Itochu Enex Co Beneish M-Score Historical Data
The historical data trend for Itochu Enex Co'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.
Itochu Enex Co Beneish M-Score Chart
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Itochu Enex Co Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.96 |
-2.77 |
-2.40 |
-2.67 |
-2.69 |
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Itochu Enex Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.67 |
-2.82 |
-2.68 |
-2.69 |
-2.69 |
Competitive Comparison of Itochu Enex Co's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Itochu Enex Co'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.
Itochu Enex Co's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Itochu Enex Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Itochu Enex Co's Beneish M-Score falls into.
Itochu Enex Co 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 Itochu Enex Co 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 * 1.0727 | + | 0.528 * 0.962 | + | 0.404 * 1.0313 | + | 0.892 * 0.9519 | + | 0.115 * 0.9318 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.071 | + | 4.679 * -0.046479 | - | 0.327 * 0.9775 |
| = | -2.69 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was 円118,360 Mil.
Revenue was 253928 + 253739 + 240892 + 214743 = 円963,302 Mil.
Gross Profit was 21940 + 23734 + 21806 + 21132 = 円88,612 Mil.
Total Current Assets was 円216,519 Mil.
Total Assets was 円444,304 Mil.
Property, Plant and Equipment(Net PPE) was 円130,475 Mil.
Depreciation, Depletion and Amortization(DDA) was 円20,650 Mil.
Selling, General, & Admin. Expense(SGA) was 円70,227 Mil.
Total Current Liabilities was 円172,858 Mil.
Long-Term Debt & Capital Lease Obligation was 円48,292 Mil.
Net Income was 651 + 4319 + 3778 + 5139 = 円13,887 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 14179 + 7870 + 3756 + 8733 = 円34,538 Mil.
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Total Receivables was 円115,920 Mil.
Revenue was 249030 + 263466 + 254169 + 245353 = 円1,012,018 Mil.
Gross Profit was 22471 + 23101 + 21610 + 22374 = 円89,556 Mil.
Total Current Assets was 円191,141 Mil.
Total Assets was 円433,024 Mil.
Property, Plant and Equipment(Net PPE) was 円149,920 Mil.
Depreciation, Depletion and Amortization(DDA) was 円21,873 Mil.
Selling, General, & Admin. Expense(SGA) was 円68,889 Mil.
Total Current Liabilities was 円166,123 Mil.
Long-Term Debt & Capital Lease Obligation was 円54,364 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) |
| = | (118360 / 963302) | / | (115920 / 1012018) |
| = | 0.122869 | / | 0.114543 |
| | = | 1.0727 |
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) |
| = | (89556 / 1012018) | / | (88612 / 963302) |
| = | 0.088492 | / | 0.091988 |
| | = | 0.962 |
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 - (216519 + 130475) / 444304) | / | (1 - (191141 + 149920) / 433024) |
| = | 0.219017 | / | 0.212374 |
| | = | 1.0313 |
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 |
| = | 963302 | / | 1012018 |
| | = | 0.9519 |
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)) |
| = | (21873 / (21873 + 149920)) | / | (20650 / (20650 + 130475)) |
| = | 0.127322 | / | 0.136642 |
| | = | 0.9318 |
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) |
| = | (70227 / 963302) | / | (68889 / 1012018) |
| = | 0.072902 | / | 0.068071 |
| | = | 1.071 |
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) |
| = | ((48292 + 172858) / 444304) | / | ((54364 + 166123) / 433024) |
| = | 0.497745 | / | 0.50918 |
| | = | 0.9775 |
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 |
| = | (13887 - 0 | - | 34538) | / | 444304 |
| | = | -0.046479 |
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.
Itochu Enex Co has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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