Buryatzoloto PJSC (MIC:BRZL) Beneish M-Score : 7.68 (As of May. 11, 2024)

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What is Buryatzoloto PJSC 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 7.68 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MIC:BRZL' s Beneish M-Score Range Over the Past 10 Years
Min: -6.19 Med: -1.24 Max: 11.79
Current: 7.68

During the past 13 years, the highest Beneish M-Score of Buryatzoloto PJSC was 11.79. The lowest was -6.19. And the median was -1.24.

Buryatzoloto PJSC Beneish M-Score Historical Data

The historical data trend for Buryatzoloto PJSC'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.

* Premium members only.

Buryatzoloto PJSC Beneish M-Score Chart

Buryatzoloto PJSC Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

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11.79

6.34

-3.72

-1.36

7.68

Buryatzoloto PJSC Quarterly Data
	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Sep20	Dec20	Mar21	Sep21	Dec21	Mar22	Sep22	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-1.24	7.68	1.31	-	-

Competitive Comparison of Buryatzoloto PJSC's Beneish M-Score

For the Gold subindustry, Buryatzoloto PJSC'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.

Buryatzoloto PJSC's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Buryatzoloto PJSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Buryatzoloto PJSC's Beneish M-Score falls into.

Buryatzoloto PJSC 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 Buryatzoloto PJSC 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 * 11.9301

0.528 * 0.8948

0.404 * 1.8308

0.892 * 1.0267

0.115 * 1.0023

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8892

4.679 * -0.015

0.327 * 1.4547

7.68

This Year (Dec21) TTM:

Last Year (Dec20) TTM:

Total Receivables was ₽12,951 Mil.
Revenue was ₽6,373 Mil.
Gross Profit was ₽3,124 Mil.
Total Current Assets was ₽16,395 Mil.
Total Assets was ₽20,496 Mil.
Property, Plant and Equipment(Net PPE) was ₽2,458 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽483 Mil.
Selling, General, & Admin. Expense(SGA) was ₽225 Mil.
Total Current Liabilities was ₽1,085 Mil.
Long-Term Debt & Capital Lease Obligation was ₽0 Mil.
Net Income was ₽2,699 Mil.
Gross Profit was ₽0 Mil.
Cash Flow from Operations was ₽3,007 Mil.

Total Receivables was ₽1,057 Mil.
Revenue was ₽6,207 Mil.
Gross Profit was ₽2,723 Mil.
Total Current Assets was ₽14,616 Mil.
Total Assets was ₽17,572 Mil.
Property, Plant and Equipment(Net PPE) was ₽2,186 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽431 Mil.
Selling, General, & Admin. Expense(SGA) was ₽247 Mil.
Total Current Liabilities was ₽640 Mil.
Long-Term Debt & Capital Lease Obligation was ₽0 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)
	=	(12950.91 / 6372.8)	/	(1057.373 / 6207.286)
	=	2.032217	/	0.170344
	=	11.9301

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)
	=	(2722.661 / 6207.286)	/	(3123.962 / 6372.8)
	=	0.438623	/	0.490202
	=	0.8948

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 - (16395.357 + 2458.383) / 20496.331)	/	(1 - (14616.322 + 2186.053) / 17571.542)
	=	0.080141	/	0.043773
	=	1.8308

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
	=	6372.8	/	6207.286
	=	1.0267

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))
	=	(430.822 / (430.822 + 2186.053))	/	(483.173 / (483.173 + 2458.383))
	=	0.164632	/	0.164258
	=	1.0023

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)
	=	(225.488 / 6372.8)	/	(247.01 / 6207.286)
	=	0.035383	/	0.039794
	=	0.8892

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 + 1085.217) / 20496.331)	/	((0 + 639.565) / 17571.542)
	=	0.052947	/	0.036398
	=	1.4547

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
	=	(2699.427 - 0	-	3006.869)	/	20496.331
	=	-0.015

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.

Buryatzoloto PJSC has a M-score of 7.68 signals that the company is likely to be a manipulator.

Buryatzoloto PJSC Beneish M-Score Related Terms

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