Rosseti Moscow Region PJSC (MIC:MSRS) Beneish M-Score : -2.96 (As of May. 12, 2024)

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What is Rosseti Moscow Region PJSC 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 -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIC:MSRS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.96 Med: -2.75 Max: -2.7
Current: -2.96

During the past 13 years, the highest Beneish M-Score of Rosseti Moscow Region PJSC was -2.70. The lowest was -2.96. And the median was -2.75.

Rosseti Moscow Region PJSC Beneish M-Score Historical Data

The historical data trend for Rosseti Moscow Region PJSC'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.

Rosseti Moscow Region PJSC Beneish M-Score Chart

Rosseti Moscow Region PJSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.70

-2.75

-2.72

-2.88

-2.96

Rosseti Moscow Region PJSC Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.88	-2.75	-2.91	-	-2.96

Competitive Comparison of Rosseti Moscow Region PJSC's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Rosseti Moscow Region PJSC'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.

Rosseti Moscow Region PJSC's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Rosseti Moscow Region PJSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Rosseti Moscow Region PJSC's Beneish M-Score falls into.

Rosseti Moscow Region PJSC 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 Rosseti Moscow Region PJSC 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 * 0.8789

0.528 * 0.9421

0.404 * 1.1673

0.892 * 1.1485

0.115 * 1.1067

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.0372

4.679 * -0.090514

0.327 * 0.8557

-2.96

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₽17,388 Mil.
Revenue was 65917.728 + 52709.237 + 50371.677 + 60310.752 = ₽229,309 Mil.
Gross Profit was 31550.841 + 24324.767 + 21475.537 + 27499.874 = ₽104,851 Mil.
Total Current Assets was ₽38,005 Mil.
Total Assets was ₽418,568 Mil.
Property, Plant and Equipment(Net PPE) was ₽368,358 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽23,772 Mil.
Selling, General, & Admin. Expense(SGA) was ₽1,420 Mil.
Total Current Liabilities was ₽112,556 Mil.
Long-Term Debt & Capital Lease Obligation was ₽29,703 Mil.
Net Income was 3204.344 + 7866.995 + 3361.829 + 11855.609 = ₽26,289 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₽0 Mil.
Cash Flow from Operations was 16507.815 + 17768.793 + 9416.597 + 20481.765 = ₽64,175 Mil.

Total Receivables was ₽17,225 Mil.
Revenue was 57190.504 + 46392.907 + 45669.946 + 50411.432 = ₽199,665 Mil.
Gross Profit was 22867.786 + 21130.32 + 21977.221 + 20034.901 = ₽86,010 Mil.
Total Current Assets was ₽47,168 Mil.
Total Assets was ₽388,503 Mil.
Property, Plant and Equipment(Net PPE) was ₽331,629 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽23,850 Mil.
Selling, General, & Admin. Expense(SGA) was ₽607 Mil.
Total Current Liabilities was ₽125,809 Mil.
Long-Term Debt & Capital Lease Obligation was ₽28,497 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)
	=	(17387.695 / 229309.394)	/	(17224.977 / 199664.789)
	=	0.075826	/	0.086269
	=	0.8789

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)
	=	(86010.228 / 199664.789)	/	(104851.019 / 229309.394)
	=	0.430773	/	0.457247
	=	0.9421

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 - (38004.533 + 368357.501) / 418567.675)	/	(1 - (47168.399 + 331628.984) / 388502.729)
	=	0.02916	/	0.024981
	=	1.1673

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
	=	229309.394	/	199664.789
	=	1.1485

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))
	=	(23849.531 / (23849.531 + 331628.984))	/	(23772.46 / (23772.46 + 368357.501))
	=	0.067091	/	0.060624
	=	1.1067

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)
	=	(1420.002 / 229309.394)	/	(606.9 / 199664.789)
	=	0.006193	/	0.00304
	=	2.0372

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)
	=	((29703.43 + 112556.221) / 418567.675)	/	((28497.458 + 125808.579) / 388502.729)
	=	0.339873	/	0.397181
	=	0.8557

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
	=	(26288.777 - 0	-	64174.97)	/	418567.675
	=	-0.090514

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.

Rosseti Moscow Region PJSC has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.

Rosseti Moscow Region PJSC Beneish M-Score Related Terms

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Rosseti Moscow Region PJSC (MIC:MSRS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Rosseti Moscow Region PJSC (MIC:MSRS) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

2 Paveletskiy Proezd, 3, Building 2, Moscow, RUS, 115114

Website

https://www.rossetimr.ru

Rosseti Moscow Region PJSC is a distribution electric grid company. The group's main activity is the provision of fee-based services for electricity transmission in Moscow and the Moscow Region. The group also provides technical connection services to electrical networks as part of its core operations. The company's reportable segments are Electricity transmission in Moscow, Electricity transmission in the Moscow Region, Connection services in Moscow, Connection services in the Moscow Region, and Others. The Other segment activities mainly represent rental income, installation services, repair, and technical maintenance of electrical equipment. The majority of revenue is derived from the Electricity transmission segment.

Rosseti Moscow Region PJSC (MIC:MSRS) Headlines

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