Esfahans Mobarakeh Steel Co Beneish M-Score Historical Data
The historical data trend for Esfahans Mobarakeh Steel 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.
Esfahans Mobarakeh Steel Co Beneish M-Score Chart
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Esfahans Mobarakeh Steel Co Annual Data
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|
Trend |
Mar11 |
Mar12 |
Mar13 |
Mar14 |
Mar15 |
| Beneish M-Score |
|
- |
- |
-1.17 |
-1.20 |
-1.53 |
|
Esfahans Mobarakeh Steel Co Semi-Annual Data
|
|
Mar11 |
Mar12 |
Mar13 |
Mar14 |
Mar15 |
| Beneish M-Score |
- |
- |
-1.17 |
-1.20 |
-1.53 |
Competitive Comparison of Esfahans Mobarakeh Steel Co's Beneish M-Score
For the Steel subindustry, Esfahans Mobarakeh Steel 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.
Esfahans Mobarakeh Steel Co's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Esfahans Mobarakeh Steel Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Esfahans Mobarakeh Steel Co's Beneish M-Score falls into.
Esfahans Mobarakeh Steel 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 Esfahans Mobarakeh Steel 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 * 0.7689 | + | 0.528 * 1.3931 | + | 0.404 * 1.4559 | + | 0.892 * 1.096 | + | 0.115 * 1.0749 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0425 | + | 4.679 * 0.102234 | - | 0.327 * 0.9955 |
| = | -1.73 |
* 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 (Mar15) TTM: | Last Year (Mar14) TTM: |
Total Receivables was IRR21,968,536 Mil.
Revenue was IRR122,040,518 Mil.
Gross Profit was IRR34,605,044 Mil.
Total Current Assets was IRR95,475,709 Mil.
Total Assets was IRR190,865,334 Mil.
Property, Plant and Equipment(Net PPE) was IRR67,293,158 Mil.
Depreciation, Depletion and Amortization(DDA) was IRR3,714,161 Mil.
Selling, General, & Admin. Expense(SGA) was IRR4,190,842 Mil.
Total Current Liabilities was IRR92,950,166 Mil.
Long-Term Debt & Capital Lease Obligation was IRR5,261,391 Mil.
Net Income was IRR25,406,027 Mil.
Gross Profit was IRR0 Mil.
Cash Flow from Operations was IRR5,893,147 Mil.
|
Total Receivables was IRR26,069,776 Mil.
Revenue was IRR111,353,479 Mil.
Gross Profit was IRR43,986,599 Mil.
Total Current Assets was IRR89,793,098 Mil.
Total Assets was IRR159,192,316 Mil.
Property, Plant and Equipment(Net PPE) was IRR53,303,369 Mil.
Depreciation, Depletion and Amortization(DDA) was IRR3,175,393 Mil.
Selling, General, & Admin. Expense(SGA) was IRR3,667,826 Mil.
Total Current Liabilities was IRR76,817,656 Mil.
Long-Term Debt & Capital Lease Obligation was IRR5,468,055 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) |
| = | (21968536 / 122040518) | / | (26069776 / 111353479) |
| = | 0.18001 | / | 0.234117 |
| | = | 0.7689 |
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) |
| = | (43986599 / 111353479) | / | (34605044 / 122040518) |
| = | 0.395018 | / | 0.283554 |
| | = | 1.3931 |
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 - (95475709 + 67293158) / 190865334) | / | (1 - (89793098 + 53303369) / 159192316) |
| = | 0.147206 | / | 0.101109 |
| | = | 1.4559 |
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 |
| = | 122040518 | / | 111353479 |
| | = | 1.096 |
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)) |
| = | (3175393 / (3175393 + 53303369)) | / | (3714161 / (3714161 + 67293158)) |
| = | 0.056223 | / | 0.052307 |
| | = | 1.0749 |
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) |
| = | (4190842 / 122040518) | / | (3667826 / 111353479) |
| = | 0.03434 | / | 0.032939 |
| | = | 1.0425 |
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) |
| = | ((5261391 + 92950166) / 190865334) | / | ((5468055 + 76817656) / 159192316) |
| = | 0.514559 | / | 0.516895 |
| | = | 0.9955 |
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 |
| = | (25406027 - 0 | - | 5893147) | / | 190865334 |
| | = | 0.102234 |
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.
Esfahans Mobarakeh Steel Co has a M-score of -1.73 signals that the company is likely to be a manipulator.
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