EnBW Energie Baden-Wuerttemberg AG (XTER:EBK) Beneish M-Score : -2.96 (As of May. 02, 2024)

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What is EnBW Energie Baden-Wuerttemberg AG 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 EnBW Energie Baden-Wuerttemberg AG's Beneish M-Score or its related term are showing as below:

XTER:EBK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.96 Med: -2.62 Max: -1.55
Current: -2.96

During the past 13 years, the highest Beneish M-Score of EnBW Energie Baden-Wuerttemberg AG was -1.55. The lowest was -2.96. And the median was -2.62.

EnBW Energie Baden-Wuerttemberg AG Beneish M-Score Historical Data

The historical data trend for EnBW Energie Baden-Wuerttemberg AG'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.

EnBW Energie Baden-Wuerttemberg AG Beneish M-Score Chart

EnBW Energie Baden-Wuerttemberg AG Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.59

-2.51

-2.63

-1.55

-2.96

EnBW Energie Baden-Wuerttemberg AG 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															-1.55	-	-	-	-2.96

Competitive Comparison of EnBW Energie Baden-Wuerttemberg AG's Beneish M-Score

For the Utilities - Diversified subindustry, EnBW Energie Baden-Wuerttemberg AG'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.

EnBW Energie Baden-Wuerttemberg AG's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, EnBW Energie Baden-Wuerttemberg AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where EnBW Energie Baden-Wuerttemberg AG's Beneish M-Score falls into.

EnBW Energie Baden-Wuerttemberg AG 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 EnBW Energie Baden-Wuerttemberg AG 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 * 1.0311

0.528 * 0.4491

0.404 * 1.0592

0.892 * 0.7934

0.115 * 1.0813

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.8839

4.679 * 0.009856

0.327 * 0.8753

-2.96

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €4,578 Mil.
Revenue was €44,431 Mil.
Gross Profit was €9,207 Mil.
Total Current Assets was €25,207 Mil.
Total Assets was €64,719 Mil.
Property, Plant and Equipment(Net PPE) was €25,430 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,397 Mil.
Selling, General, & Admin. Expense(SGA) was €1,576 Mil.
Total Current Liabilities was €18,153 Mil.
Long-Term Debt & Capital Lease Obligation was €14,559 Mil.
Net Income was €1,538 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €900 Mil.

Total Receivables was €5,597 Mil.
Revenue was €56,003 Mil.
Gross Profit was €5,211 Mil.
Total Current Assets was €32,520 Mil.
Total Assets was €69,504 Mil.
Property, Plant and Equipment(Net PPE) was €22,705 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,332 Mil.
Selling, General, & Admin. Expense(SGA) was €1,054 Mil.
Total Current Liabilities was €28,670 Mil.
Long-Term Debt & Capital Lease Obligation was €11,465 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)
	=	(4578.4 / 44430.7)	/	(5596.9 / 56002.6)
	=	0.103046	/	0.09994
	=	1.0311

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)
	=	(5211.4 / 56002.6)	/	(9206.8 / 44430.7)
	=	0.093056	/	0.207217
	=	0.4491

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 - (25206.9 + 25429.8) / 64718.9)	/	(1 - (32519.7 + 22705.3) / 69503.7)
	=	0.21759	/	0.205438
	=	1.0592

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
	=	44430.7	/	56002.6
	=	0.7934

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))
	=	(2332 / (2332 + 22705.3))	/	(2397 / (2397 + 25429.8))
	=	0.093141	/	0.08614
	=	1.0813

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)
	=	(1575.6 / 44430.7)	/	(1054.2 / 56002.6)
	=	0.035462	/	0.018824
	=	1.8839

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)
	=	((14558.6 + 18153.2) / 64718.9)	/	((11465.3 + 28669.9) / 69503.7)
	=	0.505444	/	0.577454
	=	0.8753

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
	=	(1537.6 - 0	-	899.7)	/	64718.9
	=	0.009856

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.

EnBW Energie Baden-Wuerttemberg AG has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.

EnBW Energie Baden-Wuerttemberg AG Beneish M-Score Related Terms

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EnBW Energie Baden-Wuerttemberg AG (XTER:EBK) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » EnBW Energie Baden-Wuerttemberg AG (XTER:EBK) » Definitions » Beneish M-Score

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Traded in Other Exchanges

EBK:Germany EBK:Germany

Address

Durlacher Allee 93, Karlsruhe, BW, DEU, 76131

Website

https://www.enbw.com

EnBW Energie Baden-Wuerttemberg AG is a German company which is active in the energy sector. It operates in three segments: Smart Infrastructure for Customers, which comprises the sale of electricity and gas, energy industry services and energy solutions, provision and expansion of quick-charging infrastructure and digital solutions for electromobility, broadband activities; System Critical Infrastructure segment is into the transmission and distribution of electricity and gas; and Sustainable Generation Infrastructure segment encompasses activities in the areas of renewable energies and conventional generation, district heating and waste management/environmental services. Geographically it generates majority of revenue from Germany.