Alliance Oil Company Beneish M-Score Historical Data
The historical data trend for Alliance Oil Company'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.
Alliance Oil Company Beneish M-Score Chart
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Alliance Oil Company Annual Data
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Trend |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
| Beneish M-Score |
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- |
- |
- |
-2.44 |
-2.14 |
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Alliance Oil Company Quarterly Data
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Dec09 |
Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
| Beneish M-Score |
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-2.58 |
-2.14 |
-2.04 |
-2.18 |
-1.93 |
Competitive Comparison of Alliance Oil Company's Beneish M-Score
For the Oil & Gas Integrated subindustry, Alliance Oil Company'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.
Alliance Oil Company's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Alliance Oil Company's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alliance Oil Company's Beneish M-Score falls into.
Alliance Oil Company 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 Alliance Oil Company 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 | + | 0.528 * 1.1644 | + | 0.404 * 2.0636 | + | 0.892 * 1.0584 | + | 0.115 * 1.0709 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0435 | + | 4.679 * -0.017364 | - | 0.327 * 0.9251 |
| = | -2.89 |
* 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 (Sep13) TTM: | Last Year (Sep12) TTM: |
Total Receivables was kr0 Mil.
Revenue was 6578.378 + 5970.01 + 5686.755 + 5901.562 = kr24,137 Mil.
Gross Profit was 1783.413 + 1575.822 + 1435.819 + 1791.943 = kr6,587 Mil.
Total Current Assets was kr8,012 Mil.
Total Assets was kr38,315 Mil.
Property, Plant and Equipment(Net PPE) was kr28,788 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,472 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,970 Mil.
Total Current Liabilities was kr5,414 Mil.
Long-Term Debt & Capital Lease Obligation was kr10,981 Mil.
Net Income was 251.946 + 175.88 + 201.003 + 820.442 = kr1,449 Mil.
Non Operating Income was 13.051 + -151.266 + -14.876 + 91.48 = kr-62 Mil.
Cash Flow from Operations was 116.962 + 1285.603 + -165.321 + 938.948 = kr2,176 Mil.
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Total Receivables was kr1,274 Mil.
Revenue was 5964.895 + 5780.932 + 5487.306 + 5572.379 = kr22,806 Mil.
Gross Profit was 1826.05 + 1372.147 + 1811.938 + 2236.782 = kr7,247 Mil.
Total Current Assets was kr8,064 Mil.
Total Assets was kr33,775 Mil.
Property, Plant and Equipment(Net PPE) was kr25,063 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,377 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,689 Mil.
Total Current Liabilities was kr5,259 Mil.
Long-Term Debt & Capital Lease Obligation was kr10,363 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) |
| = | (0 / 24136.705) | / | (1273.562 / 22805.512) |
| = | 0 | / | 0.055844 |
| | = | 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) |
| = | (7246.917 / 22805.512) | / | (6586.997 / 24136.705) |
| = | 0.31777 | / | 0.272904 |
| | = | 1.1644 |
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 - (8012.028 + 28787.703) / 38315.202) | / | (1 - (8064.27 + 25063.138) / 33774.785) |
| = | 0.039553 | / | 0.019167 |
| | = | 2.0636 |
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 |
| = | 24136.705 | / | 22805.512 |
| | = | 1.0584 |
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)) |
| = | (1377.492 / (1377.492 + 25063.138)) | / | (1472.116 / (1472.116 + 28787.703)) |
| = | 0.052098 | / | 0.048649 |
| | = | 1.0709 |
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) |
| = | (2969.858 / 24136.705) | / | (2689.045 / 22805.512) |
| = | 0.123043 | / | 0.117912 |
| | = | 1.0435 |
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) |
| = | ((10981.435 + 5414.111) / 38315.202) | / | ((10363.47 + 5258.839) / 33774.785) |
| = | 0.427912 | / | 0.462544 |
| | = | 0.9251 |
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 |
| = | (1449.271 - -61.611 | - | 2176.192) | / | 38315.202 |
| | = | -0.017364 |
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.
Alliance Oil Company has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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