Petrol dd Ljubljana Beneish M-Score Historical Data
The historical data trend for Petrol dd Ljubljana'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.
Petrol dd Ljubljana Beneish M-Score Chart
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Petrol dd Ljubljana Annual Data
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Trend |
Dec13 |
Dec14 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-0.40 |
-2.87 |
-2.95 |
-2.01 |
0.88 |
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Petrol dd Ljubljana Quarterly Data
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Dec18 |
Mar19 |
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Sep20 |
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Mar21 |
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Dec22 |
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Sep23 |
| Beneish M-Score |
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0.88 |
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Competitive Comparison of Petrol dd Ljubljana's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Petrol dd Ljubljana'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.
Petrol dd Ljubljana's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Petrol dd Ljubljana's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Petrol dd Ljubljana's Beneish M-Score falls into.
Petrol dd Ljubljana 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 Petrol dd Ljubljana 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 * 0.6738 | + | 0.528 * 7.0612 | + | 0.404 * 0.8694 | + | 0.892 * 1.9066 | + | 0.115 * 0.8398 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.050767 | - | 0.327 * 1.1309 |
| = | 0.88 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was €860 Mil.
Revenue was €9,457 Mil.
Gross Profit was €78 Mil.
Total Current Assets was €1,406 Mil.
Total Assets was €2,741 Mil.
Property, Plant and Equipment(Net PPE) was €986 Mil.
Depreciation, Depletion and Amortization(DDA) was €96 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €1,288 Mil.
Long-Term Debt & Capital Lease Obligation was €503 Mil.
Net Income was €5 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €144 Mil.
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Total Receivables was €670 Mil.
Revenue was €4,960 Mil.
Gross Profit was €287 Mil.
Total Current Assets was €1,073 Mil.
Total Assets was €2,404 Mil.
Property, Plant and Equipment(Net PPE) was €980 Mil.
Depreciation, Depletion and Amortization(DDA) was €79 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €862 Mil.
Long-Term Debt & Capital Lease Obligation was €527 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) |
| = | (860.194 / 9456.733) | / | (669.641 / 4960.126) |
| = | 0.090961 | / | 0.135005 |
| | = | 0.6738 |
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) |
| = | (287.339 / 4960.126) | / | (77.587 / 9456.733) |
| = | 0.05793 | / | 0.008204 |
| | = | 7.0612 |
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 - (1405.851 + 986.173) / 2740.604) | / | (1 - (1072.657 + 979.506) / 2403.821) |
| = | 0.127191 | / | 0.146291 |
| | = | 0.8694 |
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 |
| = | 9456.733 | / | 4960.126 |
| | = | 1.9066 |
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)) |
| = | (79.092 / (79.092 + 979.506)) | / | (96.3 / (96.3 + 986.173)) |
| = | 0.074714 | / | 0.088963 |
| | = | 0.8398 |
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) |
| = | (0 / 9456.733) | / | (0 / 4960.126) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((502.713 + 1288.467) / 2740.604) | / | ((526.805 + 862.416) / 2403.821) |
| = | 0.653571 | / | 0.577922 |
| | = | 1.1309 |
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 |
| = | (4.52 - 0 | - | 143.652) | / | 2740.604 |
| | = | -0.050767 |
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.
Petrol dd Ljubljana has a M-score of 0.88 signals that the company is likely to be a manipulator.
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