Lyondellbasell Advanced Polymers Beneish M-Score Historical Data
The historical data trend for Lyondellbasell Advanced Polymers'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.
Lyondellbasell Advanced Polymers Beneish M-Score Chart
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Lyondellbasell Advanced Polymers Annual Data
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Aug08 |
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Aug17 |
| Beneish M-Score |
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-2.62 |
-2.41 |
-2.27 |
-3.00 |
-2.53 |
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Lyondellbasell Advanced Polymers Quarterly Data
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Aug13 |
Nov13 |
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May18 |
| Beneish M-Score |
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-2.79 |
-2.53 |
-2.46 |
-2.32 |
-2.44 |
Competitive Comparison of Lyondellbasell Advanced Polymers's Beneish M-Score
For the Chemicals subindustry, Lyondellbasell Advanced Polymers'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.
Lyondellbasell Advanced Polymers's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Lyondellbasell Advanced Polymers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lyondellbasell Advanced Polymers's Beneish M-Score falls into.
Lyondellbasell Advanced Polymers 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 Lyondellbasell Advanced Polymers 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 * 0.9695 | + | 0.528 * 1.1132 | + | 0.404 * 0.9508 | + | 0.892 * 1.1135 | + | 0.115 * 0.9909 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9816 | + | 4.679 * -0.016043 | - | 0.327 * 1.0088 |
| = | -2.44 |
* 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 (May18) TTM: | Last Year (May17) TTM: |
Total Receivables was $443.71 Mil.
Revenue was 722.24 + 650.098 + 674.623 + 646.651 = $2,693.61 Mil.
Gross Profit was 97.499 + 91.695 + 105.084 + 91.135 = $385.41 Mil.
Total Current Assets was $841.33 Mil.
Total Assets was $1,769.99 Mil.
Property, Plant and Equipment(Net PPE) was $282.53 Mil.
Depreciation, Depletion and Amortization(DDA) was $77.69 Mil.
Selling, General, & Admin. Expense(SGA) was $303.68 Mil.
Total Current Liabilities was $490.39 Mil.
Long-Term Debt & Capital Lease Obligation was $897.24 Mil.
Net Income was 5.048 + 5.387 + 14.715 + 9.279 = $34.43 Mil.
Non Operating Income was -0.62 + 0.242 + 2.721 + -4.072 = $-1.73 Mil.
Cash Flow from Operations was 46.019 + -38.135 + 25.518 + 31.152 = $64.55 Mil.
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Total Receivables was $411.00 Mil.
Revenue was 645.795 + 568.678 + 600 + 604.586 = $2,419.06 Mil.
Gross Profit was 98.427 + 89.186 + 101.015 + 96.693 = $385.32 Mil.
Total Current Assets was $804.68 Mil.
Total Assets was $1,787.37 Mil.
Property, Plant and Equipment(Net PPE) was $296.49 Mil.
Depreciation, Depletion and Amortization(DDA) was $80.59 Mil.
Selling, General, & Admin. Expense(SGA) was $277.85 Mil.
Total Current Liabilities was $478.92 Mil.
Long-Term Debt & Capital Lease Obligation was $910.13 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) |
| = | (443.705 / 2693.612) | / | (411.004 / 2419.059) |
| = | 0.164725 | / | 0.169902 |
| | = | 0.9695 |
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) |
| = | (385.321 / 2419.059) | / | (385.413 / 2693.612) |
| = | 0.159285 | / | 0.143084 |
| | = | 1.1132 |
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 - (841.329 + 282.528) / 1769.99) | / | (1 - (804.675 + 296.485) / 1787.373) |
| = | 0.365049 | / | 0.383923 |
| | = | 0.9508 |
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 |
| = | 2693.612 | / | 2419.059 |
| | = | 1.1135 |
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)) |
| = | (80.59 / (80.59 + 296.485)) | / | (77.692 / (77.692 + 282.528)) |
| = | 0.213724 | / | 0.215679 |
| | = | 0.9909 |
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) |
| = | (303.68 / 2693.612) | / | (277.85 / 2419.059) |
| = | 0.112741 | / | 0.114859 |
| | = | 0.9816 |
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) |
| = | ((897.243 + 490.393) / 1769.99) | / | ((910.132 + 478.921) / 1787.373) |
| = | 0.78398 | / | 0.777148 |
| | = | 1.0088 |
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 |
| = | (34.429 - -1.729 | - | 64.554) | / | 1769.99 |
| | = | -0.016043 |
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.
Lyondellbasell Advanced Polymers has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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