Enel Generacion PeruA (LIM:ENGEPEC1) Beneish M-Score : -2.79 (As of Jun. 02, 2024)

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What is Enel Generacion PeruA 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Enel Generacion PeruA's Beneish M-Score or its related term are showing as below:

LIM:ENGEPEC1' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29 Med: -2.76 Max: -2.15
Current: -2.79

During the past 13 years, the highest Beneish M-Score of Enel Generacion PeruA was -2.15. The lowest was -3.29. And the median was -2.76.

Enel Generacion PeruA Beneish M-Score Historical Data

The historical data trend for Enel Generacion PeruA'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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Enel Generacion PeruA Beneish M-Score Chart

Enel Generacion PeruA Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.15

-2.73

-2.72

-2.86

-2.79

Enel Generacion PeruA Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.86	-3.21	-2.36	-	-2.79

Competitive Comparison of Enel Generacion PeruA's Beneish M-Score

For the Utilities - Independent Power Producers subindustry, Enel Generacion PeruA'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.

Enel Generacion PeruA's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Enel Generacion PeruA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Enel Generacion PeruA's Beneish M-Score falls into.

Enel Generacion PeruA 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 Enel Generacion PeruA 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 * 0.9063

0.528 * 1.0543

0.404 * 0.9122

0.892 * 1.1104

0.115 * 1.2658

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9015

4.679 * -0.075814

0.327 * 1.0205

-2.79

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was S/.458 Mil.
Revenue was 676.695 + 677.742 + 608.166 + 596.039 = S/.2,559 Mil.
Gross Profit was 355.155 + 206.095 + 272.056 + 311.391 = S/.1,145 Mil.
Total Current Assets was S/.1,129 Mil.
Total Assets was S/.6,696 Mil.
Property, Plant and Equipment(Net PPE) was S/.5,149 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.9 Mil.
Selling, General, & Admin. Expense(SGA) was S/.68 Mil.
Total Current Liabilities was S/.1,435 Mil.
Long-Term Debt & Capital Lease Obligation was S/.1,018 Mil.
Net Income was 235.849 + 119.211 + 173.539 + 187.951 = S/.717 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S/.0 Mil.
Cash Flow from Operations was 303.98 + 444.03 + 117.326 + 358.875 = S/.1,224 Mil.

Total Receivables was S/.456 Mil.
Revenue was 648.544 + 621.339 + 525.073 + 509.278 = S/.2,304 Mil.
Gross Profit was 269.753 + 296.171 + 275.105 + 245.85 = S/.1,087 Mil.
Total Current Assets was S/.1,063 Mil.
Total Assets was S/.6,659 Mil.
Property, Plant and Equipment(Net PPE) was S/.5,141 Mil.
Depreciation, Depletion and Amortization(DDA) was S/.11 Mil.
Selling, General, & Admin. Expense(SGA) was S/.68 Mil.
Total Current Liabilities was S/.1,571 Mil.
Long-Term Debt & Capital Lease Obligation was S/.820 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)
	=	(458.491 / 2558.642)	/	(455.571 / 2304.234)
	=	0.179193	/	0.19771
	=	0.9063

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)
	=	(1086.879 / 2304.234)	/	(1144.697 / 2558.642)
	=	0.471688	/	0.447385
	=	1.0543

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 - (1129.16 + 5148.777) / 6696.163)	/	(1 - (1062.635 + 5140.529) / 6659.134)
	=	0.062458	/	0.068473
	=	0.9122

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
	=	2558.642	/	2304.234
	=	1.1104

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))
	=	(11.385 / (11.385 + 5140.529))	/	(9.003 / (9.003 + 5148.777))
	=	0.00221	/	0.001746
	=	1.2658

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)
	=	(67.599 / 2558.642)	/	(67.53 / 2304.234)
	=	0.02642	/	0.029307
	=	0.9015

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)
	=	((1018.391 + 1435.151) / 6696.163)	/	((820.211 + 1570.747) / 6659.134)
	=	0.36641	/	0.359049
	=	1.0205

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
	=	(716.55 - 0	-	1224.211)	/	6696.163
	=	-0.075814

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.

Enel Generacion PeruA has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

Enel Generacion PeruA Beneish M-Score Related Terms

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Enel Generacion PeruA (LIM:ENGEPEC1) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Enel Generacion Peru SAA (LIM:ENGEPEC1) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Av. Victor Andres Belaunde 147, Torre Real 4, San Isidro, Lima, PER

Website

https://www.enel.pe

Enel Generacion Peru SAA operates in energy distribution and generation. The company distributes electrical energy in over 50 districts of the Lima region as well as the constitutional province of El Callao and the provinces of Huaura, Huaral, Barranca, and Oyon. The company obtains majority of its revenue from the sale of capacity and energy. The company has a total effective capacity of 1,652.18 MW, of which 754.6 MW comes from hydroelectric power and 897.58 MW from thermoelectric power.

Enel Generacion PeruA (LIM:ENGEPEC1) Headlines

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