PAS
CyclicalsValuation Breakdown
Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.
Valuation Track Record
Retroactive intrinsic value vs actual close price — PAS
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
The Beneish M-Score of -3.8217 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality score of 50.0/100, combined with concerning metrics such as a very low accrual score of 0.0/100, suggests potential issues with earnings sustainability.
- Earnings Quality Score of 50.0/100 indicates average earnings quality, with an accrual score of 0.0/100 highlighting potential issues with revenue recognition.
- SGI of 1.5524 suggests aggressive growth which may not be supported by actual cash flows, raising concerns about sustainability.
- Cash conversion score of 100.0/100 indicates strong cash flow generation relative to earnings, suggesting that the company is able to convert its profits into cash effectively.
The ownership structure is fragmented with no single shareholder holding a significant controlling stake, which may reduce the risk of governance issues but could also lead to lack of strategic direction.
Investors should closely monitor cash flow trends and earnings quality metrics, considering a cautious approach to investment until further clarity on revenue sustainability is achieved.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for PAS — hover nodes for intel, click to navigate