PJSC Lukoil (MIC:LKOH) Beneish M-Score : -0.58 (As of May. 03, 2024)

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What is PJSC Lukoil 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.

Warning Sign:

Beneish M-Score -0.58 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MIC:LKOH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.69 Med: -2.54 Max: 2.62
Current: -0.58

During the past 13 years, the highest Beneish M-Score of PJSC Lukoil was 2.62. The lowest was -3.69. And the median was -2.54.

PJSC Lukoil Beneish M-Score Historical Data

The historical data trend for PJSC Lukoil'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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PJSC Lukoil Beneish M-Score Chart

PJSC Lukoil Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.23

-3.27

-0.86

0.05

-0.49

PJSC Lukoil Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															2.10	-0.49	-0.73	-0.69	-0.58

Competitive Comparison of PJSC Lukoil's Beneish M-Score

For the Oil & Gas Integrated subindustry, PJSC Lukoil'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.

PJSC Lukoil's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PJSC Lukoil's Beneish M-Score distribution charts can be found below:

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

PJSC Lukoil 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 PJSC Lukoil 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 * 1.9999

0.528 * 1.152

0.404 * 1.0323

0.892 * 0.8159

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3984

4.679 * 0.262606

0.327 * 1.3336

-0.58

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was ₽807,203 Mil.
Revenue was 813962.099 + 792948.57 + 455830.504 + 539497.264 = ₽2,602,238 Mil.
Gross Profit was 210449.563 + 396826.465 + 146194.344 + 179757.964 = ₽933,228 Mil.
Total Current Assets was ₽1,265,206 Mil.
Total Assets was ₽2,973,155 Mil.
Property, Plant and Equipment(Net PPE) was ₽5,529 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽0 Mil.
Selling, General, & Admin. Expense(SGA) was ₽55,009 Mil.
Total Current Liabilities was ₽1,254,784 Mil.
Long-Term Debt & Capital Lease Obligation was ₽108,566 Mil.
Net Income was 175069.363 + 359218.507 + 104287.205 + 142192.746 = ₽780,768 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₽0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₽0 Mil.

Total Receivables was ₽494,711 Mil.
Revenue was 590887.94 + 1020432.506 + 723219.554 + 855019.734 = ₽3,189,560 Mil.
Gross Profit was 172795.034 + 545207.471 + 191246.624 + 408444.111 = ₽1,317,693 Mil.
Total Current Assets was ₽1,155,374 Mil.
Total Assets was ₽2,606,313 Mil.
Property, Plant and Equipment(Net PPE) was ₽5,329 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽0 Mil.
Selling, General, & Admin. Expense(SGA) was ₽48,216 Mil.
Total Current Liabilities was ₽764,100 Mil.
Long-Term Debt & Capital Lease Obligation was ₽132,050 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)
	=	(807202.596 / 2602238.437)	/	(494710.95 / 3189559.734)
	=	0.310195	/	0.155103
	=	1.9999

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)
	=	(1317693.24 / 3189559.734)	/	(933228.336 / 2602238.437)
	=	0.413127	/	0.358625
	=	1.152

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 - (1265205.957 + 5529.07) / 2973155.005)	/	(1 - (1155373.508 + 5328.795) / 2606312.744)
	=	0.572597	/	0.554657
	=	1.0323

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
	=	2602238.437	/	3189559.734
	=	0.8159

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))
	=	(0 / (0 + 5328.795))	/	(0 / (0 + 5529.07))
	=	0	/	0
	=	1

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)
	=	(55009.228 / 2602238.437)	/	(48215.776 / 3189559.734)
	=	0.021139	/	0.015117
	=	1.3984

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)
	=	((108565.956 + 1254783.858) / 2973155.005)	/	((132049.9 + 764099.919) / 2606312.744)
	=	0.458553	/	0.343838
	=	1.3336

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
	=	(780767.821 - 0	-	0)	/	2973155.005
	=	0.262606

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.

PJSC Lukoil has a M-score of -0.58 signals that the company is likely to be a manipulator.

PJSC Lukoil Beneish M-Score Related Terms

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PJSC Lukoil (MIC:LKOH) Business Description

Industry

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Traded in Other Exchanges

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Address

11, Sretensky Boulevard, Moscow, RUS, 101000

Website

https://www.lukoil.com

PJSC Lukoil directs the financial decisions and operations of the main group's subsidiaries. Altogether, Lukoil is an integrated oil company that has exposure to the entire range of activities in the oil and gas cycle from exploration to sales of refined products. Exploration and production activities are conducted with assets located in Russia, Iraq, and Uzbekistan, on offshore and onshore fields. Lukoil brings an array of petroleum products to the market through its refinery unit, including gasoline, medium distillates, dark petroleum products, lubricants, and other related products. Russia constitutes a significant portion of the group's distribution network; however, its products penetrate a number of different markets in Europe and the Americas.

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