Odfjell SE (LTS:0J77) Beneish M-Score : -2.87 (As of Dec. 13, 2024)

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What is Odfjell SE 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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0J77' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26 Med: -2.76 Max: -1.98
Current: -2.87

During the past 13 years, the highest Beneish M-Score of Odfjell SE was -1.98. The lowest was -3.26. And the median was -2.76.

Odfjell SE Beneish M-Score Historical Data

The historical data trend for Odfjell SE'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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Odfjell SE Beneish M-Score Chart

Odfjell SE Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.96

-2.81

-2.43

-2.69

-2.79

Odfjell SE Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.58	-2.79	-2.75	-2.62	-2.87

Competitive Comparison of Odfjell SE's Beneish M-Score

For the Marine Shipping subindustry, Odfjell SE'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.

Odfjell SE's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Odfjell SE's Beneish M-Score distribution charts can be found below:

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

Odfjell SE 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 Odfjell SE 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 * 0.9456

0.528 * 0.9239

0.404 * 0.9801

0.892 * 1.0302

0.115 * 1.0071

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1585

4.679 * -0.068442

0.327 * 0.9209

-2.87

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was kr1,518 Mil.
Revenue was 3246.267 + 3506.267 + 3243.058 + 3122.401 = kr13,118 Mil.
Gross Profit was 1517.97 + 1703.772 + 1516.469 + 1325.817 = kr6,064 Mil.
Total Current Assets was kr3,463 Mil.
Total Assets was kr21,979 Mil.
Property, Plant and Equipment(Net PPE) was kr16,502 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,673 Mil.
Selling, General, & Admin. Expense(SGA) was kr221 Mil.
Total Current Liabilities was kr4,270 Mil.
Long-Term Debt & Capital Lease Obligation was kr8,091 Mil.
Net Income was 720.212 + 936.278 + 719.5 + 549.666 = kr2,926 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1249.218 + 1148.586 + 962.517 + 1069.635 = kr4,430 Mil.

Total Receivables was kr1,558 Mil.
Revenue was 3165.931 + 3236.761 + 3190.234 + 3140.34 = kr12,733 Mil.
Gross Profit was 1384.559 + 1412.169 + 1334.442 + 1307.345 = kr5,439 Mil.
Total Current Assets was kr2,928 Mil.
Total Assets was kr21,152 Mil.
Property, Plant and Equipment(Net PPE) was kr16,247 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,660 Mil.
Selling, General, & Admin. Expense(SGA) was kr185 Mil.
Total Current Liabilities was kr3,970 Mil.
Long-Term Debt & Capital Lease Obligation was kr8,949 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)
	=	(1517.97 / 13117.993)	/	(1558.299 / 12733.266)
	=	0.115717	/	0.12238
	=	0.9456

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)
	=	(5438.515 / 12733.266)	/	(6064.028 / 13117.993)
	=	0.427111	/	0.462268
	=	0.9239

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 - (3462.968 + 16502.209) / 21979.222)	/	(1 - (2927.843 + 16246.848) / 21152.326)
	=	0.091634	/	0.093495
	=	0.9801

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
	=	13117.993	/	12733.266
	=	1.0302

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))
	=	(1660.029 / (1660.029 + 16246.848))	/	(1673.064 / (1673.064 + 16502.209))
	=	0.092703	/	0.092052
	=	1.0071

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)
	=	(221.083 / 13117.993)	/	(185.226 / 12733.266)
	=	0.016853	/	0.014547
	=	1.1585

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)
	=	((8091.234 + 4270.285) / 21979.222)	/	((8948.69 + 3970.284) / 21152.326)
	=	0.562418	/	0.610759
	=	0.9209

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
	=	(2925.656 - 0	-	4429.956)	/	21979.222
	=	-0.068442

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.

Odfjell SE has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.

Odfjell SE Beneish M-Score Related Terms

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Odfjell SE Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Odfjell SE (LTS:0J77) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

ODFO:Sweden ODFBO:Sweden ODFB:Norway ODF:Norway 0J78:UK O7F:Germany

Address

Conrad Mohrs veg 29, P.O. Box 6101, Postterminalen, Bergen, NOR, 5892

Website

https://www.odfjell.com

Odfjell SE is a company engaged in the transportation and storage of bulk liquid chemicals, acids, edible oils, and other specialty products. It also owns and operates chemical tankers and tank terminals. The Company has two reportable operating segments: The Chemical Tankers involve a round-the-world service, servicing ports in Europe, North, and South America, the Middle East and Asia, Australia, and Africa, and The Tank Terminals segment offers storage of various chemical and petroleum products. It operates through various geographical regions which include North and South America, Norway, Netherlands, Australasia, Africa Middle East, and Asia, and derives a major revenue from the Middle East and Asia. The company generates the majority of its revenue from the Chemical Tankers segment.

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