Philip Morris (Pakistan) Beneish M-Score Historical Data
The historical data trend for Philip Morris (Pakistan)'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.
Philip Morris (Pakistan) Beneish M-Score Chart
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Philip Morris (Pakistan) Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-4.23 |
-3.92 |
1.98 |
11.62 |
-0.11 |
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Philip Morris (Pakistan) Quarterly Data
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
| Beneish M-Score |
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-1.11 |
36.11 |
-0.11 |
-1.27 |
-0.96 |
KAR:PMPK vs PM, MO, TPB: Beneish M-Score Comparison
For the Tobacco subindustry, Philip Morris (Pakistan)'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.
Philip Morris (Pakistan) Beneish M-Score vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, Philip Morris (Pakistan)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Philip Morris (Pakistan)'s Beneish M-Score falls into.
Philip Morris (Pakistan) 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 Philip Morris (Pakistan) 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 * 0.1119 | + | 0.528 * 1.729 | + | 0.404 * 2.7454 | + | 0.892 * 1.6486 | + | 0.115 * 1.0693 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6438 | + | 4.679 * 0.147587 | - | 0.327 * 1.2723 |
| = | -0.96 |
* 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 (Jun25) TTM: | Last Year (Jun24) TTM: |
Total Receivables was ₨567 Mil.
Revenue was 8391.291 + 8631.319 + 11851.82 + 7552.968 = ₨36,427 Mil.
Gross Profit was 1386.246 + 1542.326 + 433.072 + 786.987 = ₨4,149 Mil.
Total Current Assets was ₨22,734 Mil.
Total Assets was ₨31,078 Mil.
Property, Plant and Equipment(Net PPE) was ₨7,253 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1,192 Mil.
Selling, General, & Admin. Expense(SGA) was ₨6,367 Mil.
Total Current Liabilities was ₨16,741 Mil.
Long-Term Debt & Capital Lease Obligation was ₨129 Mil.
Net Income was -1118.824 + -579.711 + -166.423 + -113.128 = ₨-1,978 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was -4789.326 + 1204.339 + 1854.482 + -4834.288 = ₨-6,565 Mil.
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Total Receivables was ₨3,072 Mil.
Revenue was 4308.023 + 8628.077 + 4578.481 + 4581.634 = ₨22,096 Mil.
Gross Profit was 423.395 + 1172.201 + 801.504 + 1954.046 = ₨4,351 Mil.
Total Current Assets was ₨21,319 Mil.
Total Assets was ₨28,132 Mil.
Property, Plant and Equipment(Net PPE) was ₨6,453 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1,147 Mil.
Selling, General, & Admin. Expense(SGA) was ₨5,999 Mil.
Total Current Liabilities was ₨11,756 Mil.
Long-Term Debt & Capital Lease Obligation was ₨246 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) |
| = | (566.572 / 36427.398) | / | (3072.186 / 22096.215) |
| = | 0.015553 | / | 0.139037 |
| | = | 0.1119 |
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) |
| = | (4351.146 / 22096.215) | / | (4148.631 / 36427.398) |
| = | 0.196918 | / | 0.113888 |
| | = | 1.729 |
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 - (22734.159 + 7252.869) / 31078.019) | / | (1 - (21319.45 + 6452.825) / 28131.998) |
| = | 0.035105 | / | 0.012787 |
| | = | 2.7454 |
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 |
| = | 36427.398 | / | 22096.215 |
| | = | 1.6486 |
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)) |
| = | (1147.256 / (1147.256 + 6452.825)) | / | (1192.215 / (1192.215 + 7252.869)) |
| = | 0.150953 | / | 0.141173 |
| | = | 1.0693 |
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) |
| = | (6366.798 / 36427.398) | / | (5998.696 / 22096.215) |
| = | 0.17478 | / | 0.271481 |
| | = | 0.6438 |
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) |
| = | ((128.976 + 16740.694) / 31078.019) | / | ((245.999 + 11755.975) / 28131.998) |
| = | 0.542817 | / | 0.426631 |
| | = | 1.2723 |
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 |
| = | (-1978.086 - 0 | - | -6564.793) | / | 31078.019 |
| | = | 0.147587 |
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.
Philip Morris (Pakistan) has a M-score of -0.96 signals that the company is likely to be a manipulator.
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