Alliance Oil Company Beneish M-Score Historical Data
The historical data trend for Alliance Oil Company'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.
Alliance Oil Company Beneish M-Score Chart
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Alliance Oil Company Annual Data
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Trend |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
| Beneish M-Score |
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- |
- |
- |
-2.44 |
-2.14 |
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Alliance Oil Company Quarterly Data
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Dec09 |
Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
| Beneish M-Score |
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-2.58 |
-2.14 |
-2.04 |
-2.18 |
-1.93 |
Competitive Comparison of Alliance Oil Company's Beneish M-Score
For the Oil & Gas Integrated subindustry, Alliance Oil Company'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.
Alliance Oil Company's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Alliance Oil Company's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alliance Oil Company's Beneish M-Score falls into.
Alliance Oil Company 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 Alliance Oil Company 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 | + | 0.528 * 1.1634 | + | 0.404 * 2.0636 | + | 0.892 * 1.0853 | + | 0.115 * 1.022 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0453 | + | 4.679 * -0.016957 | - | 0.327 * 0.9251 |
| = | -2.87 |
* 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 (Sep13) TTM: | Last Year (Sep12) TTM: |
Total Receivables was €0 Mil.
Revenue was 758.233 + 687.229 + 681.122 + 682.024 = €2,809 Mil.
Gross Profit was 205.559 + 181.398 + 171.973 + 207.089 = €766 Mil.
Total Current Assets was €923 Mil.
Total Assets was €4,416 Mil.
Property, Plant and Equipment(Net PPE) was €3,318 Mil.
Depreciation, Depletion and Amortization(DDA) was €171 Mil.
Selling, General, & Admin. Expense(SGA) was €346 Mil.
Total Current Liabilities was €624 Mil.
Long-Term Debt & Capital Lease Obligation was €1,266 Mil.
Net Income was 29.04 + 20.246 + 24.075 + 94.816 = €168 Mil.
Non Operating Income was 1.504 + -17.413 + -1.782 + 10.572 = €-7 Mil.
Cash Flow from Operations was 13.481 + 147.99 + -19.801 + 108.511 = €250 Mil.
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Total Receivables was €150 Mil.
Revenue was 701.752 + 651.26 + 617.046 + 617.771 = €2,588 Mil.
Gross Profit was 214.829 + 154.581 + 203.752 + 247.977 = €821 Mil.
Total Current Assets was €949 Mil.
Total Assets was €3,974 Mil.
Property, Plant and Equipment(Net PPE) was €2,949 Mil.
Depreciation, Depletion and Amortization(DDA) was €156 Mil.
Selling, General, & Admin. Expense(SGA) was €305 Mil.
Total Current Liabilities was €619 Mil.
Long-Term Debt & Capital Lease Obligation was €1,219 Mil.
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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) |
| = | (0 / 2808.608) | / | (149.831 / 2587.829) |
| = | 0 | / | 0.057898 |
| | = | 0 |
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) |
| = | (821.139 / 2587.829) | / | (766.019 / 2808.608) |
| = | 0.317308 | / | 0.27274 |
| | = | 1.1634 |
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 - (923.477 + 3318.109) / 4416.262) | / | (1 - (948.738 + 2948.604) / 3973.504) |
| = | 0.039553 | / | 0.019167 |
| | = | 2.0636 |
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 |
| = | 2808.608 | / | 2587.829 |
| | = | 1.0853 |
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)) |
| = | (155.877 / (155.877 + 2948.604)) | / | (171.434 / (171.434 + 3318.109)) |
| = | 0.05021 | / | 0.049128 |
| | = | 1.022 |
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) |
| = | (345.775 / 2808.608) | / | (304.782 / 2587.829) |
| = | 0.123113 | / | 0.117775 |
| | = | 1.0453 |
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) |
| = | ((1265.735 + 624.038) / 4416.262) | / | ((1219.232 + 618.687) / 3973.504) |
| = | 0.427912 | / | 0.462544 |
| | = | 0.9251 |
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 |
| = | (168.177 - -7.119 | - | 250.181) | / | 4416.262 |
| | = | -0.016957 |
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.
Alliance Oil Company has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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