Poseidon Concepts (TSX:PSN) Beneish M-Score : 0.00 (As of Apr. 25, 2024)

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What is Poseidon Concepts 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.

The historical rank and industry rank for Poseidon Concepts's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of Poseidon Concepts was 0.00. The lowest was 0.00. And the median was 0.00.

Poseidon Concepts Beneish M-Score Historical Data

The historical data trend for Poseidon Concepts'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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Poseidon Concepts Beneish M-Score Chart

Poseidon Concepts Annual Data

Trend

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Beneish M-Score

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Poseidon Concepts Quarterly Data
	Dec06	Dec07	Dec08	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12
Beneish M-Score	Get a 7-Day Free Trial										-	-	-	-	-

Competitive Comparison of Poseidon Concepts's Beneish M-Score

For the Oil & Gas Equipment & Services subindustry, Poseidon Concepts'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.

Poseidon Concepts's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Poseidon Concepts's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Poseidon Concepts's Beneish M-Score falls into.

Poseidon Concepts 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 Poseidon Concepts 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 * 0.2635

0.528 * 1.2907

0.404 * 0.2666

0.892 * 11.8623

0.115 * 1.0814

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * -2.3956

4.679 * 0.000421

0.327 * 1.6276

6.78

This Year (Sep12) TTM:

Last Year (Sep11) TTM:

Total Receivables was C$125.5 Mil.
Revenue was 41.116 + 54.875 + 52.129 + 33.824 = C$181.9 Mil.
Gross Profit was 32.047 + 51.546 + 47.42 + 30.547 = C$161.6 Mil.
Total Current Assets was C$139.8 Mil.
Total Assets was C$201.8 Mil.
Property, Plant and Equipment(Net PPE) was C$59.5 Mil.
Depreciation, Depletion and Amortization(DDA) was C$5.4 Mil.
Selling, General, & Admin. Expense(SGA) was C$24.1 Mil.
Total Current Liabilities was C$37.1 Mil.
Long-Term Debt & Capital Lease Obligation was C$55.5 Mil.
Net Income was 7.832 + 31.183 + 29.639 + -38.936 = C$29.7 Mil.
Non Operating Income was -3.305 + 0.383 + 0 + 0 = C$-2.9 Mil.
Cash Flow from Operations was 5.646 + 7.94 + 13.539 + 5.43 = C$32.6 Mil.

Total Receivables was C$40.2 Mil.
Revenue was 23.969 + 9.647 + 11.327 + -29.605 = C$15.3 Mil.
Gross Profit was 21.311 + 7.887 + 9.399 + -21.018 = C$17.6 Mil.
Total Current Assets was C$44.0 Mil.
Total Assets was C$319.7 Mil.
Property, Plant and Equipment(Net PPE) was C$261.0 Mil.
Depreciation, Depletion and Amortization(DDA) was C$25.7 Mil.
Selling, General, & Admin. Expense(SGA) was C$-0.8 Mil.
Total Current Liabilities was C$90.2 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.0 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)
	=	(125.516 / 181.944)	/	(40.163 / 15.338)
	=	0.689861	/	2.618529
	=	0.2635

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)
	=	(17.579 / 15.338)	/	(161.56 / 181.944)
	=	1.146108	/	0.887966
	=	1.2907

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 - (139.846 + 59.451) / 201.781)	/	(1 - (43.972 + 260.967) / 319.699)
	=	0.01231	/	0.046168
	=	0.2666

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
	=	181.944	/	15.338
	=	11.8623

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))
	=	(25.722 / (25.722 + 260.967))	/	(5.379 / (5.379 + 59.451))
	=	0.089721	/	0.082971
	=	1.0814

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)
	=	(24.126 / 181.944)	/	(-0.849 / 15.338)
	=	0.132601	/	-0.055353
	=	-2.3956

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)
	=	((55.544 + 37.107) / 201.781)	/	((0 + 90.193) / 319.699)
	=	0.459166	/	0.282118
	=	1.6276

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
	=	(29.718 - -2.922	-	32.555)	/	201.781
	=	0.000421

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.

Poseidon Concepts has a M-score of 6.78 signals that the company is likely to be a manipulator.

Poseidon Concepts Beneish M-Score Related Terms

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