ACEA SpA Beneish M-Score Historical Data
The historical data trend for ACEA SpA'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.
ACEA SpA Beneish M-Score Chart
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ACEA SpA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.71 |
-2.34 |
-4.19 |
-2.67 |
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ACEA SpA Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-4.19 |
-4.25 |
-1.61 |
-2.16 |
-2.67 |
Competitive Comparison of ACEA SpA's Beneish M-Score
For the Utilities - Diversified subindustry, ACEA SpA'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.
ACEA SpA's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, ACEA SpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ACEA SpA's Beneish M-Score falls into.
ACEA SpA 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 ACEA SpA 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 * 1.1227 | + | 0.528 * 0.8568 | + | 0.404 * 1.0413 | + | 0.892 * 0.8959 | + | 0.115 * 0.9759 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.069314 | - | 0.327 * 0.9946 |
| = | -2.67 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €1,879 Mil.
Revenue was 1103.212 + 1104.082 + 1056.305 + 1239.865 = €4,503 Mil.
Gross Profit was 1103.212 + 439.642 + 415.611 + 416.555 = €2,375 Mil.
Total Current Assets was €2,594 Mil.
Total Assets was €11,787 Mil.
Property, Plant and Equipment(Net PPE) was €3,428 Mil.
Depreciation, Depletion and Amortization(DDA) was €646 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €3,349 Mil.
Long-Term Debt & Capital Lease Obligation was €4,770 Mil.
Net Income was 84.483 + 66.973 + 69.853 + 72.599 = €294 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 394.779 + 192.054 + 94.666 + 429.42 = €1,111 Mil.
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Total Receivables was €1,869 Mil.
Revenue was 1233.192 + 1446.142 + 1155.155 + 1192.509 = €5,027 Mil.
Gross Profit was 1086.095 + 366.145 + 433.51 + 385.643 = €2,271 Mil.
Total Current Assets was €2,778 Mil.
Total Assets was €11,339 Mil.
Property, Plant and Equipment(Net PPE) was €3,235 Mil.
Depreciation, Depletion and Amortization(DDA) was €592 Mil.
Selling, General, & Admin. Expense(SGA) was €-126 Mil.
Total Current Liabilities was €3,130 Mil.
Long-Term Debt & Capital Lease Obligation was €4,722 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) |
| = | (1879.489 / 4503.464) | / | (1868.633 / 5026.998) |
| = | 0.417343 | / | 0.371719 |
| | = | 1.1227 |
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) |
| = | (2271.393 / 5026.998) | / | (2375.02 / 4503.464) |
| = | 0.451839 | / | 0.527376 |
| | = | 0.8568 |
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 - (2594.062 + 3428.152) / 11787.064) | / | (1 - (2778.098 + 3234.648) / 11338.533) |
| = | 0.489083 | / | 0.469707 |
| | = | 1.0413 |
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 |
| = | 4503.464 | / | 5026.998 |
| | = | 0.8959 |
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)) |
| = | (592.07 / (592.07 + 3234.648)) | / | (645.906 / (645.906 + 3428.152)) |
| = | 0.15472 | / | 0.158541 |
| | = | 0.9759 |
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) |
| = | (0 / 4503.464) | / | (-125.733 / 5026.998) |
| = | 0 | / | -0.025012 |
| | = | 0 |
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) |
| = | ((4770.436 + 3348.5) / 11787.064) | / | ((4722.263 + 3130.385) / 11338.533) |
| = | 0.688801 | / | 0.692563 |
| | = | 0.9946 |
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 |
| = | (293.908 - 0 | - | 1110.919) | / | 11787.064 |
| | = | -0.069314 |
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.
ACEA SpA has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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