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Neoen (NOSPF) Beneish M-Score : -2.29 (As of Dec. 13, 2024)


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What is Neoen 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NOSPF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.72   Med: -2.42   Max: -2.1
Current: -2.29

During the past 9 years, the highest Beneish M-Score of Neoen was -2.10. The lowest was -2.72. And the median was -2.42.


Neoen Beneish M-Score Historical Data

The historical data trend for Neoen'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.

* Premium members only.

Neoen Beneish M-Score Chart

Neoen Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.10 -2.60 -2.38 -2.47 -2.29

Neoen Semi-Annual Data
Dec15 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -2.47 - -2.29 -

Competitive Comparison of Neoen's Beneish M-Score

For the Utilities - Renewable subindustry, Neoen'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.


Neoen's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

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

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



Neoen 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 Neoen 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 * 1.0666+0.528 * 1.0315+0.404 * 0.9317+0.892 * 1.0728+0.115 * 1.1299
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.023574-0.327 * 0.9213
=-2.26

* 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 $168.4 Mil.
Revenue was $571.9 Mil.
Gross Profit was $512.4 Mil.
Total Current Assets was $1,203.7 Mil.
Total Assets was $8,072.3 Mil.
Property, Plant and Equipment(Net PPE) was $5,914.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $201.9 Mil.
Selling, General, & Admin. Expense(SGA) was $0.0 Mil.
Total Current Liabilities was $956.8 Mil.
Long-Term Debt & Capital Lease Obligation was $3,785.0 Mil.
Net Income was $163.8 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $354.1 Mil.
Total Receivables was $147.1 Mil.
Revenue was $533.1 Mil.
Gross Profit was $492.7 Mil.
Total Current Assets was $964.6 Mil.
Total Assets was $6,645.7 Mil.
Property, Plant and Equipment(Net PPE) was $4,837.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $187.4 Mil.
Selling, General, & Admin. Expense(SGA) was $80.3 Mil.
Total Current Liabilities was $942.5 Mil.
Long-Term Debt & Capital Lease Obligation was $3,294.7 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)
=(168.375 / 571.865) / (147.14 / 533.051)
=0.294431 / 0.276034
=1.0666

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)
=(492.691 / 533.051) / (512.432 / 571.865)
=0.924285 / 0.896072
=1.0315

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 - (1203.708 + 5914.395) / 8072.301) / (1 - (964.619 + 4837.924) / 6645.657)
=0.118206 / 0.126867
=0.9317

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
=571.865 / 533.051
=1.0728

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))
=(187.394 / (187.394 + 4837.924)) / (201.854 / (201.854 + 5914.395))
=0.03729 / 0.033003
=1.1299

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 / 571.865) / (80.297 / 533.051)
=0 / 0.150637
=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)
=((3784.951 + 956.816) / 8072.301) / ((3294.703 + 942.479) / 6645.657)
=0.587412 / 0.637587
=0.9213

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
=(163.795 - 0 - 354.089) / 8072.301
=-0.023574

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.

Neoen has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.


Neoen Business Description

Traded in Other Exchanges
Address
22 rue Bayard, Paris, FRA, 75008
Listed since 2018, Neoen is a French renewables developer. The historic shareholder is Impala S.A.S., which still holds 42% of the capital. At the end of 2022, Neoen operated 5 GW of capacity, of which 54% was solar, 35% onshore wind, and 11% utility-scale batteries-41% of this capacity is in Europe, 41% in Australia, and 18% in the Americas, but with no presence in the US.

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