Jason Shipping ASA (LTS:0EF0) Beneish M-Score : 0.00 (As of Jun. 07, 2024)

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What is Jason Shipping ASA 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.

The historical rank and industry rank for Jason Shipping ASA's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Jason Shipping ASA was 0.00. The lowest was 0.00. And the median was 0.00.

Jason Shipping ASA Beneish M-Score Historical Data

The historical data trend for Jason Shipping ASA'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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Jason Shipping ASA Beneish M-Score Chart

Jason Shipping ASA Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Beneish M-Score

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-9.69

-5.02

Jason Shipping ASA Quarterly Data
	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13
Beneish M-Score	Get a 7-Day Free Trial									-7.83	-9.16	-4.02	-5.02	-3.19

Competitive Comparison of Jason Shipping ASA's Beneish M-Score

For the Marine Shipping subindustry, Jason Shipping ASA'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.

Jason Shipping ASA's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Jason Shipping ASA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Jason Shipping ASA's Beneish M-Score falls into.

Jason Shipping ASA 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 Jason Shipping ASA 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

0.528 * 0.1829

0.404 * 0.038

0.892 * 0.0034

0.115 * 0.9437

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * 0.306052

0.327 * 2.6152

-3.12

This Year (Mar13) TTM:

Last Year (Mar12) TTM:

Total Receivables was kr0.00 Mil.
Revenue was 0.069 + -0.174 + 2.063 + 0.686 = kr2.64 Mil.
Gross Profit was 0.069 + -0.174 + 2.063 + 0.686 = kr2.64 Mil.
Total Current Assets was kr376.81 Mil.
Total Assets was kr389.81 Mil.
Property, Plant and Equipment(Net PPE) was kr0.16 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2.72 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr721.79 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was 14.954 + 25.908 + -0.31 + 69.938 = kr110.49 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -1.786 + -25.336 + 50.795 + -32.485 = kr-8.81 Mil.

Total Receivables was kr0.00 Mil.
Revenue was 1.022 + 4.572 + 6.273 + 774.52 = kr786.39 Mil.
Gross Profit was 1.022 + 4.572 + 6.273 + 131.946 = kr143.81 Mil.
Total Current Assets was kr60.45 Mil.
Total Assets was kr464.86 Mil.
Property, Plant and Equipment(Net PPE) was kr1.53 Mil.
Depreciation, Depletion and Amortization(DDA) was kr12.70 Mil.
Selling, General, & Admin. Expense(SGA) was kr49.38 Mil.
Total Current Liabilities was kr329.13 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
	=	(0 / 2.644)	/	(0 / 786.387)
	=	0	/	0
	=	1

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)
	=	(143.813 / 786.387)	/	(2.644 / 2.644)
	=	0.182878	/	1
	=	0.1829

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 - (376.808 + 0.156) / 389.809)	/	(1 - (60.447 + 1.53) / 464.856)
	=	0.032952	/	0.866675
	=	0.038

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
	=	2.644	/	786.387
	=	0.0034

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))
	=	(12.695 / (12.695 + 1.53))	/	(2.718 / (2.718 + 0.156))
	=	0.892443	/	0.94572
	=	0.9437

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 / 2.644)	/	(49.378 / 786.387)
	=	0	/	0.062791
	=	0

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)
	=	((0 + 721.789) / 389.809)	/	((0 + 329.129) / 464.856)
	=	1.851648	/	0.708024
	=	2.6152

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
	=	(110.49 - 0	-	-8.812)	/	389.809
	=	0.306052

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.

Jason Shipping ASA has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.

Jason Shipping ASA Beneish M-Score Related Terms

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Jason Shipping ASA (LTS:0EF0) Business Description

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