Oil Terminal (BSE:OIL) Beneish M-Score : -2.52 (As of Mar. 29, 2025)

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What is Oil Terminal 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BSE:OIL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.58 Max: -1.59
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Oil Terminal was -1.59. The lowest was -3.01. And the median was -2.58.

Oil Terminal Beneish M-Score Historical Data

The historical data trend for Oil Terminal'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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Oil Terminal Beneish M-Score Chart

Oil Terminal Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.49

-2.60

-2.44

-3.01

-2.52

Oil Terminal Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-3.01	-2.68	-2.52	-2.48	-2.52

Competitive Comparison of Oil Terminal's Beneish M-Score

For the Oil & Gas Midstream subindustry, Oil Terminal'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.

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

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

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

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Oil Terminal 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 Oil Terminal 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 * 0.7321

0.528 * 0.9829

0.404 * 0.907

0.892 * 1.3546

0.115 * 0.8205

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.2594

4.679 * -0.029755

0.327 * 1.0991

-2.52

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was lei38.3 Mil.
Revenue was 121.57 + 121.407 + 118.443 + 112.566 = lei474.0 Mil.
Gross Profit was 129.428 + 108.253 + 105.855 + 98.416 = lei442.0 Mil.
Total Current Assets was lei102.0 Mil.
Total Assets was lei883.7 Mil.
Property, Plant and Equipment(Net PPE) was lei776.6 Mil.
Depreciation, Depletion and Amortization(DDA) was lei26.7 Mil.
Selling, General, & Admin. Expense(SGA) was lei1.0 Mil.
Total Current Liabilities was lei85.0 Mil.
Long-Term Debt & Capital Lease Obligation was lei172.4 Mil.
Net Income was -26.059 + 9.03 + 7.796 + 28.437 = lei19.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = lei0.0 Mil.
Cash Flow from Operations was 0 + 17.933 + 9.623 + 17.943 = lei45.5 Mil.

Total Receivables was lei38.6 Mil.
Revenue was 91.761 + 88.458 + 84.067 + 85.617 = lei349.9 Mil.
Gross Profit was 93.443 + 78.212 + 74.975 + 74.033 = lei320.7 Mil.
Total Current Assets was lei95.2 Mil.
Total Assets was lei833.1 Mil.
Property, Plant and Equipment(Net PPE) was lei732.6 Mil.
Depreciation, Depletion and Amortization(DDA) was lei20.5 Mil.
Selling, General, & Admin. Expense(SGA) was lei2.9 Mil.
Total Current Liabilities was lei75.7 Mil.
Long-Term Debt & Capital Lease Obligation was lei145.1 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)
	=	(38.31 / 473.986)	/	(38.628 / 349.903)
	=	0.080825	/	0.110396
	=	0.7321

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)
	=	(320.663 / 349.903)	/	(441.952 / 473.986)
	=	0.916434	/	0.932416
	=	0.9829

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 - (102.025 + 776.62) / 883.705)	/	(1 - (95.169 + 732.646) / 833.074)
	=	0.005726	/	0.006313
	=	0.907

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
	=	473.986	/	349.903
	=	1.3546

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))
	=	(20.507 / (20.507 + 732.646))	/	(26.657 / (26.657 + 776.62))
	=	0.027228	/	0.033185
	=	0.8205

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)
	=	(1.018 / 473.986)	/	(2.898 / 349.903)
	=	0.002148	/	0.008282
	=	0.2594

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)
	=	((172.376 + 85.039) / 883.705)	/	((145.086 + 75.707) / 833.074)
	=	0.291291	/	0.265034
	=	1.0991

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
	=	(19.204 - 0	-	45.499)	/	883.705
	=	-0.029755

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.

Oil Terminal has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.

Oil Terminal Beneish M-Score Related Terms

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Oil Terminal Business Description

Industry

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Traded in Other Exchanges

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Address

Strada Caraiman nr. 2, Constanta, ROU, 900117

Website

https://www.oil-terminal.com

Oil Terminal SA Romania-based company, engages in the transportation of oil, petroleum, and petrochemical products and other products and raw materials for import/export and transit. The company provides various services related to liquid cargo handling, such as reception, loading, unloading, storage, and conditioning of crude oil, petroleum, petrochemical, and liquid chemical products.