UTair Aviation JSC Beneish M-Score Historical Data
The historical data trend for UTair Aviation JSC'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.
UTair Aviation JSC Beneish M-Score Chart
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UTair Aviation JSC Annual Data
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Dec20 |
| Beneish M-Score |
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-2.80 |
-2.21 |
-3.78 |
-4.13 |
-3.72 |
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UTair Aviation JSC Semi-Annual Data
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| Beneish M-Score |
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-3.72 |
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Competitive Comparison of UTair Aviation JSC's Beneish M-Score
For the Airlines subindustry, UTair Aviation JSC'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.
UTair Aviation JSC's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, UTair Aviation JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UTair Aviation JSC's Beneish M-Score falls into.
UTair Aviation JSC 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 UTair Aviation JSC 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 * 0.7718 | + | 0.528 * 1.0191 | + | 0.404 * 1.2423 | + | 0.892 * 0.6748 | + | 0.115 * 1.2626 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4298 | + | 4.679 * -0.182444 | - | 0.327 * 0.858 |
| = | -3.72 |
* 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 (Dec20) TTM: | Last Year (Dec19) TTM: |
Total Receivables was ₽4,033 Mil.
Revenue was ₽58,254 Mil.
Gross Profit was ₽10,829 Mil.
Total Current Assets was ₽22,756 Mil.
Total Assets was ₽86,106 Mil.
Property, Plant and Equipment(Net PPE) was ₽61,595 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽8,384 Mil.
Selling, General, & Admin. Expense(SGA) was ₽4,699 Mil.
Total Current Liabilities was ₽74,290 Mil.
Long-Term Debt & Capital Lease Obligation was ₽29,845 Mil.
Net Income was ₽3,349 Mil.
Gross Profit was ₽0 Mil.
Cash Flow from Operations was ₽19,058 Mil.
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Total Receivables was ₽7,744 Mil.
Revenue was ₽86,323 Mil.
Gross Profit was ₽16,353 Mil.
Total Current Assets was ₽17,159 Mil.
Total Assets was ₽76,763 Mil.
Property, Plant and Equipment(Net PPE) was ₽58,344 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽10,399 Mil.
Selling, General, & Admin. Expense(SGA) was ₽4,870 Mil.
Total Current Liabilities was ₽92,457 Mil.
Long-Term Debt & Capital Lease Obligation was ₽15,739 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) |
| = | (4033.498 / 58254.155) | / | (7743.953 / 86322.549) |
| = | 0.06924 | / | 0.08971 |
| | = | 0.7718 |
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) |
| = | (16353.293 / 86322.549) | / | (10829.039 / 58254.155) |
| = | 0.189444 | / | 0.185893 |
| | = | 1.0191 |
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 - (22756.284 + 61595.071) / 86106.365) | / | (1 - (17159.057 + 58344.167) / 76762.662) |
| = | 0.020382 | / | 0.016407 |
| | = | 1.2423 |
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 |
| = | 58254.155 | / | 86322.549 |
| | = | 0.6748 |
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)) |
| = | (10399.391 / (10399.391 + 58344.167)) | / | (8384.253 / (8384.253 + 61595.071)) |
| = | 0.151278 | / | 0.11981 |
| | = | 1.2626 |
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) |
| = | (4699.374 / 58254.155) | / | (4870.464 / 86322.549) |
| = | 0.08067 | / | 0.056422 |
| | = | 1.4298 |
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) |
| = | ((29844.929 + 74290.25) / 86106.365) | / | ((15739.42 + 92457.455) / 76762.662) |
| = | 1.209378 | / | 1.409499 |
| | = | 0.858 |
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 |
| = | (3348.813 - 0 | - | 19058.411) | / | 86106.365 |
| | = | -0.182444 |
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.
UTair Aviation JSC has a M-score of -3.72 suggests that the company is unlikely to be a manipulator.
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