Tatneft PJSC Beneish M-Score Historical Data
The historical data trend for Tatneft PJSC'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.
|
Tatneft PJSC Annual Data
|
|
Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
|
|
|
|
|
|
-2.93 |
-2.33 |
-2.76 |
-3.06 |
-2.47 |
|
Tatneft PJSC Quarterly Data
|
|
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Jun22 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.70 |
-2.66 |
-2.77 |
-2.47 |
-2.37 |
Competitive Comparison
For the Oil & Gas Integrated subindustry, Tatneft PJSC'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.
Tatneft PJSC Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Tatneft PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tatneft PJSC's Beneish M-Score falls into.
Tatneft PJSC 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 Tatneft PJSC 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 * 1.3423 | + | 0.528 * 0.9605 | + | 0.404 * 0.9232 | + | 0.892 * 1.2029 | + | 0.115 * 1.6731 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7445 | + | 4.679 * -0.033208 | - | 0.327 * 1.1135 |
| = | -2.11 |
* 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 (Jun22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $2,529 Mil.
Revenue was 0 + 5040.387 + 4431.745 + 4231.756 = $13,704 Mil.
Gross Profit was 0 + 4528.004 + 3819.635 + 3597.002 = $11,945 Mil.
Total Current Assets was $8,342 Mil.
Total Assets was $25,945 Mil.
Property, Plant and Equipment(Net PPE) was $14,424 Mil.
Depreciation, Depletion and Amortization(DDA) was $439 Mil.
Selling, General, & Admin. Expense(SGA) was $1,155 Mil.
Total Current Liabilities was $7,313 Mil.
Long-Term Debt & Capital Lease Obligation was $209 Mil.
Net Income was 0 + 732.048 + 712.408 + 661.76 = $2,106 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 1095.679 + 1159.42 + 712.723 = $2,968 Mil.
|
Total Receivables was $1,566 Mil.
Revenue was 3396.817 + 3675.317 + 2372.82 + 1947.451 = $11,392 Mil.
Gross Profit was 2879.993 + 3156.987 + 1921.342 + 1579.609 = $9,538 Mil.
Total Current Assets was $4,023 Mil.
Total Assets was $17,358 Mil.
Property, Plant and Equipment(Net PPE) was $11,032 Mil.
Depreciation, Depletion and Amortization(DDA) was $573 Mil.
Selling, General, & Admin. Expense(SGA) was $1,289 Mil.
Total Current Liabilities was $4,055 Mil.
Long-Term Debt & Capital Lease Obligation was $464 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) |
| = | (2528.589 / 13703.888) | / | (1566.07 / 11392.405) |
| = | 0.184516 | / | 0.137466 |
| | = | 1.3423 |
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) |
| = | (9537.931 / 11392.405) | / | (11944.641 / 13703.888) |
| = | 0.837218 | / | 0.871624 |
| | = | 0.9605 |
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 - (8341.784 + 14424.361) / 25945.362) | / | (1 - (4022.621 + 11031.698) / 17358.124) |
| = | 0.122535 | / | 0.132722 |
| | = | 0.9232 |
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 |
| = | 13703.888 | / | 11392.405 |
| | = | 1.2029 |
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)) |
| = | (573.146 / (573.146 + 11031.698)) | / | (438.746 / (438.746 + 14424.361)) |
| = | 0.049389 | / | 0.029519 |
| | = | 1.6731 |
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) |
| = | (1154.735 / 13703.888) | / | (1289.479 / 11392.405) |
| = | 0.084263 | / | 0.113188 |
| | = | 0.7445 |
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) |
| = | ((209.172 + 7313.242) / 25945.362) | / | ((464.495 + 4055.188) / 17358.124) |
| = | 0.289933 | / | 0.260379 |
| | = | 1.1135 |
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 |
| = | (2106.216 - 0 | - | 2967.822) | / | 25945.362 |
| | = | -0.033208 |
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.
Tatneft PJSC has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
OAOFY has been successfully added to your