + | 0.892 * 0.8034 | + | 0.115 * 1.0027 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1236 | + | 4.679 * -0.016431 | - | 0.327 * 0.9658 |
| = | -1.62 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₪151.5 Mil.
Revenue was 25.713 + 20.323 + 43.88 + 28.88 = ₪118.8 Mil.
Gross Profit was 2.957 + -1.959 + 17.763 + 7.685 = ₪26.4 Mil.
Total Current Assets was ₪487.0 Mil.
Total Assets was ₪4,933.0 Mil.
Property, Plant and Equipment(Net PPE) was ₪2,318.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪57.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₪48.4 Mil.
Total Current Liabilities was ₪295.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₪2,507.0 Mil.
Net Income was 78.147 + -69.343 + 30.638 + 97.285 = ₪136.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.0 Mil.
Cash Flow from Operations was 71.646 + 144.794 + 24.979 + -23.639 = ₪217.8 Mil.
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Total Receivables was ₪86.0 Mil.
Revenue was 25.144 + 26.278 + 56.796 + 39.657 = ₪147.9 Mil.
Gross Profit was -0.344 + -2.193 + 19.916 + 18.815 = ₪36.2 Mil.
Total Current Assets was ₪654.4 Mil.
Total Assets was ₪4,744.1 Mil.
Property, Plant and Equipment(Net PPE) was ₪1,920.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪47.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₪53.6 Mil.
Total Current Liabilities was ₪393.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₪2,397.0 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) |
| = | (151.519 / 118.796) | / | (86.045 / 147.875) |
| = | 1.275455 | / | 0.581877 |
| | = | 2.192 |
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) |
| = | (36.194 / 147.875) | / | (26.446 / 118.796) |
| = | 0.244761 | / | 0.222617 |
| | = | 1.0995 |
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 - (486.988 + 2318.417) / 4933.008) | / | (1 - (654.416 + 1920.372) / 4744.087) |
| = | 0.431299 | / | 0.457264 |
| | = | 0.9432 |
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 |
| = | 118.796 | / | 147.875 |
| | = | 0.8034 |
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)) |
| = | (47.865 / (47.865 + 1920.372)) | / | (57.625 / (57.625 + 2318.417)) |
| = | 0.024319 | / | 0.024253 |
| | = | 1.0027 |
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) |
| = | (48.413 / 118.796) | / | (53.636 / 147.875) |
| = | 0.407531 | / | 0.362712 |
| | = | 1.1236 |
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) |
| = | ((2507.04 + 295.241) / 4933.008) | / | ((2396.974 + 393.413) / 4744.087) |
| = | 0.568067 | / | 0.588182 |
| | = | 0.9658 |
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 |
| = | (136.727 - 0 | - | 217.78) | / | 4933.008 |
| | = | -0.016431 |
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.
Shikun & Binui Energy has a M-score of -1.62 signals that the company is likely to be a manipulator.
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