DHT Holdings Beneish M-Score Historical Data
The historical data trend for DHT Holdings'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.
DHT Holdings Beneish M-Score Chart
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DHT Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.30 |
-3.66 |
-28.74 |
-2.82 |
-2.80 |
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DHT Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-2.74 |
-2.38 |
-3.06 |
-2.80 |
Competitive Comparison of DHT Holdings's Beneish M-Score
For the Oil & Gas Midstream subindustry, DHT Holdings'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.
DHT Holdings's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, DHT Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DHT Holdings's Beneish M-Score falls into.
DHT Holdings 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 DHT Holdings 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 * 1.0334 | + | 0.528 * 0.4196 | + | 0.404 * 1.0122 | + | 0.892 * 1.2343 | + | 0.115 * 1.1354 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8369 | + | 4.679 * -0.060014 | - | 0.327 * 1.0662 |
| = | -2.80 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $75.8 Mil.
Revenue was 143.376 + 131.565 + 153.047 + 132.568 = $560.6 Mil.
Gross Profit was 48.412 + 43.396 + 67.892 + 50.856 = $210.6 Mil.
Total Current Assets was $200.5 Mil.
Total Assets was $1,492.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,290.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $108.9 Mil.
Selling, General, & Admin. Expense(SGA) was $17.4 Mil.
Total Current Liabilities was $56.6 Mil.
Long-Term Debt & Capital Lease Obligation was $398.4 Mil.
Net Income was 35.36 + 30.759 + 57.056 + 38.177 = $161.4 Mil.
Non Operating Income was 0 + 0 + -0.07 + -0.433 = $-0.5 Mil.
Cash Flow from Operations was 42.267 + 55.723 + 86.965 + 66.455 = $251.4 Mil.
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Total Receivables was $59.5 Mil.
Revenue was 167.893 + 109.938 + 99.914 + 76.4 = $454.1 Mil.
Gross Profit was 70.484 + 9.28 + 4.385 + -12.569 = $71.6 Mil.
Total Current Assets was $235.6 Mil.
Total Assets was $1,508.5 Mil.
Property, Plant and Equipment(Net PPE) was $1,271.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $123.3 Mil.
Selling, General, & Admin. Expense(SGA) was $16.9 Mil.
Total Current Liabilities was $64.4 Mil.
Long-Term Debt & Capital Lease Obligation was $367.1 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) |
| = | (75.848 / 560.556) | / | (59.465 / 454.145) |
| = | 0.135309 | / | 0.130938 |
| | = | 1.0334 |
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) |
| = | (71.58 / 454.145) | / | (210.556 / 560.556) |
| = | 0.157615 | / | 0.37562 |
| | = | 0.4196 |
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 - (200.498 + 1290.369) / 1492.223) | / | (1 - (235.589 + 1271.53) / 1508.474) |
| = | 0.000909 | / | 0.000898 |
| | = | 1.0122 |
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 |
| = | 560.556 | / | 454.145 |
| | = | 1.2343 |
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)) |
| = | (123.255 / (123.255 + 1271.53)) | / | (108.903 / (108.903 + 1290.369)) |
| = | 0.088368 | / | 0.077828 |
| | = | 1.1354 |
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) |
| = | (17.448 / 560.556) | / | (16.89 / 454.145) |
| = | 0.031126 | / | 0.037191 |
| | = | 0.8369 |
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) |
| = | ((398.425 + 56.605) / 1492.223) | / | ((367.069 + 64.374) / 1508.474) |
| = | 0.304934 | / | 0.286013 |
| | = | 1.0662 |
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 |
| = | (161.352 - -0.503 | - | 251.41) | / | 1492.223 |
| | = | -0.060014 |
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.
DHT Holdings has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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