Abengoa Beneish M-Score Historical Data
The historical data trend for Abengoa'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.
Abengoa Beneish M-Score Chart
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Abengoa Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-4.46 |
0.48 |
-4.54 |
40.93 |
-2.73 |
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Abengoa Quarterly Data
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Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Dec20 |
| Beneish M-Score |
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40.93 |
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-2.73 |
Competitive Comparison of Abengoa's Beneish M-Score
For the Engineering & Construction subindustry, Abengoa'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.
Abengoa's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Abengoa's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Abengoa's Beneish M-Score falls into.
Abengoa 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 Abengoa 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 * 1.1549 | + | 0.528 * 1.0827 | + | 0.404 * 0.9348 | + | 0.892 * 0.917 | + | 0.115 * -12.7411 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9369 | + | 4.679 * -0.0351 | - | 0.327 * 1.172 |
| = | -4.18 |
* 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 (Dec20) TTM: | Last Year (Dec19) TTM: |
Total Receivables was $194 Mil.
Revenue was $1,521 Mil.
Gross Profit was $730 Mil.
Total Current Assets was $2,544 Mil.
Total Assets was $3,240 Mil.
Property, Plant and Equipment(Net PPE) was $559 Mil.
Depreciation, Depletion and Amortization(DDA) was $-12 Mil.
Selling, General, & Admin. Expense(SGA) was $182 Mil.
Total Current Liabilities was $8,622 Mil.
Long-Term Debt & Capital Lease Obligation was $287 Mil.
Net Income was $-163 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $-50 Mil.
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Total Receivables was $184 Mil.
Revenue was $1,659 Mil.
Gross Profit was $862 Mil.
Total Current Assets was $2,985 Mil.
Total Assets was $3,674 Mil.
Property, Plant and Equipment(Net PPE) was $522 Mil.
Depreciation, Depletion and Amortization(DDA) was $201 Mil.
Selling, General, & Admin. Expense(SGA) was $212 Mil.
Total Current Liabilities was $8,295 Mil.
Long-Term Debt & Capital Lease Obligation was $323 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) |
| = | (194.466 / 1521.388) | / | (183.628 / 1659.109) |
| = | 0.127821 | / | 0.110679 |
| | = | 1.1549 |
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) |
| = | (861.693 / 1659.109) | / | (729.787 / 1521.388) |
| = | 0.519371 | / | 0.479685 |
| | = | 1.0827 |
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 - (2543.564 + 558.842) / 3240.484) | / | (1 - (2984.534 + 521.892) / 3673.88) |
| = | 0.04261 | / | 0.04558 |
| | = | 0.9348 |
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 |
| = | 1521.388 | / | 1659.109 |
| | = | 0.917 |
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)) |
| = | (201.254 / (201.254 + 521.892)) | / | (-11.946 / (-11.946 + 558.842)) |
| = | 0.278303 | / | -0.021843 |
| | = | -12.7411 |
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) |
| = | (182.075 / 1521.388) | / | (211.921 / 1659.109) |
| = | 0.119677 | / | 0.127732 |
| | = | 0.9369 |
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) |
| = | ((286.819 + 8621.888) / 3240.484) | / | ((323.134 + 8294.93) / 3673.88) |
| = | 2.74919 | / | 2.345766 |
| | = | 1.172 |
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 |
| = | (-163.46 - 0 | - | -49.718) | / | 3240.484 |
| | = | -0.0351 |
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.
Abengoa has a M-score of -4.18 suggests that the company is unlikely to be a manipulator.
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