Laugfs Gas (COL:LGL.X0000) Beneish M-Score : -2.47 (As of Apr. 29, 2024)

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What is Laugfs Gas 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

COL:LGL.X0000' s Beneish M-Score Range Over the Past 10 Years
Min: -14.62 Med: -2.42 Max: 0.18
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Laugfs Gas was 0.18. The lowest was -14.62. And the median was -2.42.

Laugfs Gas Beneish M-Score Historical Data

The historical data trend for Laugfs Gas'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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Laugfs Gas Beneish M-Score Chart

Laugfs Gas Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.96

-2.31

-2.52

-14.62

-2.60

Laugfs Gas 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															-3.09	-2.60	-3.38	-2.66	-2.47

Competitive Comparison of Laugfs Gas's Beneish M-Score

For the Utilities - Regulated Gas subindustry, Laugfs Gas'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.

Laugfs Gas's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Laugfs Gas's Beneish M-Score distribution charts can be found below:

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

Laugfs Gas 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 Laugfs Gas 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 * 0.7573

0.528 * 1.0292

0.404 * 1.1963

0.892 * 1.4634

0.115 * 1.1687

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3068

4.679 * -0.053242

0.327 * 0.9652

-2.47

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was රු2,903 Mil.
Revenue was 7326.755 + 7145.792 + 6078.873 + 6633.589 = රු27,185 Mil.
Gross Profit was 1204.986 + 1931.296 + 777.817 + 2117.441 = රු6,032 Mil.
Total Current Assets was රු6,212 Mil.
Total Assets was රු44,352 Mil.
Property, Plant and Equipment(Net PPE) was රු34,385 Mil.
Depreciation, Depletion and Amortization(DDA) was රු1,812 Mil.
Selling, General, & Admin. Expense(SGA) was රු1,419 Mil.
Total Current Liabilities was රු19,086 Mil.
Long-Term Debt & Capital Lease Obligation was රු17,476 Mil.
Net Income was -285.883 + 984.242 + -718.251 + 236.997 = රු217 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = රු0 Mil.
Cash Flow from Operations was 1730.486 + 559.542 + 1038.166 + -749.732 = රු2,578 Mil.

Total Receivables was රු2,619 Mil.
Revenue was 7808.35 + 4134.768 + 3950.042 + 2683.078 = රු18,576 Mil.
Gross Profit was 2551.486 + 1214.668 + 554.041 + -78.153 = රු4,242 Mil.
Total Current Assets was රු7,629 Mil.
Total Assets was රු49,661 Mil.
Property, Plant and Equipment(Net PPE) was රු38,517 Mil.
Depreciation, Depletion and Amortization(DDA) was රු2,393 Mil.
Selling, General, & Admin. Expense(SGA) was රු742 Mil.
Total Current Liabilities was රු21,568 Mil.
Long-Term Debt & Capital Lease Obligation was රු20,847 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)
	=	(2902.612 / 27185.009)	/	(2619.094 / 18576.238)
	=	0.106773	/	0.140992
	=	0.7573

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)
	=	(4242.042 / 18576.238)	/	(6031.54 / 27185.009)
	=	0.228359	/	0.22187
	=	1.0292

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 - (6211.731 + 34384.56) / 44351.757)	/	(1 - (7628.819 + 38517.477) / 49661.484)
	=	0.084675	/	0.070783
	=	1.1963

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
	=	27185.009	/	18576.238
	=	1.4634

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))
	=	(2393.236 / (2393.236 + 38517.477))	/	(1811.805 / (1811.805 + 34384.56))
	=	0.058499	/	0.050055
	=	1.1687

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)
	=	(1419.416 / 27185.009)	/	(742.193 / 18576.238)
	=	0.052213	/	0.039954
	=	1.3068

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)
	=	((17475.644 + 19085.525) / 44351.757)	/	((20846.91 + 21568.4) / 49661.484)
	=	0.824345	/	0.854089
	=	0.9652

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
	=	(217.105 - 0	-	2578.462)	/	44351.757
	=	-0.053242

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.

Laugfs Gas has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.

Laugfs Gas Beneish M-Score Related Terms

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Laugfs Gas (COL:LGL.X0000) Business Description

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LGL.N0000:Sri Lanka

Address

No. 101, Maya Avenue, Colombo, LKA, 06

Website

https://www.laugfsgas.lk

Laugfs Gas PLC is engaged in the sale of liquefied petroleum gas. The company offers LPG for industrial, commercial and domestic purposes in Sri Lanka. It operates through the following business segments: Energy, Property, and Transportation & Logistics segment. It generates the majority of revenue from the Energy segment. The energy segment includes the Selling of Liquefied Petroleum Gas and other related products. The property segment includes the Operation of a commercial property given on rent at Kirullapone. Transportation & Logistics segment includes the Operation of vessels and providing marine cargo services and the Operation of an LPG storage terminal. Geographically it operates in Sri Lanka and Bangladesh, out of which the majority is from Sri Lanka.

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