Auren Energia Beneish M-Score Historical Data
The historical data trend for Auren Energia'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.
Auren Energia Beneish M-Score Chart
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Auren Energia Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-0.28 |
-3.31 |
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Auren Energia Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.13 |
-2.10 |
-2.85 |
-3.31 |
- |
Competitive Comparison of Auren Energia's Beneish M-Score
For the Utilities - Renewable subindustry, Auren Energia'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.
Auren Energia's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Auren Energia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Auren Energia's Beneish M-Score falls into.
Auren Energia 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 Auren Energia 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 * 0.8531 | + | 0.528 * 0.985 | + | 0.404 * 0.7959 | + | 0.892 * 1.0657 | + | 0.115 * 1.032 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.393 | + | 4.679 * -0.184441 | - | 0.327 * 1.086 |
| = | -3.43 |
* 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 R$592 Mil.
Revenue was 1397.531 + 1703.702 + 1626.59 + 1437.088 = R$6,165 Mil.
Gross Profit was 291.026 + 330.579 + 327.437 + 341.562 = R$1,291 Mil.
Total Current Assets was R$5,348 Mil.
Total Assets was R$27,694 Mil.
Property, Plant and Equipment(Net PPE) was R$11,795 Mil.
Depreciation, Depletion and Amortization(DDA) was R$675 Mil.
Selling, General, & Admin. Expense(SGA) was R$171 Mil.
Total Current Liabilities was R$3,183 Mil.
Long-Term Debt & Capital Lease Obligation was R$5,673 Mil.
Net Income was 253.618 + 107.593 + -838.116 + 182.882 = R$-294 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 316.63 + 192.696 + -47.275 + 4351.899 = R$4,814 Mil.
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Total Receivables was R$651 Mil.
Revenue was 1414.51 + 1484.892 + 1538.901 + 1346.655 = R$5,785 Mil.
Gross Profit was 331.844 + 255.895 + 304.823 + 300.314 = R$1,193 Mil.
Total Current Assets was R$6,900 Mil.
Total Assets was R$33,694 Mil.
Property, Plant and Equipment(Net PPE) was R$10,665 Mil.
Depreciation, Depletion and Amortization(DDA) was R$631 Mil.
Selling, General, & Admin. Expense(SGA) was R$409 Mil.
Total Current Liabilities was R$4,042 Mil.
Long-Term Debt & Capital Lease Obligation was R$5,880 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) |
| = | (592.221 / 6164.911) | / | (651.41 / 5784.958) |
| = | 0.096063 | / | 0.112604 |
| | = | 0.8531 |
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) |
| = | (1192.876 / 5784.958) | / | (1290.604 / 6164.911) |
| = | 0.206203 | / | 0.209347 |
| | = | 0.985 |
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 - (5347.929 + 11795.286) / 27694.357) | / | (1 - (6900.272 + 10664.521) / 33694.157) |
| = | 0.380985 | / | 0.478699 |
| | = | 0.7959 |
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 |
| = | 6164.911 | / | 5784.958 |
| | = | 1.0657 |
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)) |
| = | (631.293 / (631.293 + 10664.521)) | / | (675.329 / (675.329 + 11795.286)) |
| = | 0.055887 | / | 0.054154 |
| | = | 1.032 |
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) |
| = | (171.125 / 6164.911) | / | (408.643 / 5784.958) |
| = | 0.027758 | / | 0.070639 |
| | = | 0.393 |
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) |
| = | ((5673.472 + 3183.325) / 27694.357) | / | ((5879.553 + 4042.413) / 33694.157) |
| = | 0.319805 | / | 0.294471 |
| | = | 1.086 |
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 |
| = | (-294.023 - 0 | - | 4813.95) | / | 27694.357 |
| | = | -0.184441 |
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.
Auren Energia has a M-score of -3.43 suggests that the company is unlikely to be a manipulator.
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