VCOGF (Victoria Oil & Gas) Beneish M-Score : 0.00 (As of Oct. 31, 2024)

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What is Victoria Oil & Gas Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Victoria Oil & Gas's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Victoria Oil & Gas was 0.00. The lowest was 0.00. And the median was 0.00.

Victoria Oil & Gas Beneish M-Score Historical Data

The historical data trend for Victoria Oil & Gas'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.

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Victoria Oil & Gas Beneish M-Score Chart

Victoria Oil & Gas Annual Data

Trend

May11

May12

May13

May14

May15

Dec16

Dec17

Dec18

Dec19

Dec20

Beneish M-Score

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-4.29

-1.12

-5.07

-13.48

-2.94

Victoria Oil & Gas Semi-Annual Data
	Nov11	May12	Nov12	May13	Nov13	May14	Nov14	May15	Nov15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21
Beneish M-Score	Get a 7-Day Free Trial															-	-13.48	-	-2.94	-

Competitive Comparison of Victoria Oil & Gas's Beneish M-Score

For the Oil & Gas Integrated subindustry, Victoria Oil & Gas'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.

Victoria Oil & Gas's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Victoria Oil & Gas's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Victoria Oil & Gas's Beneish M-Score falls into.

Victoria Oil & Gas 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 Victoria Oil & Gas for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.0048

0.528 * 0.1205

0.404 * 0.4104

0.892 * 0.6337

0.115 * 3.5899

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4052

4.679 * 0.054615

0.327 * 1.0539

-2.12

This Year (Dec20) TTM:

Last Year (Dec19) TTM:

Total Receivables was $17.29 Mil.
Revenue was $13.20 Mil.
Gross Profit was $9.62 Mil.
Total Current Assets was $19.46 Mil.
Total Assets was $51.09 Mil.
Property, Plant and Equipment(Net PPE) was $31.59 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.14 Mil.
Selling, General, & Admin. Expense(SGA) was $11.01 Mil.
Total Current Liabilities was $31.77 Mil.
Long-Term Debt & Capital Lease Obligation was $7.74 Mil.
Net Income was $0.00 Mil.
Gross Profit was $-6.27 Mil.
Cash Flow from Operations was $3.48 Mil.

Total Receivables was $13.61 Mil.
Revenue was $20.82 Mil.
Gross Profit was $1.83 Mil.
Total Current Assets was $20.96 Mil.
Total Assets was $50.19 Mil.
Property, Plant and Equipment(Net PPE) was $29.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.61 Mil.
Selling, General, & Admin. Expense(SGA) was $12.37 Mil.
Total Current Liabilities was $24.88 Mil.
Long-Term Debt & Capital Lease Obligation was $11.95 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)
	=	(17.29 / 13.195)	/	(13.609 / 20.822)
	=	1.310345	/	0.653588
	=	2.0048

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)
	=	(1.83 / 20.822)	/	(9.621 / 13.195)
	=	0.087888	/	0.72914
	=	0.1205

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 - (19.461 + 31.586) / 51.085)	/	(1 - (20.96 + 29.135) / 50.186)
	=	0.000744	/	0.001813
	=	0.4104

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
	=	13.195	/	20.822
	=	0.6337

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))
	=	(8.609 / (8.609 + 29.135))	/	(2.143 / (2.143 + 31.586))
	=	0.228089	/	0.063536
	=	3.5899

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)
	=	(11.011 / 13.195)	/	(12.365 / 20.822)
	=	0.834483	/	0.593843
	=	1.4052

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)
	=	((7.742 + 31.771) / 51.085)	/	((11.953 + 24.879) / 50.186)
	=	0.773476	/	0.73391
	=	1.0539

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
	=	(0 - -6.27	-	3.48)	/	51.085
	=	0.054615

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.

Victoria Oil & Gas has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.

Victoria Oil & Gas Beneish M-Score Related Terms

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Victoria Oil & Gas Business Description

Industry

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Address

Scott House, Suite 1 The Concourse, Waterloo Station, GBR, SE1 7LY

Website

http://www.victoriaoilandgas.com

Victoria Oil & Gas PLC is a UK-based company that operates a fully integrated domestic natural gas production and distribution business and supplies industry in the port city of Douala, Cameroon. The principal activities of the company include exploration, production, and distribution and the sale of hydrocarbons and related activities. It focuses on the development of the Logbaba gas and condensate field to supply gas to its customers and the expansion of the gas pipeline distribution network. The company's operating segments are Cameroon, Russia & Kazakhstan, and Corporate. Most of the company's revenue is generated from Cameroon.

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