Grupo Energia Bogota ESP (BOG:GEB) Beneish M-Score : -2.09 (As of May. 13, 2024)

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What is Grupo Energia Bogota ESP 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 -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Grupo Energia Bogota ESP's Beneish M-Score or its related term are showing as below:

BOG:GEB' s Beneish M-Score Range Over the Past 10 Years
Min: -7.12 Med: -2.27 Max: 1.33
Current: -2.09

During the past 13 years, the highest Beneish M-Score of Grupo Energia Bogota ESP was 1.33. The lowest was -7.12. And the median was -2.27.

Grupo Energia Bogota ESP Beneish M-Score Historical Data

The historical data trend for Grupo Energia Bogota ESP'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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Grupo Energia Bogota ESP Beneish M-Score Chart

Grupo Energia Bogota ESP Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.08

-2.72

-2.45

-2.16

-2.00

Grupo Energia Bogota ESP Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-2.12	-2.00	0.50	1.33	-2.09

Competitive Comparison of Grupo Energia Bogota ESP's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Grupo Energia Bogota ESP'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.

Grupo Energia Bogota ESP's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Grupo Energia Bogota ESP's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Grupo Energia Bogota ESP's Beneish M-Score falls into.

Grupo Energia Bogota ESP 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 Grupo Energia Bogota ESP 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 * 0.8248

0.528 * 0.9776

0.404 * 1.0417

0.892 * 1.1735

0.115 * 0.8486

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * -1.3039

4.679 * 0.002455

0.327 * 1.0101

-2.09

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was COP2,150,113 Mil.
Revenue was 1869785 + 1940668 + 2121210 + 1832657 = COP7,764,320 Mil.
Gross Profit was 868945 + 840465 + 934159 + 759694 = COP3,403,263 Mil.
Total Current Assets was COP5,224,825 Mil.
Total Assets was COP44,180,166 Mil.
Property, Plant and Equipment(Net PPE) was COP15,951,632 Mil.
Depreciation, Depletion and Amortization(DDA) was COP923,570 Mil.
Selling, General, & Admin. Expense(SGA) was COP135,672 Mil.
Total Current Liabilities was COP5,539,529 Mil.
Long-Term Debt & Capital Lease Obligation was COP15,262,240 Mil.
Net Income was 764375 + 692224 + 840220 + 766963 = COP3,063,782 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = COP0 Mil.
Cash Flow from Operations was 881180 + 287732 + 678639 + 1107772 = COP2,955,323 Mil.

Total Receivables was COP2,221,358 Mil.
Revenue was 1855945 + 1634180 + 1551808 + 1574427 = COP6,616,360 Mil.
Gross Profit was 788368 + 712004 + 702002 + 632710 = COP2,835,084 Mil.
Total Current Assets was COP5,564,994 Mil.
Total Assets was COP42,995,099 Mil.
Property, Plant and Equipment(Net PPE) was COP15,940,236 Mil.
Depreciation, Depletion and Amortization(DDA) was COP776,383 Mil.
Selling, General, & Admin. Expense(SGA) was COP-88,668 Mil.
Total Current Liabilities was COP3,309,818 Mil.
Long-Term Debt & Capital Lease Obligation was COP16,731,371 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)
	=	(2150113 / 7764320)	/	(2221358 / 6616360)
	=	0.276922	/	0.335737
	=	0.8248

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)
	=	(2835084 / 6616360)	/	(3403263 / 7764320)
	=	0.428496	/	0.438321
	=	0.9776

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 - (5224825 + 15951632) / 44180166)	/	(1 - (5564994 + 15940236) / 42995099)
	=	0.52068	/	0.499821
	=	1.0417

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
	=	7764320	/	6616360
	=	1.1735

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))
	=	(776383 / (776383 + 15940236))	/	(923570 / (923570 + 15951632))
	=	0.046444	/	0.054729
	=	0.8486

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)
	=	(135672 / 7764320)	/	(-88668 / 6616360)
	=	0.017474	/	-0.013401
	=	-1.3039

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)
	=	((15262240 + 5539529) / 44180166)	/	((16731371 + 3309818) / 42995099)
	=	0.47084	/	0.466127
	=	1.0101

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
	=	(3063782 - 0	-	2955323)	/	44180166
	=	0.002455

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.

Grupo Energia Bogota ESP has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.

Grupo Energia Bogota ESP Beneish M-Score Related Terms

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Grupo Energia Bogota ESP (BOG:GEB) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Grupo Energia Bogota SA ESP (BOG:GEB) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Cra. 9 No. 73-44, Piso 6, Sede Calle 61 (Calle 61 7-78), Bogota, COL

Website

https://www.grupoenergiadebogota.com

Grupo Energia Bogota SA ESP is engaged in the generation, transmission, distribution, and commercialization of electricity in Colombia. The Company is also involved in the transportation and distribution of natural gas.

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