OCI NV Beneish M-Score Historical Data
The historical data trend for OCI NV'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.
OCI NV Beneish M-Score Chart
|
OCI NV Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.47 |
-2.93 |
-2.88 |
-3.01 |
-3.44 |
|
OCI NV 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
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.01 |
-3.43 |
-3.13 |
-1.57 |
-3.44 |
Competitive Comparison of OCI NV's Beneish M-Score
For the Specialty Chemicals subindustry, OCI NV'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.
OCI NV's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, OCI NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where OCI NV's Beneish M-Score falls into.
OCI NV 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 OCI NV 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 * 0.8562 | + | 0.528 * 2.6328 | + | 0.404 * 0.4669 | + | 0.892 * 0.5056 | + | 0.115 * 0.2434 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.1064 | + | 4.679 * -0.122564 | - | 0.327 * 1.5489 |
| = | -3.44 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €335 Mil.
Revenue was 453.456 + 1001.559 + 1266.448 + 1280.794 = €4,002 Mil.
Gross Profit was -29.161 + 162.944 + 184.139 + 184.372 = €502 Mil.
Total Current Assets was €6,523 Mil.
Total Assets was €8,230 Mil.
Property, Plant and Equipment(Net PPE) was €1,245 Mil.
Depreciation, Depletion and Amortization(DDA) was €184 Mil.
Selling, General, & Admin. Expense(SGA) was €292 Mil.
Total Current Liabilities was €4,362 Mil.
Long-Term Debt & Capital Lease Obligation was €1,923 Mil.
Net Income was -102.704 + -110.472 + -83.439 + -66.968 = €-364 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 87.665 + 55.752 + 242.749 + 258.905 = €645 Mil.
|
Total Receivables was €774 Mil.
Revenue was 745.194 + 2353.704 + 2703.384 + 2113.642 = €7,916 Mil.
Gross Profit was -154.722 + 880.013 + 1106.252 + 784.058 = €2,616 Mil.
Total Current Assets was €2,798 Mil.
Total Assets was €9,224 Mil.
Property, Plant and Equipment(Net PPE) was €5,316 Mil.
Depreciation, Depletion and Amortization(DDA) was €172 Mil.
Selling, General, & Admin. Expense(SGA) was €274 Mil.
Total Current Liabilities was €1,905 Mil.
Long-Term Debt & Capital Lease Obligation was €2,643 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) |
| = | (335.163 / 4002.257) | / | (774.269 / 7915.924) |
| = | 0.083743 | / | 0.097812 |
| | = | 0.8562 |
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) |
| = | (2615.601 / 7915.924) | / | (502.294 / 4002.257) |
| = | 0.330423 | / | 0.125503 |
| | = | 2.6328 |
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 - (6522.529 + 1244.827) / 8229.616) | / | (1 - (2798.205 + 5315.947) / 9223.918) |
| = | 0.05617 | / | 0.120314 |
| | = | 0.4669 |
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 |
| = | 4002.257 | / | 7915.924 |
| | = | 0.5056 |
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)) |
| = | (172.395 / (172.395 + 5315.947)) | / | (184.477 / (184.477 + 1244.827)) |
| = | 0.031411 | / | 0.129068 |
| | = | 0.2434 |
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) |
| = | (292.055 / 4002.257) | / | (274.234 / 7915.924) |
| = | 0.072973 | / | 0.034643 |
| | = | 2.1064 |
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) |
| = | ((1923.316 + 4362.261) / 8229.616) | / | ((2643.011 + 1905.275) / 9223.918) |
| = | 0.763775 | / | 0.493097 |
| | = | 1.5489 |
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 |
| = | (-363.583 - 0 | - | 645.071) | / | 8229.616 |
| | = | -0.122564 |
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.
OCI NV has a M-score of -3.44 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
STU:OIC has been successfully added to your