KuibyshevAzot PJSC Beneish M-Score Historical Data
The historical data trend for KuibyshevAzot PJSC'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.
KuibyshevAzot PJSC Beneish M-Score Chart
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KuibyshevAzot PJSC Annual Data
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Dec12 |
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Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.43 |
-2.85 |
-2.44 |
-3.03 |
-2.53 |
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KuibyshevAzot PJSC Quarterly Data
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Sep17 |
Dec17 |
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Jun23 |
| Beneish M-Score |
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-2.53 |
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Competitive Comparison of KuibyshevAzot PJSC's Beneish M-Score
For the Chemicals subindustry, KuibyshevAzot PJSC'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.
KuibyshevAzot PJSC's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, KuibyshevAzot PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KuibyshevAzot PJSC's Beneish M-Score falls into.
KuibyshevAzot PJSC 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 KuibyshevAzot PJSC 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 * 0.7607 | + | 0.528 * 0.5834 | + | 0.404 * 0.9934 | + | 0.892 * 1.6488 | + | 0.115 * 0.8214 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7149 | + | 4.679 * -0.051699 | - | 0.327 * 0.9249 |
| = | -2.53 |
* 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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was ₽4,262 Mil.
Revenue was ₽87,489 Mil.
Gross Profit was ₽33,824 Mil.
Total Current Assets was ₽34,139 Mil.
Total Assets was ₽91,646 Mil.
Property, Plant and Equipment(Net PPE) was ₽37,488 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽4,063 Mil.
Selling, General, & Admin. Expense(SGA) was ₽7,168 Mil.
Total Current Liabilities was ₽22,352 Mil.
Long-Term Debt & Capital Lease Obligation was ₽15,478 Mil.
Net Income was ₽21,061 Mil.
Gross Profit was ₽0 Mil.
Cash Flow from Operations was ₽25,799 Mil.
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Total Receivables was ₽3,398 Mil.
Revenue was ₽53,062 Mil.
Gross Profit was ₽11,967 Mil.
Total Current Assets was ₽16,367 Mil.
Total Assets was ₽69,902 Mil.
Property, Plant and Equipment(Net PPE) was ₽38,165 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽3,333 Mil.
Selling, General, & Admin. Expense(SGA) was ₽6,081 Mil.
Total Current Liabilities was ₽10,780 Mil.
Long-Term Debt & Capital Lease Obligation was ₽20,418 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) |
| = | (4262 / 87489) | / | (3398 / 53062) |
| = | 0.048715 | / | 0.064038 |
| | = | 0.7607 |
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) |
| = | (11967 / 53062) | / | (33824 / 87489) |
| = | 0.225529 | / | 0.386609 |
| | = | 0.5834 |
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 - (34139 + 37488) / 91646) | / | (1 - (16367 + 38165) / 69902) |
| = | 0.218438 | / | 0.219879 |
| | = | 0.9934 |
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 |
| = | 87489 | / | 53062 |
| | = | 1.6488 |
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)) |
| = | (3333 / (3333 + 38165)) | / | (4063 / (4063 + 37488)) |
| = | 0.080317 | / | 0.097783 |
| | = | 0.8214 |
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) |
| = | (7168 / 87489) | / | (6081 / 53062) |
| = | 0.08193 | / | 0.114602 |
| | = | 0.7149 |
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) |
| = | ((15478 + 22352) / 91646) | / | ((20418 + 10780) / 69902) |
| = | 0.412784 | / | 0.446311 |
| | = | 0.9249 |
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 |
| = | (21061 - 0 | - | 25799) | / | 91646 |
| | = | -0.051699 |
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.
KuibyshevAzot PJSC has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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