Eurasia Drilling Co Beneish M-Score Historical Data
The historical data trend for Eurasia Drilling Co'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.
Eurasia Drilling Co Beneish M-Score Chart
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Eurasia Drilling Co Annual Data
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Trend |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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- |
- |
-2.52 |
-3.14 |
-3.20 |
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Eurasia Drilling Co Semi-Annual Data
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Jun09 |
Dec09 |
Jun10 |
Dec10 |
Jun11 |
Dec11 |
Jun12 |
Dec12 |
Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
| Beneish M-Score |
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- |
-3.14 |
- |
-3.20 |
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Competitive Comparison of Eurasia Drilling Co's Beneish M-Score
For the Oil & Gas Drilling subindustry, Eurasia Drilling Co'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.
Eurasia Drilling Co's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Eurasia Drilling Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eurasia Drilling Co's Beneish M-Score falls into.
Eurasia Drilling Co 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 Eurasia Drilling Co 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 * 0.752 | + | 0.528 * 1.0125 | + | 0.404 * 1.1798 | + | 0.892 * 0.8554 | + | 0.115 * 0.8416 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0532 | + | 4.679 * -0.082031 | - | 0.327 * 1.0948 |
| = | -3.20 |
* 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 (Dec14) TTM: | Last Year (Dec13) TTM: |
Total Receivables was $243 Mil.
Revenue was $2,975 Mil.
Gross Profit was $723 Mil.
Total Current Assets was $858 Mil.
Total Assets was $2,686 Mil.
Property, Plant and Equipment(Net PPE) was $1,724 Mil.
Depreciation, Depletion and Amortization(DDA) was $278 Mil.
Selling, General, & Admin. Expense(SGA) was $168 Mil.
Total Current Liabilities was $414 Mil.
Long-Term Debt & Capital Lease Obligation was $993 Mil.
Net Income was $421 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $641 Mil.
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Total Receivables was $378 Mil.
Revenue was $3,478 Mil.
Gross Profit was $856 Mil.
Total Current Assets was $1,591 Mil.
Total Assets was $3,722 Mil.
Property, Plant and Equipment(Net PPE) was $2,009 Mil.
Depreciation, Depletion and Amortization(DDA) was $266 Mil.
Selling, General, & Admin. Expense(SGA) was $187 Mil.
Total Current Liabilities was $770 Mil.
Long-Term Debt & Capital Lease Obligation was $1,010 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) |
| = | (242.904 / 2975.211) | / | (377.614 / 3478.124) |
| = | 0.081643 | / | 0.108568 |
| | = | 0.752 |
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) |
| = | (856.179 / 3478.124) | / | (723.351 / 2975.211) |
| = | 0.246161 | / | 0.243126 |
| | = | 1.0125 |
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 - (858.121 + 1724.105) / 2685.913) | / | (1 - (1591.2 + 2008.756) / 3721.733) |
| = | 0.038604 | / | 0.032721 |
| | = | 1.1798 |
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 |
| = | 2975.211 | / | 3478.124 |
| | = | 0.8554 |
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)) |
| = | (265.929 / (265.929 + 2008.756)) | / | (278.126 / (278.126 + 1724.105)) |
| = | 0.116908 | / | 0.138908 |
| | = | 0.8416 |
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) |
| = | (168.122 / 2975.211) | / | (186.608 / 3478.124) |
| = | 0.056508 | / | 0.053652 |
| | = | 1.0532 |
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) |
| = | ((992.952 + 413.776) / 2685.913) | / | ((1010.087 + 770.432) / 3721.733) |
| = | 0.523743 | / | 0.478411 |
| | = | 1.0948 |
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 |
| = | (420.788 - 0 | - | 641.117) | / | 2685.913 |
| | = | -0.082031 |
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.
Eurasia Drilling Co has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.
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