Brooge Energy Limited
BROGF Energy Oil & Gas Midstream
Brooge Energy Limited’s revenue for fiscal 2022 (year ended December 2022) was $81.5 million. Revenue growth for five consecutive years, operating cash flow growth for five.
Follow BROGF
Brooge Energy Limited (BROGF) Beneish M-score
Brooge Energy Limited's Beneish M-score for fiscal 2022 is −1.95; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −1.95 | (20.54) |
| FY2021 | 18.59 | 22.45 |
| FY2020 | −3.86 | — |
How fiscal 2022’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.60 | — | 0.55 | |
| Gross margin index | 0.90 | — | 0.47 | |
| Asset quality index | 1.83 | — | 0.74 | |
| Sales growth index | 1.95 | — | 1.74 | |
| Depreciation index | 0.59 | — | 0.07 | |
| SG&A index | 1.20 | — | −0.21 | |
| Total accruals to total assets | (0.04) | — | −0.17 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Elevated | −1.95 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TORO Toro Corp. compare | −5.5× |
| PXS Pyxis Tankers Inc. compare | −3.6× |
| KNOP KNOT Offshore Partners LP compare | −3.4× |
| MMLP Martin Midstream Partners L.P. compare | −3.0× |
| SMC Summit Midstream Partners, LP compare | −2.7× |
| IMPP Imperial Petroleum Inc. compare | −2.6× |
| DLNG Dynagas LNG Partners LP compare | −2.4× |
| BROGF Brooge Energy Limited | −1.9× |
| SBR Sabine Royalty Trust compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI