Power Machines - ZTL LMZ Electrosila Energomachexp (RTC:IGSTP.PFD) Beneish M-Score : 4.44 (As of May. 14, 2024)

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What is Power Machines - ZTL LMZ Electrosila Energomachexp 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 4.44 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Power Machines - ZTL LMZ Electrosila Energomachexp's Beneish M-Score or its related term are showing as below:

RTC:IGSTP.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -9.64 Med: -2.69 Max: 12.04
Current: 4.44

During the past 13 years, the highest Beneish M-Score of Power Machines - ZTL LMZ Electrosila Energomachexp was 12.04. The lowest was -9.64. And the median was -2.69.

Power Machines - ZTL LMZ Electrosila Energomachexp Beneish M-Score Historical Data

The historical data trend for Power Machines - ZTL LMZ Electrosila Energomachexp'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.

Power Machines - ZTL LMZ Electrosila Energomachexp Beneish M-Score Chart

Power Machines - ZTL LMZ Electrosila Energomachexp Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

Get a 7-Day Free Trial

-2.27

-3.82

-3.97

-4.66

4.44

Power Machines - ZTL LMZ Electrosila Energomachexp Semi-Annual Data
	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21
Beneish M-Score	Get a 7-Day Free Trial								-2.27	-3.82	-3.97	-4.66	4.44

Competitive Comparison of Power Machines - ZTL LMZ Electrosila Energomachexp's Beneish M-Score

For the Steel subindustry, Power Machines - ZTL LMZ Electrosila Energomachexp'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.

Power Machines - ZTL LMZ Electrosila Energomachexp's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Power Machines - ZTL LMZ Electrosila Energomachexp's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Power Machines - ZTL LMZ Electrosila Energomachexp's Beneish M-Score falls into.

Power Machines - ZTL LMZ Electrosila Energomachexp 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 Power Machines - ZTL LMZ Electrosila Energomachexp 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 * 1.1325

0.528 * 0.4199

0.404 * 13.2345

0.892 * 1.6539

0.115 * 0.9003

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0002

4.679 * 0.320841

0.327 * 0.7501

4.43

This Year (Dec21) TTM:

Last Year (Dec20) TTM:

Total Receivables was ₽2,305.82 Mil.
Revenue was ₽27,946.67 Mil.
Gross Profit was ₽5,138.43 Mil.
Total Current Assets was ₽8,920.27 Mil.
Total Assets was ₽12,699.69 Mil.
Property, Plant and Equipment(Net PPE) was ₽3,502.76 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽531.48 Mil.
Selling, General, & Admin. Expense(SGA) was ₽2,198.50 Mil.
Total Current Liabilities was ₽11,942.42 Mil.
Long-Term Debt & Capital Lease Obligation was ₽4,035.46 Mil.
Net Income was ₽2,557.33 Mil.
Gross Profit was ₽0.00 Mil.
Cash Flow from Operations was ₽-1,517.25 Mil.

Total Receivables was ₽1,231.04 Mil.
Revenue was ₽16,897.08 Mil.
Gross Profit was ₽1,304.50 Mil.
Total Current Assets was ₽4,625.47 Mil.
Total Assets was ₽8,449.34 Mil.
Property, Plant and Equipment(Net PPE) was ₽3,809.96 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽512.68 Mil.
Selling, General, & Admin. Expense(SGA) was ₽1,329.05 Mil.
Total Current Liabilities was ₽12,114.77 Mil.
Long-Term Debt & Capital Lease Obligation was ₽2,057.21 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)
	=	(2305.821 / 27946.669)	/	(1231.042 / 16897.079)
	=	0.082508	/	0.072855
	=	1.1325

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)
	=	(1304.504 / 16897.079)	/	(5138.43 / 27946.669)
	=	0.077203	/	0.183866
	=	0.4199

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 - (8920.272 + 3502.763) / 12699.685)	/	(1 - (4625.474 + 3809.964) / 8449.344)
	=	0.021784	/	0.001646
	=	13.2345

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
	=	27946.669	/	16897.079
	=	1.6539

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))
	=	(512.68 / (512.68 + 3809.964))	/	(531.477 / (531.477 + 3502.763))
	=	0.118603	/	0.131742
	=	0.9003

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)
	=	(2198.504 / 27946.669)	/	(1329.048 / 16897.079)
	=	0.078668	/	0.078655
	=	1.0002

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)
	=	((4035.459 + 11942.417) / 12699.685)	/	((2057.209 + 12114.768) / 8449.344)
	=	1.258132	/	1.677287
	=	0.7501

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
	=	(2557.333 - 0	-	-1517.247)	/	12699.685
	=	0.320841

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.

Power Machines - ZTL LMZ Electrosila Energomachexp has a M-score of 4.43 signals that the company is likely to be a manipulator.

Power Machines - ZTL LMZ Electrosila Energomachexp Beneish M-Score Related Terms

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Power Machines - ZTL LMZ Electrosila Energomachexp (RTC:IGSTP.PFD) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Power Machines - ZTL LMZ Electrosila Energomachexp (RTC:IGSTP.PFD) » Definitions » Beneish M-Score

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IGSTP:Russia IGST:Russia

Address

Novoazhimova street, 6, Udmurt Republic, Izhevsk, RUS, 426006

Website

http://www.mechel.com

Izhstal PAO is a specialty steel and stainless long products manufacturers. It serves a diverse range of markets including aircraft, defense, automotive, agricultural, power, oil and gas and construction industries. The company produces billets, flat and long rolls, structural shapes and sections, rebar, a wide assortment of hardware, stampings and forgings of carbon, construction, engineering, high-speed, stainless, corrosion-resistant and other specialty steels and alloys.

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