DOF ASA (LTS:0HMM) Beneish M-Score : -2.24 (As of May. 16, 2024)

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What is DOF ASA 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0HMM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.88 Med: -2.67 Max: -1.69
Current: -2.24

During the past 13 years, the highest Beneish M-Score of DOF ASA was -1.69. The lowest was -3.88. And the median was -2.67.

DOF ASA Beneish M-Score Historical Data

The historical data trend for DOF ASA'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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DOF ASA Beneish M-Score Chart

DOF ASA Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.85

-3.31

-3.88

-2.55

-2.24

DOF ASA Quarterly Data
	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23
Beneish M-Score	Get a 7-Day Free Trial															-	-	-2.24	-	-

Competitive Comparison of DOF ASA's Beneish M-Score

For the Oil & Gas Equipment & Services subindustry, DOF ASA'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.

DOF ASA's Beneish M-Score Distribution in the Oil & Gas Industry

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

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

DOF ASA 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 DOF ASA 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 * 0.7526

0.528 * 0.985

0.404 * 1.1785

0.892 * 1.4589

0.115 * 3.1623

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8332

4.679 * -0.063669

0.327 * 0.9552

-2.24

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was kr2,185 Mil.
Revenue was kr9,257 Mil.
Gross Profit was kr6,760 Mil.
Total Current Assets was kr5,515 Mil.
Total Assets was kr22,303 Mil.
Property, Plant and Equipment(Net PPE) was kr12,838 Mil.
Depreciation, Depletion and Amortization(DDA) was kr444 Mil.
Selling, General, & Admin. Expense(SGA) was kr265 Mil.
Total Current Liabilities was kr21,660 Mil.
Long-Term Debt & Capital Lease Obligation was kr274 Mil.
Net Income was kr865 Mil.
Gross Profit was kr0 Mil.
Cash Flow from Operations was kr2,285 Mil.

Total Receivables was kr1,990 Mil.
Revenue was kr6,345 Mil.
Gross Profit was kr4,564 Mil.
Total Current Assets was kr4,018 Mil.
Total Assets was kr19,085 Mil.
Property, Plant and Equipment(Net PPE) was kr12,199 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,442 Mil.
Selling, General, & Admin. Expense(SGA) was kr218 Mil.
Total Current Liabilities was kr19,432 Mil.
Long-Term Debt & Capital Lease Obligation was kr217 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)
	=	(2185 / 9257)	/	(1990 / 6345)
	=	0.236038	/	0.313633
	=	0.7526

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)
	=	(4564 / 6345)	/	(6760 / 9257)
	=	0.719307	/	0.730258
	=	0.985

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 - (5515 + 12838) / 22303)	/	(1 - (4018 + 12199) / 19085)
	=	0.177106	/	0.150275
	=	1.1785

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
	=	9257	/	6345
	=	1.4589

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))
	=	(1442 / (1442 + 12199))	/	(444 / (444 + 12838))
	=	0.105711	/	0.033429
	=	3.1623

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)
	=	(265 / 9257)	/	(218 / 6345)
	=	0.028627	/	0.034358
	=	0.8332

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)
	=	((274 + 21660) / 22303)	/	((217 + 19432) / 19085)
	=	0.983455	/	1.029552
	=	0.9552

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
	=	(865 - 0	-	2285)	/	22303
	=	-0.063669

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.

DOF ASA has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.

DOF ASA Beneish M-Score Related Terms

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DOF ASA (LTS:0HMM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » DOF ASA (LTS:0HMM) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Alfabygget, Storebo, Austevoll, NOR, 5392

Website

https://www.dof.com

DOF ASA is active in the oil and gas markets. The company consists of team of skilled professionals who, combined with a fleet of state-of-the-art, purpose-built vessels, provide services to the Oil and Gas industry across the entire offshore life cycle. Its core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention, and diving operations. It operates in three segments: Platform Supply Vessels (PSV), Anchor Handling Tug Supply vessels (AHTS), and Subsea (Subsea vessel and subsea engineering). The Subsea segment derives the majority of its revenue. Its geographical segments are Brazil, the United Kingdom, Norway, Australia, Canada, Singapore, the United States, the Philippines, Argentina, Angola, and others.

DOF ASA (LTS:0HMM) Headlines

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