OCI NV Beneish M-Score Historical Data
The historical data trend for OCI NV'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.
OCI NV Beneish M-Score Chart
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OCI NV Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-2.93 |
-2.88 |
-3.01 |
-3.43 |
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OCI NV Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.91 |
-3.12 |
-1.55 |
-3.43 |
-3.56 |
Competitive Comparison of OCI NV's Beneish M-Score
For the Specialty Chemicals subindustry, OCI NV'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.
OCI NV's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, OCI NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where OCI NV's Beneish M-Score falls into.
OCI NV 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 OCI NV 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 * 0.9452 | + | 0.528 * 1.796 | + | 0.404 * 0.476 | + | 0.892 * 0.574 | + | 0.115 * 0.1261 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8514 | + | 4.679 * -0.105792 | - | 0.327 * 1.4679 |
| = | -3.60 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was MXN6,804 Mil.
Revenue was 8513.879 + 8393.766 + 18619.059 + 38416.051 = MXN73,943 Mil.
Gross Profit was 278.817 + -539.781 + 3029.146 + 8695.386 = MXN11,464 Mil.
Total Current Assets was MXN119,025 Mil.
Total Assets was MXN151,101 Mil.
Property, Plant and Equipment(Net PPE) was MXN24,109 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN3,397 Mil.
Selling, General, & Admin. Expense(SGA) was MXN5,468 Mil.
Total Current Liabilities was MXN75,206 Mil.
Long-Term Debt & Capital Lease Obligation was MXN39,066 Mil.
Net Income was 426.524 + -1901.116 + -2053.688 + -1549.809 = MXN-5,078 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 3739.136 + 1622.738 + 1036.424 + 4508.846 = MXN10,907 Mil.
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Total Receivables was MXN12,542 Mil.
Revenue was 9059.365 + 15390.142 + 46875.996 + 57491.209 = MXN128,817 Mil.
Gross Profit was -1988.157 + -3195.394 + 17526.199 + 23525.989 = MXN35,869 Mil.
Total Current Assets was MXN65,047 Mil.
Total Assets was MXN187,496 Mil.
Property, Plant and Equipment(Net PPE) was MXN101,684 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN1,608 Mil.
Selling, General, & Admin. Expense(SGA) was MXN5,145 Mil.
Total Current Liabilities was MXN35,565 Mil.
Long-Term Debt & Capital Lease Obligation was MXN61,034 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) |
| = | (6804.465 / 73942.755) | / | (12541.795 / 128816.712) |
| = | 0.092023 | / | 0.097362 |
| | = | 0.9452 |
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) |
| = | (35868.637 / 128816.712) | / | (11463.568 / 73942.755) |
| = | 0.278447 | / | 0.155033 |
| | = | 1.796 |
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 - (119025.022 + 24109.38) / 151100.604) | / | (1 - (65046.817 + 101684.432) / 187496.05) |
| = | 0.052721 | / | 0.110748 |
| | = | 0.476 |
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 |
| = | 73942.755 | / | 128816.712 |
| | = | 0.574 |
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)) |
| = | (1608.176 / (1608.176 + 101684.432)) | / | (3396.521 / (3396.521 + 24109.38)) |
| = | 0.015569 | / | 0.123483 |
| | = | 0.1261 |
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) |
| = | (5467.516 / 73942.755) | / | (5144.668 / 128816.712) |
| = | 0.073943 | / | 0.039938 |
| | = | 1.8514 |
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) |
| = | ((39065.925 + 75205.93) / 151100.604) | / | ((61034.452 + 35565.127) / 187496.05) |
| = | 0.756263 | / | 0.515209 |
| | = | 1.4679 |
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 |
| = | (-5078.089 - 0 | - | 10907.144) | / | 151100.604 |
| | = | -0.105792 |
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.
OCI NV has a M-score of -3.60 suggests that the company is unlikely to be a manipulator.
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