Societe Nationale d'Electrolyse et de Petrochimie (CAS:SNP) Beneish M-Score : -2.08 (As of May. 11, 2024)

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What is Societe Nationale d'Electrolyse et de Petrochimie 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.

Good Sign:

Beneish M-Score -2.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Societe Nationale d'Electrolyse et de Petrochimie's Beneish M-Score or its related term are showing as below:

CAS:SNP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75 Med: -2.27 Max: -2.08
Current: -2.08

During the past 11 years, the highest Beneish M-Score of Societe Nationale d'Electrolyse et de Petrochimie was -2.08. The lowest was -2.75. And the median was -2.27.

Societe Nationale d'Electrolyse et de Petrochimie Beneish M-Score Historical Data

The historical data trend for Societe Nationale d'Electrolyse et de Petrochimie'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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Societe Nationale d'Electrolyse et de Petrochimie Beneish M-Score Chart

Societe Nationale d'Electrolyse et de Petrochimie Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.34

-2.31

-2.11

-2.13

-2.08

Societe Nationale d'Electrolyse et de Petrochimie Semi-Annual Data
	Dec13	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.11	-	-2.13	-	-2.08

Competitive Comparison of Societe Nationale d'Electrolyse et de Petrochimie's Beneish M-Score

For the Specialty Chemicals subindustry, Societe Nationale d'Electrolyse et de Petrochimie'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.

Societe Nationale d'Electrolyse et de Petrochimie's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Societe Nationale d'Electrolyse et de Petrochimie's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Societe Nationale d'Electrolyse et de Petrochimie's Beneish M-Score falls into.

Societe Nationale d'Electrolyse et de Petrochimie 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 Societe Nationale d'Electrolyse et de Petrochimie 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 * 1.164

0.528 * 2.0616

0.404 * 1.1672

0.892 * 0.7174

0.115 * 1.2208

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.027152

0.327 * 1.0687

-2.08

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was MAD408.8 Mil.
Revenue was MAD794.5 Mil.
Gross Profit was MAD132.1 Mil.
Total Current Assets was MAD646.8 Mil.
Total Assets was MAD1,717.3 Mil.
Property, Plant and Equipment(Net PPE) was MAD693.0 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD9.5 Mil.
Selling, General, & Admin. Expense(SGA) was MAD0.0 Mil.
Total Current Liabilities was MAD740.4 Mil.
Long-Term Debt & Capital Lease Obligation was MAD260.3 Mil.
Net Income was MAD-46.6 Mil.
Gross Profit was MAD0.0 Mil.
Cash Flow from Operations was MAD0.0 Mil.

Total Receivables was MAD489.6 Mil.
Revenue was MAD1,107.4 Mil.
Gross Profit was MAD379.5 Mil.
Total Current Assets was MAD863.9 Mil.
Total Assets was MAD1,761.6 Mil.
Property, Plant and Equipment(Net PPE) was MAD565.9 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD9.5 Mil.
Selling, General, & Admin. Expense(SGA) was MAD0.0 Mil.
Total Current Liabilities was MAD672.1 Mil.
Long-Term Debt & Capital Lease Obligation was MAD288.4 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)
	=	(408.83 / 794.476)	/	(489.596 / 1107.442)
	=	0.514591	/	0.442096
	=	1.164

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)
	=	(379.528 / 1107.442)	/	(132.067 / 794.476)
	=	0.342707	/	0.166232
	=	2.0616

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 - (646.774 + 692.983) / 1717.305)	/	(1 - (863.93 + 565.909) / 1761.645)
	=	0.219849	/	0.18835
	=	1.1672

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
	=	794.476	/	1107.442
	=	0.7174

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))
	=	(9.528 / (9.528 + 565.909))	/	(9.528 / (9.528 + 692.983))
	=	0.016558	/	0.013563
	=	1.2208

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)
	=	(0 / 794.476)	/	(0 / 1107.442)
	=	0	/	0
	=	1

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)
	=	((260.262 + 740.377) / 1717.305)	/	((288.398 + 672.072) / 1761.645)
	=	0.58268	/	0.545212
	=	1.0687

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
	=	(-46.628 - 0	-	0)	/	1717.305
	=	-0.027152

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.

Societe Nationale d'Electrolyse et de Petrochimie has a M-score of -2.08 suggests that the company is unlikely to be a manipulator.

Societe Nationale d'Electrolyse et de Petrochimie Beneish M-Score Related Terms

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Societe Nationale d'Electrolyse et de Petrochimie (CAS:SNP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » Societe Nationale d'Electrolyse et de Petrochimie (CAS:SNP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Route Cotiere N 111 - Mohammadia, Casablanca, MAR

Website

http://www.snep.ma

Societe Nationale d'Electrolyse et de Petrochimie manufactures vinyl products (PVC and Compound PVC) and products resulting from electrolysis (Soda, Chlorine, Bleach) and Hydrochloric Acid. The company ioffers its products to BTP, Irrigation, Drinking water supply and sanitation, Detergency and domestic and industrial hygiene, Water treatment, and Food industry.

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