NOVATEK PJSC Beneish M-Score Historical Data
The historical data trend for NOVATEK 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.
NOVATEK PJSC Beneish M-Score Chart
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NOVATEK PJSC Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec23 |
| Beneish M-Score |
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-1.86 |
0.83 |
-3.49 |
-1.33 |
- |
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NOVATEK PJSC Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.98 |
-1.99 |
-1.33 |
-1.92 |
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Competitive Comparison of NOVATEK PJSC's Beneish M-Score
For the Oil & Gas E&P subindustry, NOVATEK 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.
NOVATEK PJSC's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, NOVATEK PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NOVATEK PJSC's Beneish M-Score falls into.
NOVATEK 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 NOVATEK 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 * 0.7533 | + | 0.528 * 1.1892 | + | 0.404 * 0.9476 | + | 0.892 * 1.5896 | + | 0.115 * 1.3911 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2041 | + | 4.679 * 0.029067 | - | 0.327 * 0.9015 |
| = | -1.92 |
* 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 (Jun23) TTM: | Last Year (Mar21) TTM: |
Total Receivables was ₽233,905 Mil.
Revenue was 314766 + 370982 + 276707 + 264452 = ₽1,226,907 Mil.
Gross Profit was 165900 + 224145 + 116557 + 117822 = ₽624,424 Mil.
Total Current Assets was ₽526,171 Mil.
Total Assets was ₽2,899,036 Mil.
Property, Plant and Equipment(Net PPE) was ₽1,110,326 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽44,179 Mil.
Selling, General, & Admin. Expense(SGA) was ₽8,650 Mil.
Total Current Liabilities was ₽230,257 Mil.
Long-Term Debt & Capital Lease Obligation was ₽153,529 Mil.
Net Income was 62685 + 155582 + 112906 + 99287 = ₽430,460 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₽0 Mil.
Cash Flow from Operations was 0 + 100873 + 93810 + 151511 = ₽346,194 Mil.
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Total Receivables was ₽195,348 Mil.
Revenue was 244583 + 219540 + 163771 + 143939 = ₽771,833 Mil.
Gross Profit was 137471 + 173261 + 84235 + 72163 = ₽467,130 Mil.
Total Current Assets was ₽372,790 Mil.
Total Assets was ₽2,097,978 Mil.
Property, Plant and Equipment(Net PPE) was ₽760,992 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽42,787 Mil.
Selling, General, & Admin. Expense(SGA) was ₽4,519 Mil.
Total Current Liabilities was ₽140,232 Mil.
Long-Term Debt & Capital Lease Obligation was ₽167,856 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) |
| = | (233905 / 1226907) | / | (195348 / 771833) |
| = | 0.190646 | / | 0.253096 |
| | = | 0.7533 |
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) |
| = | (467130 / 771833) | / | (624424 / 1226907) |
| = | 0.605222 | / | 0.508942 |
| | = | 1.1892 |
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 - (526171 + 1110326) / 2899036) | / | (1 - (372790 + 760992) / 2097978) |
| = | 0.435503 | / | 0.459583 |
| | = | 0.9476 |
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 |
| = | 1226907 | / | 771833 |
| | = | 1.5896 |
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)) |
| = | (42787 / (42787 + 760992)) | / | (44179 / (44179 + 1110326)) |
| = | 0.053232 | / | 0.038267 |
| | = | 1.3911 |
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) |
| = | (8650 / 1226907) | / | (4519 / 771833) |
| = | 0.00705 | / | 0.005855 |
| | = | 1.2041 |
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) |
| = | ((153529 + 230257) / 2899036) | / | ((167856 + 140232) / 2097978) |
| = | 0.132384 | / | 0.14685 |
| | = | 0.9015 |
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 |
| = | (430460 - 0 | - | 346194) | / | 2899036 |
| | = | 0.029067 |
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.
NOVATEK PJSC has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.
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