Emerald Oil Industries Beneish M-Score Historical Data
The historical data trend for Emerald Oil Industries'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.
Emerald Oil Industries Beneish M-Score Chart
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Emerald Oil Industries Annual Data
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-22.36 |
-23.61 |
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Emerald Oil Industries Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of Emerald Oil Industries's Beneish M-Score
For the Packaged Foods subindustry, Emerald Oil Industries'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.
Emerald Oil Industries's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Emerald Oil Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Emerald Oil Industries's Beneish M-Score falls into.
Emerald Oil Industries 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 Emerald Oil Industries 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 BDT360 Mil.
Revenue was 168.246 + 697.48 + 328.385 + 273.463 = BDT1,468 Mil.
Gross Profit was 24.381 + 145.936 + 23.687 + 24.71 = BDT219 Mil.
Total Current Assets was BDT394 Mil.
Total Assets was BDT856 Mil.
Property, Plant and Equipment(Net PPE) was BDT462 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT3 Mil.
Selling, General, & Admin. Expense(SGA) was BDT9 Mil.
Total Current Liabilities was BDT286 Mil.
Long-Term Debt & Capital Lease Obligation was BDT1,304 Mil.
Net Income was 18.395 + 133.99 + 13.961 + 15.496 = BDT182 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 0 + -19.311 + 0 + 0 = BDT-19 Mil.
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Total Receivables was BDT219 Mil.
Revenue was 244.18 + 269.19 + 275.441 + 158.067 = BDT947 Mil.
Gross Profit was 23.317 + 36.417 + 51.561 + -5.192 = BDT106 Mil.
Total Current Assets was BDT265 Mil.
Total Assets was BDT741 Mil.
Property, Plant and Equipment(Net PPE) was BDT476 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT9 Mil.
Selling, General, & Admin. Expense(SGA) was BDT7 Mil.
Total Current Liabilities was BDT320 Mil.
Long-Term Debt & Capital Lease Obligation was BDT1,304 Mil.
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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) |
| = | (360.463 / 1467.574) | / | (218.938 / 946.878) |
| = | 0.245618 | / | 0.231221 |
| | = | |
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) |
| = | (106.103 / 946.878) | / | (218.714 / 1467.574) |
| = | 0.112056 | / | 0.149031 |
| | = | |
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 - (393.893 + 462.103) / 855.996) | / | (1 - (265.481 + 475.511) / 740.992) |
| = | 0 | / | 0 |
| | = | |
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 |
| = | 1467.574 | / | 946.878 |
| | = | |
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)) |
| = | (8.75 / (8.75 + 475.511)) | / | (2.667 / (2.667 + 462.103)) |
| = | 0.018069 | / | 0.005738 |
| | = | |
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) |
| = | (9.228 / 1467.574) | / | (7.472 / 946.878) |
| = | 0.006288 | / | 0.007891 |
| | = | |
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) |
| = | ((1304.465 + 285.602) / 855.996) | / | ((1304.465 + 320.151) / 740.992) |
| = | 1.857564 | / | 2.192488 |
| | = | |
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 |
| = | (181.842 - 0 | - | -19.311) | / | 855.996 |
| | = | 0.234993 |
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.
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