Novolipetsk Steel PJSC (XKAZ:RU_NLMK) Beneish M-Score : 0.00 (As of Jun. 19, 2024)

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What is Novolipetsk Steel PJSC 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 Novolipetsk Steel PJSC's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Novolipetsk Steel PJSC was 0.00. The lowest was 0.00. And the median was 0.00.

Novolipetsk Steel PJSC Beneish M-Score Historical Data

The historical data trend for Novolipetsk Steel PJSC'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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Novolipetsk Steel PJSC Beneish M-Score Chart

Novolipetsk Steel PJSC Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

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-2.41

-2.37

-3.30

-3.14

-1.61

Novolipetsk Steel PJSC Quarterly Data
	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21
Beneish M-Score	Get a 7-Day Free Trial															-3.14	-2.57	-1.94	-2.07	-1.61

Competitive Comparison of Novolipetsk Steel PJSC's Beneish M-Score

For the Steel subindustry, Novolipetsk Steel PJSC'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.

Novolipetsk Steel PJSC's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Novolipetsk Steel PJSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Novolipetsk Steel PJSC's Beneish M-Score falls into.

Novolipetsk Steel PJSC 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 Novolipetsk Steel PJSC 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 * 0.9814

0.528 * 0.6969

0.404 * 1.1879

0.892 * 1.8431

0.115 * 0.9922

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.635

4.679 * 0.041848

0.327 * 0.9073

-1.54

This Year (Dec21) TTM:

Last Year (Dec20) TTM:

Total Receivables was ₸759,651 Mil.
Revenue was 2019050.329 + 1942104.006 + 1769794.958 + 1199036.756 = ₸6,929,986 Mil.
Gross Profit was 993826.285 + 1086896.803 + 962077.472 + 552468.627 = ₸3,595,269 Mil.
Total Current Assets was ₸2,345,674 Mil.
Total Assets was ₸5,303,169 Mil.
Property, Plant and Equipment(Net PPE) was ₸2,721,139 Mil.
Depreciation, Depletion and Amortization(DDA) was ₸253,912 Mil.
Selling, General, & Admin. Expense(SGA) was ₸567,334 Mil.
Total Current Liabilities was ₸1,444,297 Mil.
Long-Term Debt & Capital Lease Obligation was ₸855,589 Mil.
Net Income was 558182.38 + 690809.802 + 581094.793 + 324120.504 = ₸2,154,207 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₸0 Mil.
Cash Flow from Operations was 518935.182 + 591149.202 + 533204.714 + 288990.024 = ₸1,932,279 Mil.

Total Receivables was ₸419,988 Mil.
Revenue was 1014865.158 + 932323.791 + 886057.201 + 926714.078 = ₸3,759,960 Mil.
Gross Profit was 451051.181 + 314539.027 + 309345.637 + 284388.447 = ₸1,359,324 Mil.
Total Current Assets was ₸1,519,106 Mil.
Total Assets was ₸4,196,478 Mil.
Property, Plant and Equipment(Net PPE) was ₸2,519,929 Mil.
Depreciation, Depletion and Amortization(DDA) was ₸233,122 Mil.
Selling, General, & Admin. Expense(SGA) was ₸484,723 Mil.
Total Current Liabilities was ₸971,037 Mil.
Long-Term Debt & Capital Lease Obligation was ₸1,034,865 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)
	=	(759651.333 / 6929986.049)	/	(419988.222 / 3759960.228)
	=	0.109618	/	0.1117
	=	0.9814

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)
	=	(1359324.292 / 3759960.228)	/	(3595269.187 / 6929986.049)
	=	0.361526	/	0.518799
	=	0.6969

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 - (2345674.237 + 2721139.104) / 5303168.692)	/	(1 - (1519106.337 + 2519929.335) / 4196478.065)
	=	0.044569	/	0.037518
	=	1.1879

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
	=	6929986.049	/	3759960.228
	=	1.8431

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))
	=	(233122.443 / (233122.443 + 2519929.335))	/	(253911.727 / (253911.727 + 2721139.104))
	=	0.084678	/	0.085347
	=	0.9922

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)
	=	(567333.712 / 6929986.049)	/	(484723.359 / 3759960.228)
	=	0.081867	/	0.128917
	=	0.635

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)
	=	((855588.93 + 1444296.909) / 5303168.692)	/	((1034864.597 + 971036.599) / 4196478.065)
	=	0.433681	/	0.477996
	=	0.9073

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
	=	(2154207.479 - 0	-	1932279.122)	/	5303168.692
	=	0.041848

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.

Novolipetsk Steel PJSC has a M-score of -1.54 signals that the company is likely to be a manipulator.

Novolipetsk Steel PJSC Beneish M-Score Related Terms

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Novolipetsk Steel PJSC (XKAZ:RU_NLMK) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Novolipetsk Steel PJSC (XKAZ:RU_NLMK) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

2, Metallurgov Sq., Lipetsk, RUS, 398040

Website

https://www.nlmk.com

Novolipetsk Steel PJSC is a Russia-based steelmaker with production assets located in Russia, Europe, and the United States. The company's metal products are used in various industries, from construction and engineering to the manufacture of power-generating equipment and off shore wind turbines. The company operates through six segments, namely Mining, Russian flat products, Russian long products, NLMK USA, NLMK DanSteel and Plates Distribution Network, and Investments in NBH. Russian flat products for over half of the company's revenue. Russia, Europe, North America, and the Middle East are the four largest markets for the company.

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