Arabian Petroleum Beneish M-Score Historical Data
The historical data trend for Arabian Petroleum'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.
Arabian Petroleum Beneish M-Score Chart
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Arabian Petroleum Annual Data
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|
Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
- |
- |
-1.61 |
-1.60 |
-1.16 |
|
Arabian Petroleum Semi-Annual Data
|
|
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
- |
- |
-1.61 |
-1.60 |
-1.16 |
Competitive Comparison of Arabian Petroleum's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Arabian Petroleum'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.
Arabian Petroleum's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Arabian Petroleum's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arabian Petroleum's Beneish M-Score falls into.
Arabian Petroleum 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 Arabian Petroleum 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 * 0.9065 | + | 0.528 * 1.1436 | + | 0.404 * 2.4825 | + | 0.892 * 1.2713 | + | 0.115 * 1.2096 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9654 | + | 4.679 * 0.09376 | - | 0.327 * 0.932 |
| = | -1.16 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹345 Mil.
Revenue was ₹2,428 Mil.
Gross Profit was ₹283 Mil.
Total Current Assets was ₹632 Mil.
Total Assets was ₹765 Mil.
Property, Plant and Equipment(Net PPE) was ₹128 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14 Mil.
Selling, General, & Admin. Expense(SGA) was ₹40 Mil.
Total Current Liabilities was ₹520 Mil.
Long-Term Debt & Capital Lease Obligation was ₹21 Mil.
Net Income was ₹49 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-23 Mil.
|
Total Receivables was ₹299 Mil.
Revenue was ₹1,910 Mil.
Gross Profit was ₹255 Mil.
Total Current Assets was ₹605 Mil.
Total Assets was ₹713 Mil.
Property, Plant and Equipment(Net PPE) was ₹107 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14 Mil.
Selling, General, & Admin. Expense(SGA) was ₹33 Mil.
Total Current Liabilities was ₹521 Mil.
Long-Term Debt & Capital Lease Obligation was ₹20 Mil.
|
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) |
| = | (345.045 / 2428.367) | / | (299.401 / 1910.128) |
| = | 0.142089 | / | 0.156744 |
| | = | 0.9065 |
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) |
| = | (254.749 / 1910.128) | / | (283.203 / 2428.367) |
| = | 0.133368 | / | 0.116623 |
| | = | 1.1436 |
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 - (632.162 + 128.147) / 765.088) | / | (1 - (604.549 + 107.15) / 713.494) |
| = | 0.006246 | / | 0.002516 |
| | = | 2.4825 |
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 |
| = | 2428.367 | / | 1910.128 |
| | = | 1.2713 |
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)) |
| = | (14.257 / (14.257 + 107.15)) | / | (13.779 / (13.779 + 128.147)) |
| = | 0.117431 | / | 0.097086 |
| | = | 1.2096 |
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) |
| = | (40.285 / 2428.367) | / | (32.824 / 1910.128) |
| = | 0.016589 | / | 0.017184 |
| | = | 0.9654 |
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) |
| = | ((20.895 + 519.747) / 765.088) | / | ((19.865 + 521.118) / 713.494) |
| = | 0.70664 | / | 0.758217 |
| | = | 0.932 |
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 |
| = | (48.648 - 0 | - | -23.087) | / | 765.088 |
| | = | 0.09376 |
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.
Arabian Petroleum has a M-score of -1.16 signals that the company is likely to be a manipulator.
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