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.
Novolipetsk Steel PJSC Beneish M-Score Chart
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Novolipetsk Steel PJSC Annual Data
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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 |
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Novolipetsk Steel PJSC Quarterly Data
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
| Beneish M-Score |
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-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:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0075 | + | 0.528 * 0.6933 | + | 0.404 * 1.1879 | + | 0.892 * 1.7519 | + | 0.115 * 1.015 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.636 | + | 4.679 * 0.04276 | - | 0.327 * 0.9073 |
| = | -1.59 |
* 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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was $1,742 Mil.
Revenue was 4630 + 4560 + 4139 + 2867 = $16,196 Mil.
Gross Profit was 2279 + 2552 + 2250 + 1321 = $8,402 Mil.
Total Current Assets was $5,379 Mil.
Total Assets was $12,161 Mil.
Property, Plant and Equipment(Net PPE) was $6,240 Mil.
Depreciation, Depletion and Amortization(DDA) was $595 Mil.
Selling, General, & Admin. Expense(SGA) was $1,327 Mil.
Total Current Liabilities was $3,312 Mil.
Long-Term Debt & Capital Lease Obligation was $1,962 Mil.
Net Income was 1280 + 1622 + 1359 + 775 = $5,036 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1190 + 1388 + 1247 + 691 = $4,516 Mil.
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Total Receivables was $987 Mil.
Revenue was 2385 + 2229 + 2174 + 2457 = $9,245 Mil.
Gross Profit was 1060 + 752 + 759 + 754 = $3,325 Mil.
Total Current Assets was $3,570 Mil.
Total Assets was $9,862 Mil.
Property, Plant and Equipment(Net PPE) was $5,922 Mil.
Depreciation, Depletion and Amortization(DDA) was $574 Mil.
Selling, General, & Admin. Expense(SGA) was $1,191 Mil.
Total Current Liabilities was $2,282 Mil.
Long-Term Debt & Capital Lease Obligation was $2,432 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) |
| = | (1742 / 16196) | / | (987 / 9245) |
| = | 0.107557 | / | 0.10676 |
| | = | 1.0075 |
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) |
| = | (3325 / 9245) | / | (8402 / 16196) |
| = | 0.359654 | / | 0.51877 |
| | = | 0.6933 |
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 - (5379 + 6240) / 12161) | / | (1 - (3570 + 5922) / 9862) |
| = | 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 |
| = | 16196 | / | 9245 |
| | = | 1.7519 |
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)) |
| = | (574 / (574 + 5922)) | / | (595 / (595 + 6240)) |
| = | 0.088362 | / | 0.087052 |
| | = | 1.015 |
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) |
| = | (1327 / 16196) | / | (1191 / 9245) |
| = | 0.081934 | / | 0.128826 |
| | = | 0.636 |
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) |
| = | ((1962 + 3312) / 12161) | / | ((2432 + 2282) / 9862) |
| = | 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 |
| = | (5036 - 0 | - | 4516) | / | 12161 |
| | = | 0.04276 |
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 -1.59 signals that the company is likely to be a manipulator.
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