National Shipping Company ofudi Arabia (SAU:4030) Beneish M-Score : -3.35 (As of May. 04, 2024)

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What is National Shipping Company ofudi Arabia 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 -3.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for National Shipping Company ofudi Arabia's Beneish M-Score or its related term are showing as below:

SAU:4030' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35 Med: -2.48 Max: -0.96
Current: -3.35

During the past 13 years, the highest Beneish M-Score of National Shipping Company ofudi Arabia was -0.96. The lowest was -3.35. And the median was -2.48.

National Shipping Company ofudi Arabia Beneish M-Score Historical Data

The historical data trend for National Shipping Company ofudi Arabia'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.

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National Shipping Company ofudi Arabia Beneish M-Score Chart

National Shipping Company ofudi Arabia Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.80

-3.33

-0.96

-2.49

-3.35

National Shipping Company ofudi Arabia 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															-2.49	-2.83	-3.10	-3.42	-3.35

Competitive Comparison of National Shipping Company ofudi Arabia's Beneish M-Score

For the Marine Shipping subindustry, National Shipping Company ofudi Arabia'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.

National Shipping Company ofudi Arabia's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, National Shipping Company ofudi Arabia's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where National Shipping Company ofudi Arabia's Beneish M-Score falls into.

National Shipping Company ofudi Arabia 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 National Shipping Company ofudi Arabia 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 * 0.6659

0.528 * 0.7357

0.404 * 1.0994

0.892 * 1.0227

0.115 * 0.9668

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6542

4.679 * -0.087833

0.327 * 0.8776

-3.35

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ﷼1,461 Mil.
Revenue was 2023.435 + 2026.664 + 2352.183 + 2375.218 = ﷼8,778 Mil.
Gross Profit was 433.611 + 321.812 + 560.777 + 599.574 = ﷼1,916 Mil.
Total Current Assets was ﷼5,297 Mil.
Total Assets was ﷼23,106 Mil.
Property, Plant and Equipment(Net PPE) was ﷼15,576 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼1,406 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼53 Mil.
Total Current Liabilities was ﷼2,801 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼7,559 Mil.
Net Income was 401.225 + 224.335 + 495.376 + 492.492 = ﷼1,613 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 721.196 + 925.412 + 843.191 + 1153.12 = ﷼3,643 Mil.

Total Receivables was ﷼2,146 Mil.
Revenue was 2717.504 + 2292.724 + 1993.28 + 1579.072 = ﷼8,583 Mil.
Gross Profit was 646.626 + 379.556 + 216.917 + 135.029 = ﷼1,378 Mil.
Total Current Assets was ﷼5,569 Mil.
Total Assets was ﷼22,898 Mil.
Property, Plant and Equipment(Net PPE) was ﷼15,316 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼1,332 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼31 Mil.
Total Current Liabilities was ﷼2,820 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼8,879 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)
	=	(1461.243 / 8777.5)	/	(2145.634 / 8582.58)
	=	0.166476	/	0.249999
	=	0.6659

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)
	=	(1378.128 / 8582.58)	/	(1915.774 / 8777.5)
	=	0.160573	/	0.21826
	=	0.7357

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 - (5296.858 + 15575.907) / 23106.245)	/	(1 - (5568.533 + 15316.345) / 22898.097)
	=	0.096661	/	0.087921
	=	1.0994

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
	=	8777.5	/	8582.58
	=	1.0227

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))
	=	(1332.272 / (1332.272 + 15316.345))	/	(1405.652 / (1405.652 + 15575.907))
	=	0.080023	/	0.082775
	=	0.9668

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)
	=	(52.871 / 8777.5)	/	(31.253 / 8582.58)
	=	0.006023	/	0.003641
	=	1.6542

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)
	=	((7559.004 + 2800.512) / 23106.245)	/	((8878.736 + 2819.694) / 22898.097)
	=	0.448343	/	0.510891
	=	0.8776

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
	=	(1613.428 - 0	-	3642.919)	/	23106.245
	=	-0.087833

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.

National Shipping Company ofudi Arabia has a M-score of -3.35 suggests that the company is unlikely to be a manipulator.

National Shipping Company ofudi Arabia Beneish M-Score Related Terms

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National Shipping Company ofudi Arabia (SAU:4030) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » National Shipping Company of Saudi Arabia (SAU:4030) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Olaya Towers, Tower B, P.O. Box 8931, 12th - 15th Floor, Olaya District, Riyadh, SAU, 12213

Website

https://www.bahri.sa

National Shipping Company of Saudi Arabia operates, purchases, and sells vessels for the transportation of cargo and passengers and all marine transport activities. The company's segments are Crude oil transportation, chemicals transportation, logistics, and dry bulk transportation, Head office, and Others. It also owns land and properties inside or outside of the domestic area as well as shares in other existing companies or merges with them and participates with others in establishing companies with similar complementary activities. The company earns maximum revenue from the Oil Transportation segment.

National Shipping Company ofudi Arabia (SAU:4030) Headlines

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