Seligdar PJSC Beneish M-Score Historical Data
The historical data trend for Seligdar 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.
Seligdar PJSC Beneish M-Score Chart
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Seligdar PJSC Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.53 |
-2.04 |
-2.55 |
-2.66 |
-2.62 |
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Seligdar PJSC Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
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Mar20 |
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Sep20 |
Dec20 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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0.00 |
-2.62 |
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0.00 |
0.00 |
MIC:SELG vs NEM, AU, RGLD: Beneish M-Score Comparison
For the Gold subindustry, Seligdar 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.
Seligdar PJSC Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Seligdar PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Seligdar PJSC's Beneish M-Score falls into.
Seligdar 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 Seligdar 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 * 1.2412 | + | 0.528 * 1.5038 | + | 0.404 * 0.7154 | + | 0.892 * 0.9749 | + | 0.115 * 1.3432 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8088 | + | 4.679 * -0.0714 | - | 0.327 * 1.1586 |
| = | -2.62 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was ₽6,170 Mil.
Revenue was ₽34,722 Mil.
Gross Profit was ₽10,973 Mil.
Total Current Assets was ₽61,826 Mil.
Total Assets was ₽136,133 Mil.
Property, Plant and Equipment(Net PPE) was ₽69,601 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽5,950 Mil.
Selling, General, & Admin. Expense(SGA) was ₽2,099 Mil.
Total Current Liabilities was ₽57,867 Mil.
Long-Term Debt & Capital Lease Obligation was ₽32,597 Mil.
Net Income was ₽4,795 Mil.
Gross Profit was ₽0 Mil.
Cash Flow from Operations was ₽14,515 Mil.
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Total Receivables was ₽5,099 Mil.
Revenue was ₽35,616 Mil.
Gross Profit was ₽16,927 Mil.
Total Current Assets was ₽34,832 Mil.
Total Assets was ₽85,304 Mil.
Property, Plant and Equipment(Net PPE) was ₽46,350 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽5,483 Mil.
Selling, General, & Admin. Expense(SGA) was ₽1,190 Mil.
Total Current Liabilities was ₽15,283 Mil.
Long-Term Debt & Capital Lease Obligation was ₽33,645 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) |
| = | (6170.408 / 34721.582) | / | (5099.1 / 35615.505) |
| = | 0.177711 | / | 0.143171 |
| | = | 1.2412 |
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) |
| = | (16926.552 / 35615.505) | / | (10972.995 / 34721.582) |
| = | 0.475258 | / | 0.316028 |
| | = | 1.5038 |
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 - (61826.419 + 69601.351) / 136133.383) | / | (1 - (34831.859 + 46350.315) / 85303.96) |
| = | 0.034566 | / | 0.048319 |
| | = | 0.7154 |
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 |
| = | 34721.582 | / | 35615.505 |
| | = | 0.9749 |
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)) |
| = | (5483.246 / (5483.246 + 46350.315)) | / | (5949.931 / (5949.931 + 69601.351)) |
| = | 0.105786 | / | 0.078754 |
| | = | 1.3432 |
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) |
| = | (2099.123 / 34721.582) | / | (1190.361 / 35615.505) |
| = | 0.060456 | / | 0.033423 |
| | = | 1.8088 |
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) |
| = | ((32597.442 + 57867.107) / 136133.383) | / | ((33645.278 + 15282.765) / 85303.96) |
| = | 0.664529 | / | 0.573573 |
| | = | 1.1586 |
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 |
| = | (4794.812 - 0 | - | 14514.788) | / | 136133.383 |
| | = | -0.0714 |
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.
Seligdar PJSC has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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