Borouge Beneish M-Score Historical Data
The historical data trend for Borouge'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.
Borouge Beneish M-Score Chart
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Borouge Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
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Borouge Quarterly Data
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Mar21 |
Dec21 |
Mar22 |
Sep22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.87 |
Competitive Comparison of Borouge's Beneish M-Score
For the Specialty Chemicals subindustry, Borouge'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.
Borouge's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Borouge's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Borouge's Beneish M-Score falls into.
Borouge 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 Borouge 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 * 0.7991 | + | 0.528 * 1.0132 | + | 0.404 * 1.026 | + | 0.892 * 1.2295 | + | 0.115 * 0.2311 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5279 | + | 4.679 * -0.085925 | - | 0.327 * 1.052 |
| = | -2.87 |
* 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 د.إ3,381 Mil.
Revenue was 4782.867 + 5498.959 + 5496.369 + 5201.139 = د.إ20,979 Mil.
Gross Profit was 2102.666 + 2196.742 + 2135.734 + 1898.838 = د.إ8,334 Mil.
Total Current Assets was د.إ8,743 Mil.
Total Assets was د.إ33,739 Mil.
Property, Plant and Equipment(Net PPE) was د.إ24,176 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ2,116 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ1,396 Mil.
Total Current Liabilities was د.إ5,940 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ11,766 Mil.
Net Income was 993.845 + 1047.86 + 1025.102 + 840.976 = د.إ3,908 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 2182.05 + 1333.03 + 2608.494 + 683.266 = د.إ6,807 Mil.
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Total Receivables was د.إ3,441 Mil.
Revenue was 5075.016 + 6149.05 + 5839.569 + 0 = د.إ17,064 Mil.
Gross Profit was 1716.871 + 2499.226 + 2651.879 + 0 = د.إ6,868 Mil.
Total Current Assets was د.إ7,219 Mil.
Total Assets was د.إ33,840 Mil.
Property, Plant and Equipment(Net PPE) was د.إ25,820 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ489 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ2,151 Mil.
Total Current Liabilities was د.إ3,498 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ13,383 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) |
| = | (3380.98 / 20979.334) | / | (3441.088 / 17063.635) |
| = | 0.161158 | / | 0.201662 |
| | = | 0.7991 |
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) |
| = | (6867.976 / 17063.635) | / | (8333.98 / 20979.334) |
| = | 0.402492 | / | 0.397247 |
| | = | 1.0132 |
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 - (8743.032 + 24176.368) / 33739.216) | / | (1 - (7218.581 + 25820.44) / 33840.487) |
| = | 0.024299 | / | 0.023684 |
| | = | 1.026 |
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 |
| = | 20979.334 | / | 17063.635 |
| | = | 1.2295 |
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)) |
| = | (489.277 / (489.277 + 25820.44)) | / | (2115.937 / (2115.937 + 24176.368)) |
| = | 0.018597 | / | 0.080477 |
| | = | 0.2311 |
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) |
| = | (1395.842 / 20979.334) | / | (2150.717 / 17063.635) |
| = | 0.066534 | / | 0.126041 |
| | = | 0.5279 |
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) |
| = | ((11765.801 + 5939.811) / 33739.216) | / | ((13383.303 + 3498.409) / 33840.487) |
| = | 0.524778 | / | 0.498861 |
| | = | 1.052 |
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 |
| = | (3907.783 - 0 | - | 6806.84) | / | 33739.216 |
| | = | -0.085925 |
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.
Borouge has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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