Talisman Energy (FRA:TLM) Beneish M-Score : 0.00 (As of Jun. 06, 2024)

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What is Talisman Energy 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 Talisman Energy's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Talisman Energy was 0.00. The lowest was 0.00. And the median was 0.00.

Talisman Energy Beneish M-Score Historical Data

The historical data trend for Talisman Energy'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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Talisman Energy Beneish M-Score Chart

Talisman Energy Annual Data

Trend

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Beneish M-Score

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-3.04

-2.68

-3.56

-2.54

-2.84

Talisman Energy Quarterly Data
	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14
Beneish M-Score	Get a 7-Day Free Trial															-2.54	-2.71	-3.03	-2.92	-2.84

Competitive Comparison of Talisman Energy's Beneish M-Score

For the Oil & Gas E&P subindustry, Talisman Energy'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.

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

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

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

Talisman Energy 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 Talisman Energy 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 * 1.1151

0.528 * 1.1331

0.404 * 1.0071

0.892 * 0.8292

0.115 * 0.9449

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3946

4.679 * -0.046424

0.327 * 0.9967

-2.74

This Year (Dec14) TTM:

Last Year (Dec13) TTM:

Total Receivables was €789 Mil.
Revenue was 35.684 + 881.536 + 914.112 + 969.543 = €2,801 Mil.
Gross Profit was -296.826 + 574.24 + 623.392 + 635.517 = €1,536 Mil.
Total Current Assets was €1,947 Mil.
Total Assets was €14,055 Mil.
Property, Plant and Equipment(Net PPE) was €9,414 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,618 Mil.
Selling, General, & Admin. Expense(SGA) was €342 Mil.
Total Current Liabilities was €2,577 Mil.
Long-Term Debt & Capital Lease Obligation was €3,208 Mil.
Net Income was -1289.49 + 329.8 + -174.432 + 354.993 = €-779 Mil.
Non Operating Income was -2102.923 + 330.576 + -187.68 + 378.129 = €-1,582 Mil.
Cash Flow from Operations was 490.655 + 355.408 + 268.64 + 340.533 = €1,455 Mil.

Total Receivables was €853 Mil.
Revenue was 678.17 + 930.512 + 902.02 + 866.956 = €3,378 Mil.
Gross Profit was 365.73 + 643.28 + 574.564 + 515.696 = €2,099 Mil.
Total Current Assets was €1,897 Mil.
Total Assets was €13,988 Mil.
Property, Plant and Equipment(Net PPE) was €9,429 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,440 Mil.
Selling, General, & Admin. Expense(SGA) was €296 Mil.
Total Current Liabilities was €2,595 Mil.
Long-Term Debt & Capital Lease Obligation was €3,181 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)
	=	(789.103 / 2800.875)	/	(853.37 / 3377.658)
	=	0.281734	/	0.252651
	=	1.1151

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)
	=	(2099.27 / 3377.658)	/	(1536.323 / 2800.875)
	=	0.621516	/	0.548515
	=	1.1331

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 - (1947.211 + 9414.088) / 14054.63)	/	(1 - (1896.54 + 9429.41) / 13987.53)
	=	0.191633	/	0.190282
	=	1.0071

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
	=	2800.875	/	3377.658
	=	0.8292

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))
	=	(2440.32 / (2440.32 + 9429.41))	/	(2617.871 / (2617.871 + 9414.088))
	=	0.205592	/	0.217576
	=	0.9449

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)
	=	(342.184 / 2800.875)	/	(295.9 / 3377.658)
	=	0.12217	/	0.087605
	=	1.3946

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)
	=	((3207.505 + 2576.547) / 14054.63)	/	((3180.61 + 2595.15) / 13987.53)
	=	0.411541	/	0.412922
	=	0.9967

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
	=	(-779.129 - -1581.898	-	1455.236)	/	14054.63
	=	-0.046424

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.

Talisman Energy has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.

Talisman Energy Beneish M-Score Related Terms

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Talisman Energy (FRA:TLM) Business Description

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Address

Website

http://www.talisman-energy.com

Talisman Energy Inc was incorporated under the Canada Business Corporations Act in Canada on December 14, 1982. The Company is a Canadian-based independent oil and gas producers company. Its main business activities are exploration, development, production, transportation and marketing of crude oil, natural gas and natural gas liquids. In 2014, the Company's activities were conducted in four geographic segments: North America, the North Sea, Southeast Asia, and Other. The North America segment includes operations in Canada and the U.S. The North Sea segment includes operations and exploration activities in the UK and Norway. The Southeast Asia segment includes operations and exploration activities in Indonesia, Malaysia, Vietnam and Papua New Guinea and non-operated production in Australia/Timor-Leste. The Company also had non-operated production in Algeria, operations and exploration activities in Colombia and exploration activities in the Kurdistan Region of Iraq. For ease of reference, the activities in Algeria, Colombia and the Kurdistan Region of Iraq, where applicable, are referred to collectively as the other geographic segment or Rest of World, except where otherwise noted. For operational purposes, Talisman has two core operating areas: the Americas and Asia-Pacific. The Company's aggregate production from its consolidated entities and equity investments for the year ended December 31, 2014 was 369 mboe/d, comprised of 43 mbbls/d of oil and liquids and 794 mmcf/d of gas from North America; 43 mbbls/d of oil and 510 mmcf/d of gas from Southeast Asia; 30 mbbls/d of oil and liquids and 20 mmcf/d of gas from the North Sea; and 24 mbbls/d of oil and liquids and 48 mmcf/d of gas from other areas.

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