Rusolovo PJSC Beneish M-Score Historical Data
The historical data trend for Rusolovo 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.
Rusolovo PJSC Beneish M-Score Chart
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Rusolovo PJSC Annual Data
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Trend |
Dec13 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-4.47 |
-3.59 |
1.09 |
-2.10 |
-3.08 |
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Rusolovo PJSC Semi-Annual Data
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Dec13 |
Jun14 |
Dec14 |
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Jun23 |
| Beneish M-Score |
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-2.10 |
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-3.08 |
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Competitive Comparison of Rusolovo PJSC's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Rusolovo 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.
Rusolovo PJSC's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Rusolovo PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rusolovo PJSC's Beneish M-Score falls into.
Rusolovo 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 Rusolovo PJSC 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 * 0.8643 | + | 0.528 * 1.7467 | + | 0.404 * 0.8219 | + | 0.892 * 1.0083 | + | 0.115 * 0.8452 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.0018 | + | 4.679 * -0.128395 | - | 0.327 * 1.0288 |
| = | -3.08 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was ₽1,222 Mil.
Revenue was ₽5,997 Mil.
Gross Profit was ₽1,644 Mil.
Total Current Assets was ₽4,674 Mil.
Total Assets was ₽20,596 Mil.
Property, Plant and Equipment(Net PPE) was ₽15,228 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽824 Mil.
Selling, General, & Admin. Expense(SGA) was ₽490 Mil.
Total Current Liabilities was ₽6,250 Mil.
Long-Term Debt & Capital Lease Obligation was ₽6,526 Mil.
Net Income was ₽-278 Mil.
Gross Profit was ₽0 Mil.
Cash Flow from Operations was ₽2,367 Mil.
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Total Receivables was ₽1,402 Mil.
Revenue was ₽5,948 Mil.
Gross Profit was ₽2,848 Mil.
Total Current Assets was ₽4,367 Mil.
Total Assets was ₽15,908 Mil.
Property, Plant and Equipment(Net PPE) was ₽10,888 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽494 Mil.
Selling, General, & Admin. Expense(SGA) was ₽243 Mil.
Total Current Liabilities was ₽3,225 Mil.
Long-Term Debt & Capital Lease Obligation was ₽6,367 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) |
| = | (1221.869 / 5997.311) | / | (1402.059 / 5947.721) |
| = | 0.203736 | / | 0.23573 |
| | = | 0.8643 |
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) |
| = | (2847.967 / 5947.721) | / | (1644.039 / 5997.311) |
| = | 0.478833 | / | 0.274129 |
| | = | 1.7467 |
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 - (4673.671 + 15227.588) / 20596.122) | / | (1 - (4366.762 + 10888.295) / 15908.077) |
| = | 0.033738 | / | 0.04105 |
| | = | 0.8219 |
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 |
| = | 5997.311 | / | 5947.721 |
| | = | 1.0083 |
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)) |
| = | (493.623 / (493.623 + 10888.295)) | / | (823.666 / (823.666 + 15227.588)) |
| = | 0.043369 | / | 0.051315 |
| | = | 0.8452 |
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) |
| = | (489.917 / 5997.311) | / | (242.712 / 5947.721) |
| = | 0.081689 | / | 0.040808 |
| | = | 2.0018 |
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) |
| = | ((6525.873 + 6250.476) / 20596.122) | / | ((6367.108 + 3225.163) / 15908.077) |
| = | 0.620328 | / | 0.602981 |
| | = | 1.0288 |
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 |
| = | (-277.575 - 0 | - | 2366.854) | / | 20596.122 |
| | = | -0.128395 |
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.
Rusolovo PJSC has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
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