TotalEnergies Marketing Nigeria (NSA:TOTL) Beneish M-Score : -0.91 (As of Sep. 21, 2024)

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What is TotalEnergies Marketing Nigeria 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 -0.91 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSA:TOTL' s Beneish M-Score Range Over the Past 10 Years
Min: -4.1 Med: -2.23 Max: -0.91
Current: -0.91

During the past 13 years, the highest Beneish M-Score of TotalEnergies Marketing Nigeria was -0.91. The lowest was -4.10. And the median was -2.23.

TotalEnergies Marketing Nigeria Beneish M-Score Historical Data

The historical data trend for TotalEnergies Marketing Nigeria'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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TotalEnergies Marketing Nigeria Beneish M-Score Chart

TotalEnergies Marketing Nigeria Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.03

-4.10

-3.29

-0.91

TotalEnergies Marketing Nigeria Quarterly Data
	Sep17	Dec17	Mar18	Jun18	Dec18	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Dec21	Jun22	Sep22	Dec22	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.90	-2.03	-	1.37	-0.91

Competitive Comparison of TotalEnergies Marketing Nigeria's Beneish M-Score

For the Oil & Gas Refining & Marketing subindustry, TotalEnergies Marketing Nigeria'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.

TotalEnergies Marketing Nigeria's Beneish M-Score Distribution in the Oil & Gas Industry

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

* The bar in red indicates where TotalEnergies Marketing Nigeria's Beneish M-Score falls into.

TotalEnergies Marketing Nigeria 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 TotalEnergies Marketing Nigeria 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 * 0.6033

0.528 * 1.2779

0.404 * 2.1338

0.892 * 2.4161

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4255

4.679 * 0.03123

0.327 * 1.0181

-0.91

This Year (Dec23) TTM:

Last Year (Jun22) TTM:

Total Receivables was ₦94,774 Mil.
Revenue was 213375.234 + 147973.506 + 145282.81 + 128173.598 = ₦634,805 Mil.
Gross Profit was 25700.071 + 21084.956 + 15524.846 + 14857.293 = ₦77,167 Mil.
Total Current Assets was ₦316,703 Mil.
Total Assets was ₦375,116 Mil.
Property, Plant and Equipment(Net PPE) was ₦51,975 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦0 Mil.
Selling, General, & Admin. Expense(SGA) was ₦84,079 Mil.
Total Current Liabilities was ₦308,522 Mil.
Long-Term Debt & Capital Lease Obligation was ₦469 Mil.
Net Income was 2091.844 + 2033.352 + 3612.564 + 3976.986 = ₦11,715 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 ₦65,022 Mil.
Revenue was 111405.31 + 0 + 84637.293 + 66695.945 = ₦262,739 Mil.
Gross Profit was 15310.257 + 0 + 14015.917 + 11487.77 = ₦40,814 Mil.
Total Current Assets was ₦218,293 Mil.
Total Assets was ₦268,089 Mil.
Property, Plant and Equipment(Net PPE) was ₦47,639 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦3,407 Mil.
Selling, General, & Admin. Expense(SGA) was ₦24,412 Mil.
Total Current Liabilities was ₦216,599 Mil.
Long-Term Debt & Capital Lease Obligation was ₦311 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)
	=	(94774.069 / 634805.148)	/	(65021.738 / 262738.548)
	=	0.149296	/	0.247477
	=	0.6033

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)
	=	(40813.944 / 262738.548)	/	(77167.166 / 634805.148)
	=	0.155341	/	0.12156
	=	1.2779

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 - (316702.557 + 51974.753) / 375115.673)	/	(1 - (218293.428 + 47639.294) / 268089.29)
	=	0.017164	/	0.008044
	=	2.1338

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
	=	634805.148	/	262738.548
	=	2.4161

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))
	=	(3407.156 / (3407.156 + 47639.294))	/	(0 / (0 + 51974.753))
	=	0.066746	/	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)
	=	(84079.354 / 634805.148)	/	(24412.285 / 262738.548)
	=	0.132449	/	0.092915
	=	1.4255

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)
	=	((469.398 + 308522.282) / 375115.673)	/	((311.325 + 216599.148) / 268089.29)
	=	0.823724	/	0.809098
	=	1.0181

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
	=	(11714.746 - 0	-	0)	/	375115.673
	=	0.03123

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.

TotalEnergies Marketing Nigeria has a M-score of -0.91 signals that the company is likely to be a manipulator.

TotalEnergies Marketing Nigeria Beneish M-Score Related Terms

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TotalEnergies Marketing Nigeria Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » TotalEnergies Marketing Nigeria PLC (NSA:TOTL) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

4 Churchgate Street, P.M.B. 2134, Total House, Victoria Island, Lagos, NGA

Website

https://www.services.totalenergies.ng

TotalEnergies Marketing Nigeria PLC is engaged in the marketing and distribution of petroleum products. Its operating segment includes the Network segment includes sales to service stations. The General Trade segment is engaged in sales to corporate customers excluding the customers in the aviation industry. Its Aviation segment is engaged in sales to aviation industry customers. The company generates maximum revenue from the Network segment. Geographically, it derives a majority of revenue from Nigeria. Its products categories include Motorcycle Lubricants, Engine Oil for Cars, Engine Oils for Heavy-Duty Engines, and Other Lubricants.