NIS AD (XBEL:NIIS) Beneish M-Score : -2.96 (As of Apr. 07, 2025)

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What is NIS AD 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 -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for NIS AD's Beneish M-Score or its related term are showing as below:

XBEL:NIIS' s Beneish M-Score Range Over the Past 10 Years
Min: -6.08 Med: -2.75 Max: -1.18
Current: -2.96

During the past 13 years, the highest Beneish M-Score of NIS AD was -1.18. The lowest was -6.08. And the median was -2.75.

NIS AD Beneish M-Score Historical Data

The historical data trend for NIS AD'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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NIS AD Beneish M-Score Chart

NIS AD Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.71

-2.21

-2.38

-6.08

-2.96

NIS AD Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-6.08	-4.70	-3.94	-3.71	-2.96

Competitive Comparison of NIS AD's Beneish M-Score

For the Oil & Gas Refining & Marketing subindustry, NIS AD'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.

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

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

* The bar in red indicates where NIS AD's Beneish M-Score falls into.

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NIS AD 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 NIS AD 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 * 0.9554

0.528 * 1.4517

0.404 * 0.5134

0.892 * 0.9901

0.115 * 1.0446

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1152

4.679 * -0.098869

0.327 * 0.9926

-2.96

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RSD33,103 Mil.
Revenue was 103453.881 + 106208.887 + 112011.105 + 86391.828 = RSD408,066 Mil.
Gross Profit was 15709.437 + 15840.932 + 17276.982 + 13752.805 = RSD62,580 Mil.
Total Current Assets was RSD147,508 Mil.
Total Assets was RSD507,050 Mil.
Property, Plant and Equipment(Net PPE) was RSD343,636 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD27,120 Mil.
Selling, General, & Admin. Expense(SGA) was RSD10,737 Mil.
Total Current Liabilities was RSD61,063 Mil.
Long-Term Debt & Capital Lease Obligation was RSD58,964 Mil.
Net Income was 2289.133 + 2900.047 + 3785.688 + 1869.967 = RSD10,845 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RSD0 Mil.
Cash Flow from Operations was 21014.518 + 30117.024 + 7160.804 + 2684.191 = RSD60,977 Mil.

Total Receivables was RSD34,995 Mil.
Revenue was 108059.839 + 117227.951 + 90984.546 + 95875.172 = RSD412,148 Mil.
Gross Profit was 17324.91 + 32100.934 + 19218.047 + 23113.899 = RSD91,758 Mil.
Total Current Assets was RSD174,041 Mil.
Total Assets was RSD506,711 Mil.
Property, Plant and Equipment(Net PPE) was RSD301,710 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD24,961 Mil.
Selling, General, & Admin. Expense(SGA) was RSD9,724 Mil.
Total Current Liabilities was RSD63,221 Mil.
Long-Term Debt & Capital Lease Obligation was RSD57,626 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)
	=	(33103.488 / 408065.701)	/	(34994.541 / 412147.508)
	=	0.081123	/	0.084908
	=	0.9554

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)
	=	(91757.79 / 412147.508)	/	(62580.156 / 408065.701)
	=	0.222633	/	0.153358
	=	1.4517

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 - (147507.95 + 343636.158) / 507049.906)	/	(1 - (174041.47 + 301710.302) / 506710.589)
	=	0.031369	/	0.061098
	=	0.5134

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
	=	408065.701	/	412147.508
	=	0.9901

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))
	=	(24960.531 / (24960.531 + 301710.302))	/	(27119.878 / (27119.878 + 343636.158))
	=	0.076409	/	0.073148
	=	1.0446

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)
	=	(10736.51 / 408065.701)	/	(9723.858 / 412147.508)
	=	0.026311	/	0.023593
	=	1.1152

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)
	=	((58964.124 + 61063.121) / 507049.906)	/	((57625.95 + 63220.706) / 506710.589)
	=	0.236717	/	0.238492
	=	0.9926

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
	=	(10844.835 - 0	-	60976.537)	/	507049.906
	=	-0.098869

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.

NIS AD has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.

NIS AD Beneish M-Score Related Terms

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NIS AD Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » NIS AD (XBEL:NIIS) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Narodnog Fronta 12, Novi Sad, SRB, 21000

Website

https://www.nis.eu

NIS AD is vertically-integrated energy company operating in Serbia. It engages in the exploration, production, and development of crude oil and gas as well as the production of refined petroleum products, petroleum products and gas trading and electric generation and trading. NIS operates through two segments namely Upstream and Downstream. The Upstream segment includes exploration, development, and production of crude oil and natural gas and oil field services whereas the Downstream segment includes refining and marketing, processing of crude oil into refined products and purchases, sale and transport of crude and refined petroleum products. The company's products are compressed natural gas, motor fuels, energy fuels, oils and lubricants, petrochemical products, and other products.

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