Sistema PJSFC Beneish M-Score Historical Data
The historical data trend for Sistema PJSFC'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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Sistema PJSFC Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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|
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-3.57 |
-2.78 |
-2.82 |
-2.54 |
- |
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Sistema PJSFC Quarterly Data
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Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Dec22 |
| Beneish M-Score |
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-3.09 |
-2.54 |
-2.39 |
-2.26 |
- |
Competitive Comparison
For the Telecom Services subindustry, Sistema PJSFC'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.
Sistema PJSFC Beneish M-Score Distribution
For the Telecommunication Services industry and Communication Services sector, Sistema PJSFC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sistema PJSFC's Beneish M-Score falls into.
Sistema PJSFC 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 Sistema PJSFC 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 * 1.3454 | + | 0.528 * 1.0044 | + | 0.404 * 0.8186 | + | 0.892 * 1.1699 | + | 0.115 * 1.0273 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.967 | + | 4.679 * -0.040995 | - | 0.327 * 0.9962 |
| = | -2.26 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was ₽125,034 Mil.
Revenue was 213808 + 216435 + 196556 + 225118 = ₽851,917 Mil.
Gross Profit was 105588 + 108273 + 108308 + 116490 = ₽438,659 Mil.
Total Current Assets was ₽659,761 Mil.
Total Assets was ₽1,945,058 Mil.
Property, Plant and Equipment(Net PPE) was ₽738,893 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽145,442 Mil.
Selling, General, & Admin. Expense(SGA) was ₽162,823 Mil.
Total Current Liabilities was ₽802,875 Mil.
Long-Term Debt & Capital Lease Obligation was ₽916,273 Mil.
Net Income was -2076 + -18536 + 22150 + 888 = ₽2,426 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₽0 Mil.
Cash Flow from Operations was 14067 + -20215 + 49826 + 38485 = ₽82,163 Mil.
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Total Receivables was ₽79,438 Mil.
Revenue was 178381 + 171536 + 193366 + 184890 = ₽728,173 Mil.
Gross Profit was 96626 + 88272 + 95014 + 96685 = ₽376,597 Mil.
Total Current Assets was ₽393,052 Mil.
Total Assets was ₽1,535,330 Mil.
Property, Plant and Equipment(Net PPE) was ₽615,385 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽125,104 Mil.
Selling, General, & Admin. Expense(SGA) was ₽143,922 Mil.
Total Current Liabilities was ₽598,831 Mil.
Long-Term Debt & Capital Lease Obligation was ₽763,382 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) |
| = | (125034 / 851917) | / | (79438 / 728173) |
| = | 0.146768 | / | 0.109092 |
| | = | 1.3454 |
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) |
| = | (376597 / 728173) | / | (438659 / 851917) |
| = | 0.517181 | / | 0.514908 |
| | = | 1.0044 |
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 - (659761 + 738893) / 1945058) | / | (1 - (393052 + 615385) / 1535330) |
| = | 0.280919 | / | 0.343179 |
| | = | 0.8186 |
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 |
| = | 851917 | / | 728173 |
| | = | 1.1699 |
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)) |
| = | (125104 / (125104 + 615385)) | / | (145442 / (145442 + 738893)) |
| = | 0.168948 | / | 0.164465 |
| | = | 1.0273 |
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) |
| = | (162823 / 851917) | / | (143922 / 728173) |
| = | 0.191125 | / | 0.197648 |
| | = | 0.967 |
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) |
| = | ((916273 + 802875) / 1945058) | / | ((763382 + 598831) / 1535330) |
| = | 0.883854 | / | 0.887244 |
| | = | 0.9962 |
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 |
| = | (2426 - 0 | - | 82163) | / | 1945058 |
| | = | -0.040995 |
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.
Sistema PJSFC has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
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