Gazprom Neft PJSC Beneish M-Score Historical Data
The historical data trend for Gazprom Neft 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.
Gazprom Neft PJSC Beneish M-Score Chart
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Gazprom Neft 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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-2.77 |
-2.46 |
-2.15 |
-3.11 |
-2.67 |
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Gazprom Neft PJSC Semi-Annual Data
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Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
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Dec20 |
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Jun22 |
Jun23 |
| Beneish M-Score |
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-3.11 |
-2.99 |
-2.67 |
-2.29 |
-1.80 |
MIC:SIBN vs XOM, CVX: Beneish M-Score Comparison
For the Oil & Gas Integrated subindustry, Gazprom Neft 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.
Gazprom Neft PJSC Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Gazprom Neft PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gazprom Neft PJSC's Beneish M-Score falls into.
Gazprom Neft 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 Gazprom Neft 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 * 0.7572 | + | 0.528 * 0.9428 | + | 0.404 * 0.9457 | + | 0.892 * 1.5345 | + | 0.115 * 1.0346 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7439 | + | 4.679 * -0.088394 | - | 0.327 * 1.0666 |
| = | -2.67 |
* 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 ₽185,062 Mil.
Revenue was ₽3,068,442 Mil.
Gross Profit was ₽1,662,956 Mil.
Total Current Assets was ₽1,215,535 Mil.
Total Assets was ₽4,960,473 Mil.
Property, Plant and Equipment(Net PPE) was ₽3,109,547 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽228,058 Mil.
Selling, General, & Admin. Expense(SGA) was ₽132,328 Mil.
Total Current Liabilities was ₽1,363,785 Mil.
Long-Term Debt & Capital Lease Obligation was ₽634,244 Mil.
Net Income was ₽503,445 Mil.
Gross Profit was ₽0 Mil.
Cash Flow from Operations was ₽941,923 Mil.
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Total Receivables was ₽159,270 Mil.
Revenue was ₽1,999,620 Mil.
Gross Profit was ₽1,021,763 Mil.
Total Current Assets was ₽762,094 Mil.
Total Assets was ₽4,259,174 Mil.
Property, Plant and Equipment(Net PPE) was ₽2,920,171 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽222,151 Mil.
Selling, General, & Admin. Expense(SGA) was ₽115,926 Mil.
Total Current Liabilities was ₽786,223 Mil.
Long-Term Debt & Capital Lease Obligation was ₽822,226 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) |
| = | (185062 / 3068442) | / | (159270 / 1999620) |
| = | 0.060311 | / | 0.07965 |
| | = | 0.7572 |
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) |
| = | (1021763 / 1999620) | / | (1662956 / 3068442) |
| = | 0.510979 | / | 0.541955 |
| | = | 0.9428 |
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 - (1215535 + 3109547) / 4960473) | / | (1 - (762094 + 2920171) / 4259174) |
| = | 0.128091 | / | 0.135451 |
| | = | 0.9457 |
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 |
| = | 3068442 | / | 1999620 |
| | = | 1.5345 |
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)) |
| = | (222151 / (222151 + 2920171)) | / | (228058 / (228058 + 3109547)) |
| = | 0.070696 | / | 0.06833 |
| | = | 1.0346 |
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) |
| = | (132328 / 3068442) | / | (115926 / 1999620) |
| = | 0.043125 | / | 0.057974 |
| | = | 0.7439 |
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) |
| = | ((634244 + 1363785) / 4960473) | / | ((822226 + 786223) / 4259174) |
| = | 0.40279 | / | 0.377643 |
| | = | 1.0666 |
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 |
| = | (503445 - 0 | - | 941923) | / | 4960473 |
| | = | -0.088394 |
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.
Gazprom Neft PJSC has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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