United Co RUSAL International PJSC (MIC:RUAL) Beneish M-Score : -1.87 (As of May. 20, 2024)

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What is United Co RUSAL International 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.

Good Sign:

Beneish M-Score -1.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIC:RUAL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -2.19 Max: -1.06
Current: -1.87

During the past 13 years, the highest Beneish M-Score of United Co RUSAL International PJSC was -1.06. The lowest was -2.90. And the median was -2.19.

United Co RUSAL International PJSC Beneish M-Score Historical Data

The historical data trend for United Co RUSAL International 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.

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United Co RUSAL International PJSC Beneish M-Score Chart

United Co RUSAL International PJSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.35

-2.86

-1.06

-2.25

-1.87

United Co RUSAL International PJSC Semi-Annual Data
	Jun14	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															-1.06	-	-2.25	-	-1.87

Competitive Comparison of United Co RUSAL International PJSC's Beneish M-Score

For the Aluminum subindustry, United Co RUSAL International 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.

United Co RUSAL International PJSC's Beneish M-Score Distribution in the Metals & Mining Industry

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

* The bar in red indicates where United Co RUSAL International PJSC's Beneish M-Score falls into.

United Co RUSAL International 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 United Co RUSAL International 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 * 1.3933

0.528 * 1.5838

0.404 * 1.0193

0.892 * 1.2885

0.115 * 0.9335

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0599

4.679 * -0.068859

0.327 * 0.9598

-1.87

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₽141,300 Mil.
Revenue was ₽1,101,979 Mil.
Gross Profit was ₽159,527 Mil.
Total Current Assets was ₽716,607 Mil.
Total Assets was ₽1,936,697 Mil.
Property, Plant and Equipment(Net PPE) was ₽523,875 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽48,724 Mil.
Selling, General, & Admin. Expense(SGA) was ₽122,532 Mil.
Total Current Liabilities was ₽335,565 Mil.
Long-Term Debt & Capital Lease Obligation was ₽532,357 Mil.
Net Income was ₽25,445 Mil.
Gross Profit was ₽0 Mil.
Cash Flow from Operations was ₽158,805 Mil.

Total Receivables was ₽78,703 Mil.
Revenue was ₽855,209 Mil.
Gross Profit was ₽196,085 Mil.
Total Current Assets was ₽619,038 Mil.
Total Assets was ₽1,507,417 Mil.
Property, Plant and Equipment(Net PPE) was ₽356,735 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽30,784 Mil.
Selling, General, & Admin. Expense(SGA) was ₽89,719 Mil.
Total Current Liabilities was ₽280,969 Mil.
Long-Term Debt & Capital Lease Obligation was ₽422,892 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)
	=	(141300.184 / 1101979.023)	/	(78703.201 / 855208.815)
	=	0.128224	/	0.092028
	=	1.3933

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)
	=	(196084.803 / 855208.815)	/	(159526.645 / 1101979.023)
	=	0.229283	/	0.144764
	=	1.5838

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 - (716606.681 + 523875.396) / 1936696.778)	/	(1 - (619038.011 + 356734.806) / 1507417.226)
	=	0.359486	/	0.352686
	=	1.0193

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
	=	1101979.023	/	855208.815
	=	1.2885

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))
	=	(30783.601 / (30783.601 + 356734.806))	/	(48724.201 / (48724.201 + 523875.396))
	=	0.079438	/	0.085093
	=	0.9335

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)
	=	(122532.344 / 1101979.023)	/	(89719.202 / 855208.815)
	=	0.111193	/	0.104909
	=	1.0599

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)
	=	((532357.016 + 335565.38) / 1936696.778)	/	((422892.007 + 280969.205) / 1507417.226)
	=	0.448146	/	0.466932
	=	0.9598

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
	=	(25444.861 - 0	-	158804.805)	/	1936696.778
	=	-0.068859

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.

United Co RUSAL International PJSC has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.

United Co RUSAL International PJSC Beneish M-Score Related Terms

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United Co RUSAL International PJSC (MIC:RUAL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » United Co RUSAL International PJSC (MIC:RUAL) » Definitions » Beneish M-Score

Traded in Other Exchanges

00486:Hong Kong

Address

Oktyabrskaya Street 8, Office 410, Kaliningrad, RUS, 236006

Website

https://www.rusal.ru

United Co RUSAL International PJSC produces aluminium and aluminium products. Its products are primary aluminium, aluminium alloys, high-purity aluminium, wire rod, foil and packaging, aluminium powder, bauxite and alumina, silicon, gallium, corundum, and aluminium protectors. The Aluminium segment is a key revenue driver, covers the production and sale of primary aluminium and related products. Alumina segment encompasses mining and refining of bauxite into alumina and sale of alumina. The Energy segment comprises mining and sale of coal and generation and transmission of electricity produced from various sources. Mining and metals segment consists of equity investments in Norilsk Nickel. It has four segments Aluminium, Alumina, Energy and Mining and Metals.

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