Jastrzebska Spolka Weglowa Beneish M-Score Historical Data
The historical data trend for Jastrzebska Spolka Weglowa'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.
Jastrzebska Spolka Weglowa Beneish M-Score Chart
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Jastrzebska Spolka Weglowa Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.83 |
-5.37 |
-2.17 |
-2.49 |
-2.21 |
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Jastrzebska Spolka Weglowa Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.54 |
-2.61 |
-2.74 |
-2.21 |
Competitive Comparison of Jastrzebska Spolka Weglowa's Beneish M-Score
For the Coking Coal subindustry, Jastrzebska Spolka Weglowa'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.
Jastrzebska Spolka Weglowa's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Jastrzebska Spolka Weglowa's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jastrzebska Spolka Weglowa's Beneish M-Score falls into.
Jastrzebska Spolka Weglowa 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 Jastrzebska Spolka Weglowa 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 * 1.1035 | + | 0.528 * 2.1148 | + | 0.404 * 1.0089 | + | 0.892 * 0.7594 | + | 0.115 * 1.0724 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6792 | + | 4.679 * -0.02711 | - | 0.327 * 0.9018 |
| = | -2.21 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was zł1,485 Mil.
Revenue was 3338.8 + 3401.9 + 4139.4 + 4458.4 = zł15,339 Mil.
Gross Profit was 570.7 + 404.5 + 1209.6 + 1663 = zł3,848 Mil.
Total Current Assets was zł5,698 Mil.
Total Assets was zł27,794 Mil.
Property, Plant and Equipment(Net PPE) was zł13,447 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1,729 Mil.
Selling, General, & Admin. Expense(SGA) was zł1,510 Mil.
Total Current Liabilities was zł7,011 Mil.
Long-Term Debt & Capital Lease Obligation was zł1,165 Mil.
Net Income was 153.5 + -1208.5 + 780.6 + 1268.3 = zł994 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -1318.8 + 941.3 + 265.4 + 1859.5 = zł1,747 Mil.
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Total Receivables was zł1,772 Mil.
Revenue was 4149.3 + 5146 + 5972.3 + 4930.9 = zł20,199 Mil.
Gross Profit was 1770.5 + 2870.1 + 3418.7 + 2656.6 = zł10,716 Mil.
Total Current Assets was zł7,852 Mil.
Total Assets was zł27,071 Mil.
Property, Plant and Equipment(Net PPE) was zł10,869 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1,513 Mil.
Selling, General, & Admin. Expense(SGA) was zł1,184 Mil.
Total Current Liabilities was zł7,734 Mil.
Long-Term Debt & Capital Lease Obligation was zł1,096 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) |
| = | (1484.5 / 15338.5) | / | (1771.6 / 20198.5) |
| = | 0.096783 | / | 0.087709 |
| | = | 1.1035 |
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) |
| = | (10715.9 / 20198.5) | / | (3847.8 / 15338.5) |
| = | 0.530529 | / | 0.250859 |
| | = | 2.1148 |
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 - (5697.9 + 13447.1) / 27793.8) | / | (1 - (7852.3 + 10869) / 27070.8) |
| = | 0.311177 | / | 0.308432 |
| | = | 1.0089 |
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 |
| = | 15338.5 | / | 20198.5 |
| | = | 0.7594 |
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)) |
| = | (1512.9 / (1512.9 + 10869)) | / | (1729.2 / (1729.2 + 13447.1)) |
| = | 0.122186 | / | 0.113941 |
| | = | 1.0724 |
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) |
| = | (1509.5 / 15338.5) | / | (1183.8 / 20198.5) |
| = | 0.098412 | / | 0.058608 |
| | = | 1.6792 |
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) |
| = | ((1164.8 + 7010.8) / 27793.8) | / | ((1096.4 + 7733.7) / 27070.8) |
| = | 0.294152 | / | 0.326185 |
| | = | 0.9018 |
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 |
| = | (993.9 - 0 | - | 1747.4) | / | 27793.8 |
| | = | -0.02711 |
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.
Jastrzebska Spolka Weglowa has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
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