GasLog (GasLog) Beneish M-Score : -3.38 (As of Apr. 26, 2024)

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What is GasLog 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.

Good Sign:

Beneish M-Score -3.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GLOGpA.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38 Med: -2.64 Max: 0.08
Current: -3.38

During the past 13 years, the highest Beneish M-Score of GasLog was 0.08. The lowest was -3.38. And the median was -2.64.

GasLog Beneish M-Score Historical Data

The historical data trend for GasLog'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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GasLog Beneish M-Score Chart

GasLog Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.10

-2.48

-3.03

-2.86

GasLog Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.86	-2.78	-2.87	-3.38	-

Competitive Comparison of GasLog's Beneish M-Score

For the Oil & Gas Midstream subindustry, GasLog'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.

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

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

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

GasLog 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 GasLog 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 * 1.607

0.528 * 1.0029

0.404 * 1.1221

0.892 * 1.0026

0.115 * 0.8714

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9953

4.679 * -0.106426

0.327 * 1.0911

-2.41

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $36.99 Mil.
Revenue was 229.948 + 229.018 + 227.766 + 231.299 = $918.03 Mil.
Gross Profit was 124.238 + 122.983 + 124.473 + 130.329 = $502.02 Mil.
Total Current Assets was $560.41 Mil.
Total Assets was $5,272.46 Mil.
Property, Plant and Equipment(Net PPE) was $4,646.94 Mil.
Depreciation, Depletion and Amortization(DDA) was $238.71 Mil.
Selling, General, & Admin. Expense(SGA) was $34.93 Mil.
Total Current Liabilities was $622.54 Mil.
Long-Term Debt & Capital Lease Obligation was $3,257.43 Mil.
Net Income was 24.504 + 39.513 + 46.793 + 18.035 = $128.85 Mil.
Non Operating Income was 4.634 + -2.18 + 15.235 + -16.286 = $1.40 Mil.
Cash Flow from Operations was 185.612 + 159.233 + 170.32 + 173.405 = $688.57 Mil.

Total Receivables was $22.96 Mil.
Revenue was 243.888 + 241.918 + 216.096 + 213.723 = $915.63 Mil.
Gross Profit was 136.73 + 141.837 + 113.647 + 109.921 = $502.14 Mil.
Total Current Assets was $468.37 Mil.
Total Assets was $5,672.05 Mil.
Property, Plant and Equipment(Net PPE) was $5,141.25 Mil.
Depreciation, Depletion and Amortization(DDA) was $228.64 Mil.
Selling, General, & Admin. Expense(SGA) was $35.01 Mil.
Total Current Liabilities was $533.06 Mil.
Long-Term Debt & Capital Lease Obligation was $3,292.60 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)
	=	(36.99 / 918.031)	/	(22.958 / 915.625)
	=	0.040293	/	0.025074
	=	1.607

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)
	=	(502.135 / 915.625)	/	(502.023 / 918.031)
	=	0.548407	/	0.546848
	=	1.0029

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 - (560.409 + 4646.94) / 5272.464)	/	(1 - (468.372 + 5141.247) / 5672.048)
	=	0.01235	/	0.011006
	=	1.1221

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
	=	918.031	/	915.625
	=	1.0026

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))
	=	(228.639 / (228.639 + 5141.247))	/	(238.711 / (238.711 + 4646.94))
	=	0.042578	/	0.04886
	=	0.8714

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)
	=	(34.934 / 918.031)	/	(35.007 / 915.625)
	=	0.038053	/	0.038233
	=	0.9953

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)
	=	((3257.433 + 622.542) / 5272.464)	/	((3292.595 + 533.056) / 5672.048)
	=	0.735894	/	0.674474
	=	1.0911

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
	=	(128.845 - 1.403	-	688.57)	/	5272.464
	=	-0.106426

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.

GasLog has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

GasLog Beneish M-Score Related Terms

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GasLog (GasLog) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » GasLog Ltd (NYSE:GLOGpA.PFD) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

c/o GasLog LNG Services Ltd, 69 Akti Miaouli, Piraeus, GRC, 18537

Website

https://www.gaslogltd.com

GasLog Ltd is engaged in the ownership, operation, and management of vessels in the LNG (Liquefied natural gas) market, providing maritime services for the transportation of LNG on a world wide basis and LNG vessel management services. The group conducts its operations through its vessel-owning subsidiaries and its vessel management services subsidiary. The company operates around 39 LNG carriers.