Enel Americas (XMAD:XENI) Beneish M-Score : -2.64 (As of May. 23, 2024)

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What is Enel Americas 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XMAD:XENI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.56 Med: -2.61 Max: -1.41
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Enel Americas was -1.41. The lowest was -3.56. And the median was -2.61.

Enel Americas Beneish M-Score Historical Data

The historical data trend for Enel Americas'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.

Enel Americas Beneish M-Score Chart

Enel Americas Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.25

-2.35

-1.85

-3.29

-3.03

Enel Americas Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-3.41	-2.82	-3.03	-2.64

Competitive Comparison of Enel Americas's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Enel Americas'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.

Enel Americas's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Enel Americas's Beneish M-Score distribution charts can be found below:

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

Enel Americas 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 Enel Americas 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 * 0.9364

0.528 * 0.8957

0.404 * 0.9811

0.892 * 0.9793

0.115 * 1.1418

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.806

4.679 * -0.040509

0.327 * 0.9918

-2.76

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was €2,861 Mil.
Revenue was 2835.756 + 2601.694 + 2971.496 + 2729.407 = €11,138 Mil.
Gross Profit was 1112.207 + 737.788 + 1089.819 + 1024.519 = €3,964 Mil.
Total Current Assets was €9,658 Mil.
Total Assets was €34,537 Mil.
Property, Plant and Equipment(Net PPE) was €12,592 Mil.
Depreciation, Depletion and Amortization(DDA) was €922 Mil.
Selling, General, & Admin. Expense(SGA) was €586 Mil.
Total Current Liabilities was €9,177 Mil.
Long-Term Debt & Capital Lease Obligation was €4,670 Mil.
Net Income was 330.357 + 74.764 + 287.285 + 155.826 = €848 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 571.937 + 806.111 + 467.644 + 401.634 = €2,247 Mil.

Total Receivables was €3,120 Mil.
Revenue was 2617.87 + 2813.869 + 3116.464 + 2826.152 = €11,374 Mil.
Gross Profit was 967.775 + 808.304 + 974.781 + 875.121 = €3,626 Mil.
Total Current Assets was €10,656 Mil.
Total Assets was €33,954 Mil.
Property, Plant and Equipment(Net PPE) was €10,986 Mil.
Depreciation, Depletion and Amortization(DDA) was €928 Mil.
Selling, General, & Admin. Expense(SGA) was €743 Mil.
Total Current Liabilities was €9,294 Mil.
Long-Term Debt & Capital Lease Obligation was €4,432 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)
	=	(2860.698 / 11138.353)	/	(3119.619 / 11374.355)
	=	0.256833	/	0.274268
	=	0.9364

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)
	=	(3625.981 / 11374.355)	/	(3964.333 / 11138.353)
	=	0.318786	/	0.355917
	=	0.8957

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 - (9658.212 + 12591.942) / 34537.482)	/	(1 - (10656.163 + 10985.995) / 33954.449)
	=	0.355768	/	0.362612
	=	0.9811

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
	=	11138.353	/	11374.355
	=	0.9793

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))
	=	(928.236 / (928.236 + 10985.995))	/	(922.155 / (922.155 + 12591.942))
	=	0.07791	/	0.068237
	=	1.1418

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)
	=	(586.319 / 11138.353)	/	(742.873 / 11374.355)
	=	0.05264	/	0.065311
	=	0.806

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)
	=	((4670.218 + 9177.099) / 34537.482)	/	((4431.931 + 9294.19) / 33954.449)
	=	0.400936	/	0.404251
	=	0.9918

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
	=	(848.232 - 0	-	2247.326)	/	34537.482
	=	-0.040509

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.

Enel Americas has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.

Enel Americas Beneish M-Score Related Terms

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Enel Americas (XMAD:XENI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Enel Americas SA (XMAD:XENI) » Definitions » Beneish M-Score

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ENELAM:Chile

Address

Santa Rosa 76, Santiago, CHL, 1557

Website

https://www.enelamericas.com

Enel Americas has electricity generation, transmission, and distribution businesses in Argentina, Brazil, Colombia, Peru, Guatemala, Panama, and Costa Rica. As of December 31, 2021, company had 15,926 MW of net installed generation capacity and approximately 26.2 million distribution customers. The net installed generation capacity is comprised of 248 generation units, of which 42.3% are hydroelectric, 31.4% are thermal, 14.4% are wind, and 11.9% are solar power plants. As of and for the year ended December 31, 2021, company had consolidated assets of US$ 34,959 million and operating revenues of US$ 16,192 million.

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