Novolipetsk Steel PJSC Beneish M-Score Historical Data
The historical data trend for Novolipetsk Steel 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.
Novolipetsk Steel PJSC Beneish M-Score Chart
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Novolipetsk Steel PJSC Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.41 |
-2.37 |
-3.30 |
-3.14 |
-1.61 |
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Novolipetsk Steel PJSC Quarterly Data
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
| Beneish M-Score |
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-3.14 |
-2.57 |
-1.94 |
-2.07 |
-1.61 |
MIC:NLMK vs NUE, STLD, RS: Beneish M-Score Comparison
For the Steel subindustry, Novolipetsk Steel 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.
Novolipetsk Steel PJSC Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Novolipetsk Steel PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Novolipetsk Steel PJSC's Beneish M-Score falls into.
Novolipetsk Steel 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 Novolipetsk Steel 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 * 1.0258 | + | 0.528 * 0.6917 | + | 0.404 * 0.808 | + | 0.892 * 1.7071 | + | 0.115 * 1.0576 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6383 | + | 4.679 * 0.042665 | - | 0.327 * 0.9073 |
| = | -1.77 |
* 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 ₽128,795 Mil.
Revenue was 342319.041 + 333207.859 + 304233.047 + 217616.766 = ₽1,197,377 Mil.
Gross Profit was 168497.86 + 186479.486 + 165383.995 + 100269.183 = ₽620,631 Mil.
Total Current Assets was ₽397,696 Mil.
Total Assets was ₽899,124 Mil.
Property, Plant and Equipment(Net PPE) was ₽461,354 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽44,087 Mil.
Selling, General, & Admin. Expense(SGA) was ₽98,232 Mil.
Total Current Liabilities was ₽244,873 Mil.
Long-Term Debt & Capital Lease Obligation was ₽145,060 Mil.
Net Income was 94636.797 + 118522.62 + 99891.933 + 58825.599 = ₽371,877 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₽0 Mil.
Cash Flow from Operations was 87982.648 + 101423.796 + 91659.485 + 52449.663 = ₽333,516 Mil.
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Total Receivables was ₽73,553 Mil.
Revenue was 177734.978 + 176013.214 + 152121.302 + 195550.672 = ₽701,420 Mil.
Gross Profit was 78993.323 + 59381.757 + 53109.507 + 60010.259 = ₽251,495 Mil.
Total Current Assets was ₽266,044 Mil.
Total Assets was ₽734,936 Mil.
Property, Plant and Equipment(Net PPE) was ₽428,352 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽43,532 Mil.
Selling, General, & Admin. Expense(SGA) was ₽90,157 Mil.
Total Current Liabilities was ₽170,059 Mil.
Long-Term Debt & Capital Lease Obligation was ₽181,238 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) |
| = | (128794.766 / 1197376.713) | / | (73553.217 / 701420.166) |
| = | 0.107564 | / | 0.104863 |
| | = | 1.0258 |
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) |
| = | (251494.846 / 701420.166) | / | (620630.524 / 1197376.713) |
| = | 0.358551 | / | 0.518325 |
| | = | 0.6917 |
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 - (397696.354 + 461354.387) / 899123.51) | / | (1 - (266043.551 + 428352.474) / 734935.996) |
| = | 0.044569 | / | 0.055161 |
| | = | 0.808 |
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 |
| = | 1197376.713 | / | 701420.166 |
| | = | 1.7071 |
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)) |
| = | (43532.36 / (43532.36 + 428352.474)) | / | (44086.951 / (44086.951 + 461354.387)) |
| = | 0.092252 | / | 0.087225 |
| | = | 1.0576 |
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) |
| = | (98231.561 / 1197376.713) | / | (90157.475 / 701420.166) |
| = | 0.082039 | / | 0.128536 |
| | = | 0.6383 |
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) |
| = | ((145060.466 + 244872.713) / 899123.51) | / | ((181237.512 + 170059.211) / 734935.996) |
| = | 0.433681 | / | 0.477996 |
| | = | 0.9073 |
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 |
| = | (371876.949 - 0 | - | 333515.592) | / | 899123.51 |
| | = | 0.042665 |
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.
Novolipetsk Steel PJSC has a M-score of -1.77 signals that the company is likely to be a manipulator.
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