Eitzen Chemical ASA Beneish M-Score Historical Data
The historical data trend for Eitzen Chemical 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.
Eitzen Chemical ASA Beneish M-Score Chart
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Eitzen Chemical ASA Annual Data
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Trend |
Dec10 |
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Dec15 |
Dec16 |
Dec17 |
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Dec19 |
| Beneish M-Score |
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-0.52 |
-2.85 |
12.80 |
-3.48 |
-3.53 |
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Eitzen Chemical ASA Quarterly Data
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Sep15 |
Dec15 |
Mar16 |
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Jun20 |
| Beneish M-Score |
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-2.09 |
0.36 |
-3.53 |
-3.61 |
-4.12 |
Competitive Comparison of Eitzen Chemical ASA's Beneish M-Score
For the Marine Shipping subindustry, Eitzen Chemical 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.
Eitzen Chemical ASA's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Eitzen Chemical ASA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eitzen Chemical ASA's Beneish M-Score falls into.
Eitzen Chemical 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 Eitzen Chemical 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 * 0.7771 | + | 0.528 * -0.0559 | + | 0.404 * 0.8143 | + | 0.892 * 1.0335 | + | 0.115 * 0.7025 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8494 | + | 4.679 * -0.18991 | - | 0.327 * 0.8079 |
| = | -4.12 |
* 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 (Jun20) TTM: | Last Year (Jun19) TTM: |
Total Receivables was kr356 Mil.
Revenue was 659.541 + 816.224 + 730.042 + 720.334 = kr2,926 Mil.
Gross Profit was 129.344 + 85.609 + 42.53 + 12.004 = kr269 Mil.
Total Current Assets was kr1,097 Mil.
Total Assets was kr5,132 Mil.
Property, Plant and Equipment(Net PPE) was kr3,871 Mil.
Depreciation, Depletion and Amortization(DDA) was kr558 Mil.
Selling, General, & Admin. Expense(SGA) was kr188 Mil.
Total Current Liabilities was kr659 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,222 Mil.
Net Income was -23.165 + 14.009 + -87.497 + -136.313 = kr-233 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 268.955 + 109.612 + 238.784 + 124.291 = kr742 Mil.
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Total Receivables was kr444 Mil.
Revenue was 700.499 + 719.304 + 760.745 + 650.649 = kr2,831 Mil.
Gross Profit was 0.837 + 30.237 + -6.107 + -39.533 = kr-15 Mil.
Total Current Assets was kr895 Mil.
Total Assets was kr5,705 Mil.
Property, Plant and Equipment(Net PPE) was kr4,587 Mil.
Depreciation, Depletion and Amortization(DDA) was kr445 Mil.
Selling, General, & Admin. Expense(SGA) was kr214 Mil.
Total Current Liabilities was kr909 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,680 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) |
| = | (356.458 / 2926.141) | / | (443.843 / 2831.197) |
| = | 0.121818 | / | 0.156769 |
| | = | 0.7771 |
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) |
| = | (-14.566 / 2831.197) | / | (269.487 / 2926.141) |
| = | -0.005145 | / | 0.092096 |
| | = | -0.0559 |
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 - (1097.229 + 3871.266) / 5131.957) | / | (1 - (895.163 + 4586.824) / 5705.147) |
| = | 0.031852 | / | 0.039116 |
| | = | 0.8143 |
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 |
| = | 2926.141 | / | 2831.197 |
| | = | 1.0335 |
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)) |
| = | (445.062 / (445.062 + 4586.824)) | / | (557.627 / (557.627 + 3871.266)) |
| = | 0.088448 | / | 0.125907 |
| | = | 0.7025 |
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) |
| = | (187.606 / 2926.141) | / | (213.698 / 2831.197) |
| = | 0.064114 | / | 0.07548 |
| | = | 0.8494 |
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) |
| = | ((1222.283 + 659.178) / 5131.957) | / | ((1679.634 + 909.277) / 5705.147) |
| = | 0.366617 | / | 0.453785 |
| | = | 0.8079 |
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 |
| = | (-232.966 - 0 | - | 741.642) | / | 5131.957 |
| | = | -0.18991 |
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.
Eitzen Chemical ASA has a M-score of -4.12 suggests that the company is unlikely to be a manipulator.
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