Stalprodukt Beneish M-Score Historical Data
The historical data trend for Stalprodukt'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.
Stalprodukt Beneish M-Score Chart
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Stalprodukt Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.54 |
-2.97 |
-2.08 |
-2.23 |
-2.96 |
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Stalprodukt Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.23 |
-2.41 |
-2.59 |
-2.81 |
-2.96 |
Competitive Comparison of Stalprodukt's Beneish M-Score
For the Steel subindustry, Stalprodukt'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.
Stalprodukt's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Stalprodukt's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stalprodukt's Beneish M-Score falls into.
Stalprodukt 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 Stalprodukt 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 * 0.8452 | + | 0.528 * 1.9929 | + | 0.404 * 0.8138 | + | 0.892 * 0.7808 | + | 0.115 * 0.9636 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1481 | + | 4.679 * -0.136807 | - | 0.327 * 0.7717 |
| = | -2.96 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was zł460 Mil.
Revenue was 999.778 + 1065.237 + 1246.823 + 1298.124 = zł4,610 Mil.
Gross Profit was -2.771 + 58.188 + 74.579 + 207.328 = zł337 Mil.
Total Current Assets was zł2,622 Mil.
Total Assets was zł4,836 Mil.
Property, Plant and Equipment(Net PPE) was zł2,066 Mil.
Depreciation, Depletion and Amortization(DDA) was zł181 Mil.
Selling, General, & Admin. Expense(SGA) was zł275 Mil.
Total Current Liabilities was zł584 Mil.
Long-Term Debt & Capital Lease Obligation was zł118 Mil.
Net Income was -8.717 + 13.576 + -28.954 + 112.536 = zł88 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 217.186 + 283.57 + -6.982 + 256.302 = zł750 Mil.
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Total Receivables was zł698 Mil.
Revenue was 1406.104 + 1446.828 + 1577.654 + 1473.784 = zł5,904 Mil.
Gross Profit was 163.431 + 190.085 + 263.795 + 243.706 = zł861 Mil.
Total Current Assets was zł2,860 Mil.
Total Assets was zł5,181 Mil.
Property, Plant and Equipment(Net PPE) was zł2,126 Mil.
Depreciation, Depletion and Amortization(DDA) was zł179 Mil.
Selling, General, & Admin. Expense(SGA) was zł307 Mil.
Total Current Liabilities was zł864 Mil.
Long-Term Debt & Capital Lease Obligation was zł110 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) |
| = | (460.29 / 4609.962) | / | (697.503 / 5904.37) |
| = | 0.099847 | / | 0.118133 |
| | = | 0.8452 |
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) |
| = | (861.017 / 5904.37) | / | (337.324 / 4609.962) |
| = | 0.145827 | / | 0.073173 |
| | = | 1.9929 |
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 - (2621.699 + 2066.23) / 4836.27) | / | (1 - (2859.891 + 2126.171) / 5181.355) |
| = | 0.030673 | / | 0.037691 |
| | = | 0.8138 |
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 |
| = | 4609.962 | / | 5904.37 |
| | = | 0.7808 |
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)) |
| = | (179.279 / (179.279 + 2126.171)) | / | (181.379 / (181.379 + 2066.23)) |
| = | 0.077763 | / | 0.080699 |
| | = | 0.9636 |
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) |
| = | (275.195 / 4609.962) | / | (306.997 / 5904.37) |
| = | 0.059696 | / | 0.051995 |
| | = | 1.1481 |
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) |
| = | ((117.618 + 584.251) / 4836.27) | / | ((110.043 + 864.345) / 5181.355) |
| = | 0.145126 | / | 0.188057 |
| | = | 0.7717 |
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 |
| = | (88.441 - 0 | - | 750.076) | / | 4836.27 |
| | = | -0.136807 |
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.
Stalprodukt has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.
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