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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Statoil ASA was -2.25. The lowest was -3.43. And the median was -2.77.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Statoil ASA 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 * 0.8659||+||0.528 * 1.2361||+||0.404 * 0.957||+||0.892 * 0.7756||+||0.115 * 0.6589|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2478||+||4.679 * -0.1615||-||0.327 * 1.0969|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was €6,743 Mil.|
Revenue was 12034.872352 + 15798.4790875 + 13914.5487292 + 17006.3485956 = €58,754 Mil.
Gross Profit was 4097.66431287 + 6912.54752852 + 8008.95537322 + 8726.06222173 = €27,745 Mil.
Total Current Assets was €28,608 Mil.
Total Assets was €105,851 Mil.
Property, Plant and Equipment(Net PPE) was €60,207 Mil.
Depreciation, Depletion and Amortization(DDA) was €15,413 Mil.
Selling, General & Admin. Expense(SGA) was €829 Mil.
Total Current Liabilities was €14,928 Mil.
Long-Term Debt was €28,415 Mil.
Net Income was -301.140684411 + 1140.68441065 + -4102.71162698 + -991.851261474 = €-4,255 Mil.
Non Operating Income was 258.120586638 + -661.596958175 + 208.024814889 + -66.866377178 = €-262 Mil.
Cash Flow from Operations was 4538.62031505 + 2155.89353612 + 3363.0678407 + 3042.4201616 = €13,100 Mil.
|Accounts Receivable was €10,041 Mil.
Revenue was 18103.6127509 + 17840.7267071 + 21137.7418279 + 18670.6716661 = €75,753 Mil.
Gross Profit was 6694.18339237 + 9389.21521584 + 11069.2795197 + 17066.2536681 = €44,219 Mil.
Total Current Assets was €28,450 Mil.
Total Assets was €112,799 Mil.
Property, Plant and Equipment(Net PPE) was €65,378 Mil.
Depreciation, Depletion and Amortization(DDA) was €10,141 Mil.
Selling, General & Admin. Expense(SGA) was €857 Mil.
Total Current Liabilities was €22,452 Mil.
Long-Term Debt was €19,655 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(6743.40032591 / 58754.2487643)||/||(10041.2750885 / 75752.752952)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(6912.54752852 / 75752.752952)||/||(4097.66431287 / 58754.2487643)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (28608.365019 + 60206.6268332) / 105850.95057)||/||(1 - (28450.2794176 + 65378.2290437) / 112799.433294)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(10141.4889014 / (10141.4889014 + 65378.2290437))||/||(15412.9011629 / (15412.9011629 + 60206.6268332))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(829.451566944 / 58754.2487643)||/||(857.076591099 / 75752.752952)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((28414.774579 + 14927.9739272) / 105850.95057)||/||((19655.0019677 + 22452.3888233) / 112799.433294)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-4255.01916221 - -262.317933826||-||13100.0018535)||/||105850.95057|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Statoil ASA has a M-score of -3.57 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Statoil ASA Annual Data
Statoil ASA Quarterly Data