Izhstal PAO Beneish M-Score Historical Data
The historical data trend for Izhstal PAO'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.
Izhstal PAO Beneish M-Score Chart
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Izhstal PAO Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.27 |
-3.82 |
-3.97 |
-4.66 |
4.44 |
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Izhstal PAO Semi-Annual Data
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Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.27 |
-3.82 |
-3.97 |
-4.66 |
4.44 |
Competitive Comparison of Izhstal PAO's Beneish M-Score
For the Steel subindustry, Izhstal PAO'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.
Izhstal PAO's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Izhstal PAO's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Izhstal PAO's Beneish M-Score falls into.
Izhstal PAO 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 Izhstal PAO 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 * 1.1347 | + | 0.528 * 0.4199 | + | 0.404 * 13.2345 | + | 0.892 * 1.6539 | + | 0.115 * 0.9003 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0002 | + | 4.679 * 0.320841 | - | 0.327 * 0.7501 |
| = | 4.44 |
* 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 ₽2,330 Mil.
Revenue was ₽27,947 Mil.
Gross Profit was ₽5,138 Mil.
Total Current Assets was ₽8,920 Mil.
Total Assets was ₽12,700 Mil.
Property, Plant and Equipment(Net PPE) was ₽3,503 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽531 Mil.
Selling, General, & Admin. Expense(SGA) was ₽2,199 Mil.
Total Current Liabilities was ₽11,942 Mil.
Long-Term Debt & Capital Lease Obligation was ₽4,035 Mil.
Net Income was ₽2,557 Mil.
Gross Profit was ₽0 Mil.
Cash Flow from Operations was ₽-1,517 Mil.
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Total Receivables was ₽1,241 Mil.
Revenue was ₽16,897 Mil.
Gross Profit was ₽1,305 Mil.
Total Current Assets was ₽4,625 Mil.
Total Assets was ₽8,449 Mil.
Property, Plant and Equipment(Net PPE) was ₽3,810 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽513 Mil.
Selling, General, & Admin. Expense(SGA) was ₽1,329 Mil.
Total Current Liabilities was ₽12,115 Mil.
Long-Term Debt & Capital Lease Obligation was ₽2,057 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) |
| = | (2329.83 / 27946.669) | / | (1241.447 / 16897.079) |
| = | 0.083367 | / | 0.073471 |
| | = | 1.1347 |
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) |
| = | (1304.504 / 16897.079) | / | (5138.43 / 27946.669) |
| = | 0.077203 | / | 0.183866 |
| | = | 0.4199 |
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 - (8920.272 + 3502.763) / 12699.685) | / | (1 - (4625.474 + 3809.964) / 8449.344) |
| = | 0.021784 | / | 0.001646 |
| | = | 13.2345 |
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 |
| = | 27946.669 | / | 16897.079 |
| | = | 1.6539 |
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)) |
| = | (512.68 / (512.68 + 3809.964)) | / | (531.477 / (531.477 + 3502.763)) |
| = | 0.118603 | / | 0.131742 |
| | = | 0.9003 |
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) |
| = | (2198.504 / 27946.669) | / | (1329.048 / 16897.079) |
| = | 0.078668 | / | 0.078655 |
| | = | 1.0002 |
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) |
| = | ((4035.459 + 11942.417) / 12699.685) | / | ((2057.209 + 12114.768) / 8449.344) |
| = | 1.258132 | / | 1.677287 |
| | = | 0.7501 |
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 |
| = | (2557.333 - 0 | - | -1517.247) | / | 12699.685 |
| | = | 0.320841 |
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.
Izhstal PAO has a M-score of 4.44 signals that the company is likely to be a manipulator.
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