Slovnaft AS Beneish M-Score Historical Data
The historical data trend for Slovnaft AS'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.
Slovnaft AS Beneish M-Score Chart
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Slovnaft AS Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-2.98 |
-2.21 |
-2.72 |
-2.43 |
-3.03 |
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Slovnaft AS Semi-Annual Data
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Jun10 |
Dec10 |
Jun11 |
Dec11 |
Jun12 |
Dec12 |
Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
| Beneish M-Score |
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-2.72 |
0.00 |
-2.43 |
0.00 |
-3.03 |
LTS:0MZI vs NGL, INT, SUN: Beneish M-Score Comparison
For the Oil & Gas Refining & Marketing subindustry, Slovnaft AS'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.
Slovnaft AS Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Slovnaft AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Slovnaft AS's Beneish M-Score falls into.
Slovnaft AS 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 Slovnaft AS 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 * 1.0032 | + | 0.528 * 1.0383 | + | 0.404 * 1.0768 | + | 0.892 * 0.9512 | + | 0.115 * 0.9796 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1076 | + | 4.679 * -0.103855 | - | 0.327 * 1.1682 |
| = | -3.03 |
* 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 (Dec19) TTM: | Last Year (Dec18) TTM: |
Total Receivables was €329.30 Mil.
Revenue was €3,695.96 Mil.
Gross Profit was €499.29 Mil.
Total Current Assets was €803.17 Mil.
Total Assets was €2,547.04 Mil.
Property, Plant and Equipment(Net PPE) was €1,554.32 Mil.
Depreciation, Depletion and Amortization(DDA) was €164.21 Mil.
Selling, General, & Admin. Expense(SGA) was €62.53 Mil.
Total Current Liabilities was €700.33 Mil.
Long-Term Debt & Capital Lease Obligation was €53.61 Mil.
Net Income was €33.62 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €298.14 Mil.
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Total Receivables was €345.08 Mil.
Revenue was €3,885.66 Mil.
Gross Profit was €545.00 Mil.
Total Current Assets was €761.67 Mil.
Total Assets was €2,336.05 Mil.
Property, Plant and Equipment(Net PPE) was €1,412.94 Mil.
Depreciation, Depletion and Amortization(DDA) was €145.91 Mil.
Selling, General, & Admin. Expense(SGA) was €59.35 Mil.
Total Current Liabilities was €586.49 Mil.
Long-Term Debt & Capital Lease Obligation was €5.44 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) |
| = | (329.298 / 3695.961) | / | (345.081 / 3885.657) |
| = | 0.089097 | / | 0.088809 |
| | = | 1.0032 |
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) |
| = | (545.002 / 3885.657) | / | (499.289 / 3695.961) |
| = | 0.14026 | / | 0.13509 |
| | = | 1.0383 |
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 - (803.168 + 1554.315) / 2547.035) | / | (1 - (761.665 + 1412.938) / 2336.051) |
| = | 0.074421 | / | 0.069112 |
| | = | 1.0768 |
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 |
| = | 3695.961 | / | 3885.657 |
| | = | 0.9512 |
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)) |
| = | (145.912 / (145.912 + 1412.938)) | / | (164.211 / (164.211 + 1554.315)) |
| = | 0.093602 | / | 0.095553 |
| | = | 0.9796 |
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) |
| = | (62.53 / 3695.961) | / | (59.349 / 3885.657) |
| = | 0.016918 | / | 0.015274 |
| | = | 1.1076 |
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) |
| = | ((53.607 + 700.333) / 2547.035) | / | ((5.441 + 586.493) / 2336.051) |
| = | 0.296007 | / | 0.253391 |
| | = | 1.1682 |
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 |
| = | (33.622 - 0 | - | 298.144) | / | 2547.035 |
| | = | -0.103855 |
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.
Slovnaft AS has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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