Dragon Oil Beneish M-Score Historical Data
The historical data trend for Dragon Oil'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.
Dragon Oil Beneish M-Score Chart
|
Dragon Oil Annual Data
|
|
Trend |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.51 |
-3.00 |
1,922.26 |
1.75 |
-3.17 |
|
Dragon Oil Semi-Annual Data
|
|
Jun09 |
Dec09 |
Jun10 |
Dec10 |
Jun11 |
Dec11 |
Jun12 |
Dec12 |
Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
- |
1.75 |
- |
-3.17 |
- |
Competitive Comparison of Dragon Oil's Beneish M-Score
For the Oil & Gas E&P subindustry, Dragon Oil'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.
Dragon Oil's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Dragon Oil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dragon Oil's Beneish M-Score falls into.
Dragon Oil 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 Dragon Oil 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 * 1.1242 | + | 0.528 * 1.0252 | + | 0.404 * 1.2808 | + | 0.892 * 1.0927 | + | 0.115 * 0.8357 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 3.533 | + | 4.679 * -0.034536 | - | 0.327 * 0.9291 |
| = | -2.75 |
* 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 (Dec14) TTM: | Last Year (Dec13) TTM: |
Total Receivables was £150.7 Mil.
Revenue was £698.5 Mil.
Gross Profit was £470.6 Mil.
Total Current Assets was £1,901.7 Mil.
Total Assets was £3,169.5 Mil.
Property, Plant and Equipment(Net PPE) was £1,208.6 Mil.
Depreciation, Depletion and Amortization(DDA) was £202.2 Mil.
Selling, General, & Admin. Expense(SGA) was £85.7 Mil.
Total Current Liabilities was £656.8 Mil.
Long-Term Debt & Capital Lease Obligation was £0.0 Mil.
Net Income was £415.7 Mil.
Gross Profit was £0.0 Mil.
Cash Flow from Operations was £525.1 Mil.
|
Total Receivables was £122.7 Mil.
Revenue was £639.2 Mil.
Gross Profit was £441.5 Mil.
Total Current Assets was £1,678.1 Mil.
Total Assets was £2,681.7 Mil.
Property, Plant and Equipment(Net PPE) was £964.4 Mil.
Depreciation, Depletion and Amortization(DDA) was £131.2 Mil.
Selling, General, & Admin. Expense(SGA) was £22.2 Mil.
Total Current Liabilities was £598.1 Mil.
Long-Term Debt & Capital Lease Obligation was £0.0 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) |
| = | (150.718 / 698.463) | / | (122.689 / 639.213) |
| = | 0.215785 | / | 0.191938 |
| | = | 1.1242 |
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) |
| = | (441.528 / 639.213) | / | (470.585 / 698.463) |
| = | 0.690737 | / | 0.673744 |
| | = | 1.0252 |
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 - (1901.651 + 1208.57) / 3169.476) | / | (1 - (1678.135 + 964.402) / 2681.682) |
| = | 0.018696 | / | 0.014597 |
| | = | 1.2808 |
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 |
| = | 698.463 | / | 639.213 |
| | = | 1.0927 |
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)) |
| = | (131.229 / (131.229 + 964.402)) | / | (202.184 / (202.184 + 1208.57)) |
| = | 0.119775 | / | 0.143316 |
| | = | 0.8357 |
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) |
| = | (85.703 / 698.463) | / | (22.2 / 639.213) |
| = | 0.122702 | / | 0.03473 |
| | = | 3.533 |
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) |
| = | ((0 + 656.819) / 3169.476) | / | ((0 + 598.132) / 2681.682) |
| = | 0.207233 | / | 0.223044 |
| | = | 0.9291 |
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 |
| = | (415.687 - 0 | - | 525.149) | / | 3169.476 |
| | = | -0.034536 |
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.
Dragon Oil has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
LSE:DGO has been successfully added to your