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 |
Dec24 |
| Beneish M-Score |
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- |
- |
-0.99 |
-1.60 |
-1.52 |
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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 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.60 |
-1.54 |
-1.50 |
-1.23 |
-1.52 |
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 * 0.8919 | + | 0.528 * 1.9359 | + | 0.404 * 0.9295 | + | 0.892 * 1.6106 | + | 0.115 * 1.1972 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6669 | + | 4.679 * -0.006264 | - | 0.327 * 0.9898 |
| = | -1.52 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₪167.5 Mil.
Revenue was 36.784 + 85.457 + 42.466 + 25.713 = ₪190.4 Mil.
Gross Profit was -2.84 + 1.359 + 17.78 + 2.957 = ₪19.3 Mil.
Total Current Assets was ₪532.3 Mil.
Total Assets was ₪5,395.9 Mil.
Property, Plant and Equipment(Net PPE) was ₪2,637.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪57.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₪32.7 Mil.
Total Current Liabilities was ₪549.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₪2,530.4 Mil.
Net Income was -65.78 + 89.667 + 70.753 + 78.147 = ₪172.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.0 Mil.
Cash Flow from Operations was 45.839 + 15.435 + 73.667 + 71.646 = ₪206.6 Mil.
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Total Receivables was ₪116.6 Mil.
Revenue was 20.323 + 43.88 + 28.88 + 25.144 = ₪118.2 Mil.
Gross Profit was -1.959 + 17.763 + 7.685 + -0.344 = ₪23.1 Mil.
Total Current Assets was ₪474.7 Mil.
Total Assets was ₪4,758.1 Mil.
Property, Plant and Equipment(Net PPE) was ₪2,171.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪57.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₪30.5 Mil.
Total Current Liabilities was ₪247.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₪2,496.8 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) |
| = | (167.491 / 190.42) | / | (116.599 / 118.227) |
| = | 0.879587 | / | 0.98623 |
| | = | 0.8919 |
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) |
| = | (23.145 / 118.227) | / | (19.256 / 190.42) |
| = | 0.195767 | / | 0.101124 |
| | = | 1.9359 |
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 - (532.329 + 2637.942) / 5395.932) | / | (1 - (474.686 + 2171.925) / 4758.08) |
| = | 0.41247 | / | 0.443765 |
| | = | 0.9295 |
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 |
| = | 190.42 | / | 118.227 |
| | = | 1.6106 |
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)) |
| = | (57.138 / (57.138 + 2171.925)) | / | (57.715 / (57.715 + 2637.942)) |
| = | 0.025633 | / | 0.02141 |
| | = | 1.1972 |
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) |
| = | (32.731 / 190.42) | / | (30.47 / 118.227) |
| = | 0.171888 | / | 0.257725 |
| | = | 0.6669 |
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) |
| = | ((2530.447 + 549.496) / 5395.932) | / | ((2496.806 + 247.118) / 4758.08) |
| = | 0.57079 | / | 0.576687 |
| | = | 0.9898 |
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 |
| = | (172.787 - 0 | - | 206.587) | / | 5395.932 |
| | = | -0.006264 |
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 -1.52 signals that the company is likely to be a manipulator.
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