Gazprom Neft PJSC (MIC:SIBN) Beneish M-Score : -1.80 (As of May. 15, 2024)

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What is Gazprom Neft 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.

Good Sign:

Beneish M-Score -1.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIC:SIBN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.63 Max: -1.8
Current: -1.8

During the past 13 years, the highest Beneish M-Score of Gazprom Neft PJSC was -1.80. The lowest was -3.11. And the median was -2.63.

Gazprom Neft PJSC Beneish M-Score Historical Data

The historical data trend for Gazprom Neft 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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Gazprom Neft PJSC Beneish M-Score Chart

Gazprom Neft PJSC Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

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-2.77

-2.46

-2.15

-3.11

-2.67

Gazprom Neft PJSC Quarterly Data
	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Jun22	Jun23
Beneish M-Score	Get a 7-Day Free Trial															-2.99	-2.77	-2.67	-2.29	-1.80

Competitive Comparison of Gazprom Neft PJSC's Beneish M-Score

For the Oil & Gas Integrated subindustry, Gazprom Neft 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.

Gazprom Neft PJSC's Beneish M-Score Distribution in the Oil & Gas Industry

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

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

Gazprom Neft 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 Gazprom Neft 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 * 0.808

0.528 * 1.0219

0.404 * 1.4758

0.892 * 1.3974

0.115 * 2.0429

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7911

4.679 * 0.02234

0.327 * 0.8727

-1.80

This Year (Jun23) TTM:

Last Year (Jun21) TTM:

Total Receivables was ₽211,004 Mil.
Revenue was 821617 + 835807 + 906892 + 823790 = ₽3,388,106 Mil.
Gross Profit was 492307 + 435525 + 461349 + 435269 = ₽1,824,450 Mil.
Total Current Assets was ₽965,969 Mil.
Total Assets was ₽5,174,844 Mil.
Property, Plant and Equipment(Net PPE) was ₽3,341,660 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽115,843 Mil.
Selling, General, & Admin. Expense(SGA) was ₽138,439 Mil.
Total Current Liabilities was ₽932,426 Mil.
Long-Term Debt & Capital Lease Obligation was ₽792,712 Mil.
Net Income was 140076 + 243791 + 146477 + 139734 = ₽670,078 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₽0 Mil.
Cash Flow from Operations was 0 + 0 + 278946 + 275526 = ₽554,472 Mil.

Total Receivables was ₽186,873 Mil.
Revenue was 726780 + 610980 + 550046 + 536741 = ₽2,424,547 Mil.
Gross Profit was 401142 + 365196 + 287752 + 280039 = ₽1,334,129 Mil.
Total Current Assets was ₽976,287 Mil.
Total Assets was ₽4,513,559 Mil.
Property, Plant and Equipment(Net PPE) was ₽3,024,727 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽222,248 Mil.
Selling, General, & Admin. Expense(SGA) was ₽125,224 Mil.
Total Current Liabilities was ₽983,440 Mil.
Long-Term Debt & Capital Lease Obligation was ₽740,781 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)
	=	(211004 / 3388106)	/	(186873 / 2424547)
	=	0.062278	/	0.077075
	=	0.808

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)
	=	(1334129 / 2424547)	/	(1824450 / 3388106)
	=	0.550259	/	0.538487
	=	1.0219

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 - (965969 + 3341660) / 5174844)	/	(1 - (976287 + 3024727) / 4513559)
	=	0.167583	/	0.113557
	=	1.4758

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
	=	3388106	/	2424547
	=	1.3974

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))
	=	(222248 / (222248 + 3024727))	/	(115843 / (115843 + 3341660))
	=	0.068448	/	0.033505
	=	2.0429

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)
	=	(138439 / 3388106)	/	(125224 / 2424547)
	=	0.04086	/	0.051648
	=	0.7911

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)
	=	((792712 + 932426) / 5174844)	/	((740781 + 983440) / 4513559)
	=	0.33337	/	0.382009
	=	0.8727

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
	=	(670078 - 0	-	554472)	/	5174844
	=	0.02234

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.

Gazprom Neft PJSC has a M-score of -1.80 suggests that the company is unlikely to be a manipulator.

Gazprom Neft PJSC Beneish M-Score Related Terms

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Gazprom Neft PJSC (MIC:SIBN) Business Description

Industry

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Address

3-5 Pochtamtskaya Street, Saint Petersburg, RUS, 190000

Website

https://www.gazprom-neft.com

Gazprom Neft PJSC is a vertically integrated oil company. The company along with its subsidiaries is engaged in the exploration, development of crude oil and gas as well as the production and sale of petroleum products. It operates in two segments namely; the exploration, development, and production of crude oil and natural gas, and oilfield services, and key revenue driver segment includes refining and marketing including processing crude into refined products and purchases, sells and transports crude and refined petroleum products.