Oil and Gas Exploration and Production AD (XBUL:NGAZ) Beneish M-Score : -2.73 (As of Apr. 29, 2024)

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What is Oil and Gas Exploration and Production 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBUL:NGAZ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74 Med: -2.42 Max: 2.36
Current: -2.73

During the past 13 years, the highest Beneish M-Score of Oil and Gas Exploration and Production AD was 2.36. The lowest was -2.74. And the median was -2.42.

Oil and Gas Exploration and Production AD Beneish M-Score Historical Data

The historical data trend for Oil and Gas Exploration and Production 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.

* Premium members only.

Oil and Gas Exploration and Production AD Beneish M-Score Chart

Oil and Gas Exploration and Production AD Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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2.36

-2.66

-2.18

-2.43

-2.73

Oil and Gas Exploration and Production AD Semi-Annual Data
	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22
Beneish M-Score	Get a 7-Day Free Trial									2.36	-2.66	-2.18	-2.43	-2.73

Competitive Comparison of Oil and Gas Exploration and Production AD's Beneish M-Score

For the Oil & Gas E&P subindustry, Oil and Gas Exploration and Production 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.

Oil and Gas Exploration and Production AD's Beneish M-Score Distribution in the Oil & Gas Industry

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

* The bar in red indicates where Oil and Gas Exploration and Production AD's Beneish M-Score falls into.

Oil and Gas Exploration and Production 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 Oil and Gas Exploration and Production 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 * 0.7521

0.528 * 1.0775

0.404 * 0.3298

0.892 * 1.3687

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.825

4.679 * -0.033606

0.327 * 0.9774

-2.73

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was лв37.18 Mil.
Revenue was лв50.24 Mil.
Gross Profit was лв17.23 Mil.
Total Current Assets was лв71.07 Mil.
Total Assets was лв116.65 Mil.
Property, Plant and Equipment(Net PPE) was лв42.60 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.00 Mil.
Selling, General, & Admin. Expense(SGA) was лв2.18 Mil.
Total Current Liabilities was лв23.00 Mil.
Long-Term Debt & Capital Lease Obligation was лв0.44 Mil.
Net Income was лв2.62 Mil.
Gross Profit was лв0.00 Mil.
Cash Flow from Operations was лв6.54 Mil.

Total Receivables was лв36.12 Mil.
Revenue was лв36.71 Mil.
Gross Profit was лв13.56 Mil.
Total Current Assets was лв65.44 Mil.
Total Assets was лв114.02 Mil.
Property, Plant and Equipment(Net PPE) was лв39.76 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.00 Mil.
Selling, General, & Admin. Expense(SGA) was лв1.93 Mil.
Total Current Liabilities was лв22.76 Mil.
Long-Term Debt & Capital Lease Obligation was лв0.69 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)
	=	(37.179 / 50.238)	/	(36.116 / 36.705)
	=	0.740057	/	0.983953
	=	0.7521

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)
	=	(13.562 / 36.705)	/	(17.227 / 50.238)
	=	0.369486	/	0.342908
	=	1.0775

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 - (71.07 + 42.599) / 116.645)	/	(1 - (65.438 + 39.76) / 114.018)
	=	0.025513	/	0.077356
	=	0.3298

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
	=	50.238	/	36.705
	=	1.3687

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))
	=	(0 / (0 + 39.76))	/	(0 / (0 + 42.599))
	=	0	/	0
	=	1

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)
	=	(2.176 / 50.238)	/	(1.927 / 36.705)
	=	0.043314	/	0.0525
	=	0.825

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)
	=	((0.444 + 23.002) / 116.645)	/	((0.687 + 22.76) / 114.018)
	=	0.201003	/	0.205643
	=	0.9774

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
	=	(2.623 - 0	-	6.543)	/	116.645
	=	-0.033606

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.

Oil and Gas Exploration and Production AD has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.

Oil and Gas Exploration and Production AD Beneish M-Score Related Terms

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Oil and Gas Exploration and Production AD (XBUL:NGAZ) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Oil and Gas Exploration and Production AD (XBUL:NGAZ) » Definitions » Beneish M-Score

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Address

2, Stefan Karadja Street, Sofia, BGR, 1080

Website

http://www.ogep-bg.com

Oil and Gas Exploration and Production AD is engaged in prospecting, exploration, development and exploitation of oil and gas fields, as well as processing of crude oil. Some of the services provided by the company - design and conducting of 2D and 3D seismic data acquisition, geological and geophysical data processing and interpretation, mud logging, drilling of exploration and production wells for mineralized water and geothermal energy, well logging, among others.

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