Golden Energy Offshore Services AS (OSL:GEOS) Beneish M-Score : 57.53 (As of May. 21, 2024)

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What is Golden Energy Offshore Services AS Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 57.53 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Golden Energy Offshore Services AS's Beneish M-Score or its related term are showing as below:

OSL:GEOS' s Beneish M-Score Range Over the Past 10 Years
Min: -20.28 Med: -0.34 Max: 119.32
Current: 57.53

During the past 10 years, the highest Beneish M-Score of Golden Energy Offshore Services AS was 119.32. The lowest was -20.28. And the median was -0.34.

Golden Energy Offshore Services AS Beneish M-Score Historical Data

The historical data trend for Golden Energy Offshore Services AS'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.

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Golden Energy Offshore Services AS Beneish M-Score Chart

Golden Energy Offshore Services AS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-20.28

-0.34

119.32

57.53

Golden Energy Offshore Services AS Quarterly Data
	Jun17	Sep17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															119.32	-	-	-	57.53

Competitive Comparison of Golden Energy Offshore Services AS's Beneish M-Score

For the Marine Shipping subindustry, Golden Energy Offshore Services AS'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.

Golden Energy Offshore Services AS's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Golden Energy Offshore Services AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Golden Energy Offshore Services AS's Beneish M-Score falls into.

Golden Energy Offshore Services AS 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 Golden Energy Offshore Services AS for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.5246

0.528 * -0.0054

0.404 * 147.6173

0.892 * 1.4894

0.115 * 1.8315

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3693

4.679 * 0.062512

0.327 * 0.8164

57.53

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was kr64.4 Mil.
Revenue was kr210.1 Mil.
Gross Profit was kr60.3 Mil.
Total Current Assets was kr144.0 Mil.
Total Assets was kr1,558.9 Mil.
Property, Plant and Equipment(Net PPE) was kr1,396.3 Mil.
Depreciation, Depletion and Amortization(DDA) was kr33.2 Mil.
Selling, General, & Admin. Expense(SGA) was kr20.4 Mil.
Total Current Liabilities was kr284.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr745.4 Mil.
Net Income was kr-8.5 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr-106.0 Mil.

Total Receivables was kr28.4 Mil.
Revenue was kr141.1 Mil.
Gross Profit was kr-0.2 Mil.
Total Current Assets was kr37.4 Mil.
Total Assets was kr565.0 Mil.
Property, Plant and Equipment(Net PPE) was kr527.6 Mil.
Depreciation, Depletion and Amortization(DDA) was kr23.5 Mil.
Selling, General, & Admin. Expense(SGA) was kr10.0 Mil.
Total Current Liabilities was kr164.3 Mil.
Long-Term Debt & Capital Lease Obligation was kr292.7 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)
	=	(64.443 / 210.086)	/	(28.379 / 141.054)
	=	0.306746	/	0.201192
	=	1.5246

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)
	=	(-0.22 / 141.054)	/	(60.308 / 210.086)
	=	-0.00156	/	0.287063
	=	-0.0054

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 - (143.969 + 1396.265) / 1558.874)	/	(1 - (37.353 + 527.622) / 565.021)
	=	0.011957	/	8.1E-5
	=	147.6173

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
	=	210.086	/	141.054
	=	1.4894

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))
	=	(23.468 / (23.468 + 527.622))	/	(33.239 / (33.239 + 1396.265))
	=	0.042585	/	0.023252
	=	1.8315

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)
	=	(20.372 / 210.086)	/	(9.989 / 141.054)
	=	0.09697	/	0.070817
	=	1.3693

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)
	=	((745.37 + 284.019) / 1558.874)	/	((292.741 + 164.268) / 565.021)
	=	0.660341	/	0.808835
	=	0.8164

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
	=	(-8.532 - 0	-	-105.98)	/	1558.874
	=	0.062512

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.

Golden Energy Offshore Services AS has a M-score of 57.53 signals that the company is likely to be a manipulator.

Golden Energy Offshore Services AS Beneish M-Score Related Terms

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Golden Energy Offshore Services AS (OSL:GEOS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Golden Energy Offshore Services AS (OSL:GEOS) » Definitions » Beneish M-Score

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GEOUF:USA J9X:Germany

Address

St Olavs Plass 1, Alesund, NOR, 6002

Website

https://www.geoff.no

Golden Energy Offshore Services AS is a shipowner and operator of modern and high-spec offshore service vessels for the oil and gas service industry. The company's fleet includes Energy Empress, Larissa, and many more. Geographically, it derives a majority of its revenue from Europe.