PhosAgro PJSC Beneish M-Score Historical Data
The historical data trend for PhosAgro 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.
PhosAgro PJSC Beneish M-Score Chart
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PhosAgro PJSC Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.77 |
-3.09 |
-3.32 |
-1.31 |
-1.93 |
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PhosAgro PJSC Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-1.88 |
-1.93 |
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-3.24 |
-2.89 |
Competitive Comparison of PhosAgro PJSC's Beneish M-Score
For the Agricultural Inputs subindustry, PhosAgro 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.
PhosAgro PJSC's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, PhosAgro PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PhosAgro PJSC's Beneish M-Score falls into.
PhosAgro 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 PhosAgro 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 * 1.4804 | + | 0.528 * 1.1697 | + | 0.404 * 1.6544 | + | 0.892 * 0.7474 | + | 0.115 * 1.0627 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4079 | + | 4.679 * -0.179969 | - | 0.327 * 1.2313 |
| = | -2.89 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was ₽57,792 Mil.
Revenue was 116133 + 96574 + 116178 + 110104 = ₽438,989 Mil.
Gross Profit was 53892 + 38473 + 51857 + 54476 = ₽198,698 Mil.
Total Current Assets was ₽149,830 Mil.
Total Assets was ₽495,158 Mil.
Property, Plant and Equipment(Net PPE) was ₽309,086 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽30,970 Mil.
Selling, General, & Admin. Expense(SGA) was ₽8,378 Mil.
Total Current Liabilities was ₽138,177 Mil.
Long-Term Debt & Capital Lease Obligation was ₽184,738 Mil.
Net Income was 15262 + 13439 + 28055 + 19167 = ₽75,923 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₽0 Mil.
Cash Flow from Operations was 35221 + 32028 + 53903 + 43884 = ₽165,036 Mil.
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Total Receivables was ₽52,232 Mil.
Revenue was 122914 + 155831 + 180678 + 127924 = ₽587,347 Mil.
Gross Profit was 60657 + 80755 + 104621 + 64938 = ₽310,971 Mil.
Total Current Assets was ₽223,294 Mil.
Total Assets was ₽521,175 Mil.
Property, Plant and Equipment(Net PPE) was ₽274,823 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽29,448 Mil.
Selling, General, & Admin. Expense(SGA) was ₽7,962 Mil.
Total Current Liabilities was ₽183,175 Mil.
Long-Term Debt & Capital Lease Obligation was ₽92,868 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) |
| = | (57792 / 438989) | / | (52232 / 587347) |
| = | 0.131648 | / | 0.088929 |
| | = | 1.4804 |
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) |
| = | (310971 / 587347) | / | (198698 / 438989) |
| = | 0.52945 | / | 0.452626 |
| | = | 1.1697 |
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 - (149830 + 309086) / 495158) | / | (1 - (223294 + 274823) / 521175) |
| = | 0.073193 | / | 0.044242 |
| | = | 1.6544 |
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 |
| = | 438989 | / | 587347 |
| | = | 0.7474 |
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)) |
| = | (29448 / (29448 + 274823)) | / | (30970 / (30970 + 309086)) |
| = | 0.096782 | / | 0.091073 |
| | = | 1.0627 |
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) |
| = | (8378 / 438989) | / | (7962 / 587347) |
| = | 0.019085 | / | 0.013556 |
| | = | 1.4079 |
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) |
| = | ((184738 + 138177) / 495158) | / | ((92868 + 183175) / 521175) |
| = | 0.652145 | / | 0.529655 |
| | = | 1.2313 |
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 |
| = | (75923 - 0 | - | 165036) | / | 495158 |
| | = | -0.179969 |
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.
PhosAgro PJSC has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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