PetroNor E&P ASA Beneish M-Score Historical Data
The historical data trend for PetroNor E&P ASA'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.
PetroNor E&P ASA Beneish M-Score Chart
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PetroNor E&P ASA Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.37 |
- |
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PetroNor E&P ASA Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
-0.37 |
-2.16 |
-2.66 |
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Competitive Comparison of PetroNor E&P ASA's Beneish M-Score
For the Oil & Gas E&P subindustry, PetroNor E&P ASA'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.
PetroNor E&P ASA's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, PetroNor E&P ASA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PetroNor E&P ASA's Beneish M-Score falls into.
PetroNor E&P ASA 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 PetroNor E&P ASA 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Dec23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was kr327.8 Mil.
Revenue was 788.283 + 200.412 + 0 + 927.86 = kr1,916.6 Mil.
Gross Profit was 481.2 + 136.386 + 0 + 631.496 = kr1,249.1 Mil.
Total Current Assets was kr1,003.9 Mil.
Total Assets was kr2,526.8 Mil.
Property, Plant and Equipment(Net PPE) was kr978.9 Mil.
Depreciation, Depletion and Amortization(DDA) was kr152.7 Mil.
Selling, General, & Admin. Expense(SGA) was kr54.6 Mil.
Total Current Liabilities was kr269.5 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.0 Mil.
Net Income was 479.797 + -23.047 + 0 + 356.464 = kr813.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 158.463 + 115.741 + 0 + 271.466 = kr545.7 Mil.
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Total Receivables was kr0.0 Mil.
Revenue was 157.852 + 221.616 + 321.566 + 0 = kr701.0 Mil.
Gross Profit was 127.915 + 160.956 + 219.057 + 0 = kr507.9 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr0.0 Mil.
Property, Plant and Equipment(Net PPE) was kr0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was kr57.1 Mil.
Selling, General, & Admin. Expense(SGA) was kr56.7 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.0 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) |
| = | (327.833 / 1916.555) | / | (0 / 701.034) |
| = | 0.171053 | / | 0 |
| | = | |
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) |
| = | (507.928 / 701.034) | / | (1249.082 / 1916.555) |
| = | 0.724541 | / | 0.651733 |
| | = | |
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 - (1003.923 + 978.889) / 2526.813) | / | (1 - (0 + 0) / 0) |
| = | 0.215291 | / | |
| | = | |
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 |
| = | 1916.555 | / | 701.034 |
| | = | |
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)) |
| = | (57.131 / (57.131 + 0)) | / | (152.671 / (152.671 + 978.889)) |
| = | 1 | / | 0.134921 |
| | = | |
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) |
| = | (54.631 / 1916.555) | / | (56.724 / 701.034) |
| = | 0.028505 | / | 0.080915 |
| | = | |
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) |
| = | ((0 + 269.548) / 2526.813) | / | ((0 + 0) / 0) |
| = | 0.106675 | / | |
| | = | |
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 |
| = | (813.214 - 0 | - | 545.67) | / | 2526.813 |
| | = | 0.105882 |
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.
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