GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » PJSC Mining & Metallurgical Co Norilsk Nickel (WBO:MNOD) » Definitions » Beneish M-Score

PJSC Mining & Metallurgical Co Norilsk Nickel (WBO:MNOD) Beneish M-Score : -2.80 (As of Jun. 14, 2024)


View and export this data going back to 2017. Start your Free Trial

What is PJSC Mining & Metallurgical Co Norilsk Nickel 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.

Good Sign:

Beneish M-Score -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PJSC Mining & Metallurgical Co Norilsk Nickel's Beneish M-Score or its related term are showing as below:

WBO:MNOD' s Beneish M-Score Range Over the Past 10 Years
Min: -4.09   Med: -2.84   Max: -1.51
Current: -2.8

During the past 13 years, the highest Beneish M-Score of PJSC Mining & Metallurgical Co Norilsk Nickel was -1.51. The lowest was -4.09. And the median was -2.84.


PJSC Mining & Metallurgical Co Norilsk Nickel Beneish M-Score Historical Data

The historical data trend for PJSC Mining & Metallurgical Co Norilsk Nickel'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.

* Premium members only.

PJSC Mining & Metallurgical Co Norilsk Nickel Beneish M-Score Chart

PJSC Mining & Metallurgical Co Norilsk Nickel Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.31 -2.88 -2.89 -1.51 -2.80

PJSC Mining & Metallurgical Co Norilsk Nickel Semi-Annual Data
Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.89 - -1.51 - -2.80

Competitive Comparison of PJSC Mining & Metallurgical Co Norilsk Nickel's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, PJSC Mining & Metallurgical Co Norilsk Nickel'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.


PJSC Mining & Metallurgical Co Norilsk Nickel's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, PJSC Mining & Metallurgical Co Norilsk Nickel's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PJSC Mining & Metallurgical Co Norilsk Nickel's Beneish M-Score falls into.



PJSC Mining & Metallurgical Co Norilsk Nickel 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 PJSC Mining & Metallurgical Co Norilsk Nickel 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 * 1.1556+0.528 * 1.1541+0.404 * 1.0251+0.892 * 0.8294+0.115 * 0.8326
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9434+4.679 * -0.141815-0.327 * 1.0653
=-3.09

* 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 €611 Mil.
Revenue was €13,213 Mil.
Gross Profit was €6,755 Mil.
Total Current Assets was €6,733 Mil.
Total Assets was €21,623 Mil.
Property, Plant and Equipment(Net PPE) was €13,921 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,068 Mil.
Selling, General, & Admin. Expense(SGA) was €403 Mil.
Total Current Liabilities was €8,098 Mil.
Long-Term Debt & Capital Lease Obligation was €5,358 Mil.
Net Income was €2,186 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €5,253 Mil.
Total Receivables was €637 Mil.
Revenue was €15,931 Mil.
Gross Profit was €9,399 Mil.
Total Current Assets was €7,932 Mil.
Total Assets was €24,350 Mil.
Property, Plant and Equipment(Net PPE) was €15,353 Mil.
Depreciation, Depletion and Amortization(DDA) was €969 Mil.
Selling, General, & Admin. Expense(SGA) was €514 Mil.
Total Current Liabilities was €7,258 Mil.
Long-Term Debt & Capital Lease Obligation was €6,966 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)
=(610.722 / 13213.053) / (637.2 / 15930.944)
=0.046221 / 0.039998
=1.1556

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)
=(9399.408 / 15930.944) / (6754.622 / 13213.053)
=0.590009 / 0.511208
=1.1541

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 - (6732.614 + 13920.977) / 21622.86) / (1 - (7932.432 + 15353.216) / 24350.48)
=0.044826 / 0.043729
=1.0251

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
=13213.053 / 15930.944
=0.8294

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))
=(968.544 / (968.544 + 15353.216)) / (1068.305 / (1068.305 + 13920.977))
=0.059341 / 0.071271
=0.8326

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)
=(402.563 / 13213.053) / (514.48 / 15930.944)
=0.030467 / 0.032294
=0.9434

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)
=((5358.031 + 8098.027) / 21622.86) / ((6965.776 + 7258.416) / 24350.48)
=0.622307 / 0.584144
=1.0653

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
=(2186.128 - 0 - 5252.576) / 21622.86
=-0.141815

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.

PJSC Mining & Metallurgical Co Norilsk Nickel has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.


PJSC Mining & Metallurgical Co Norilsk Nickel Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PJSC Mining & Metallurgical Co Norilsk Nickel's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


PJSC Mining & Metallurgical Co Norilsk Nickel (WBO:MNOD) Business Description

Traded in Other Exchanges
Address
15, 1st Krasnogvardeysky Drive, Moscow, RUS, 123100
PJSC Mining & Metallurgical Co Norilsk Nickel is a metal and mining company engaged in activities such as exploration, extraction, refining of ore and nonmetallic minerals, and sale of base and precious minerals. The company is organized into seven operating business segments: GMK Group, South Cluster, KGMK Group, NN Harjavalta, GRK Bystrinskoye, other mining, and other nonmetallurgical. The majority of the company's revenue is derived from the GMK Group segment which includes mining, processing and other metallurgy operations, and sale of precious metals. More than half the company's consolidated revenue is earned from the sale of metals to customers in Europe.

PJSC Mining & Metallurgical Co Norilsk Nickel (WBO:MNOD) Headlines

No Headlines