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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Cenovus Energy Inc has a M-score of -3.16 suggests that the company is not a manipulator.
During the past 6 years, the highest Beneish M-Score of Cenovus Energy Inc was -2.60. The lowest was -3.19. And the median was -3.00.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Cenovus Energy Inc 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 * 0.8372||+||0.528 * 1.128||+||0.404 * 0.3782||+||0.892 * 1.0966||+||0.115 * 0.9866|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9432||+||4.679 * -0.0891||-||0.327 * 1.0816|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $2,015 Mil.|
Revenue was 4654.2311192 + 4412.24862888 + 5014.47876448 + 4417.30769231 = $18,498 Mil.
Gross Profit was 1092.81164695 + 835.466179159 + 1141.89189189 + 952.884615385 = $4,023 Mil.
Total Current Assets was $4,238 Mil.
Total Assets was $22,738 Mil.
Property, Plant and Equipment(Net PPE) was $17,755 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,717 Mil.
Selling, General & Admin. Expense(SGA) was $351 Mil.
Total Current Liabilities was $3,658 Mil.
Long-Term Debt was $4,728 Mil.
Net Income was 224.74977252 + -53.0164533821 + 357.142857143 + 172.115384615 = $701 Mil.
Non Operating Income was 101.000909918 + -157.221206581 + -10.6177606178 + -122.115384615 = $-189 Mil.
Cash Flow from Operations was 415.832575068 + 892.138939671 + 810.810810811 + 796.153846154 = $2,915 Mil.
|Accounts Receivable was $2,195 Mil.
Revenue was 4295.38763494 + 3832.66129032 + 4520.77001013 + 4219.92110454 = $16,869 Mil.
Gross Profit was 1135.42688911 + 893.14516129 + 1227.96352584 + 881.656804734 = $4,138 Mil.
Total Current Assets was $4,785 Mil.
Total Assets was $24,017 Mil.
Property, Plant and Equipment(Net PPE) was $17,153 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,635 Mil.
Selling, General & Admin. Expense(SGA) was $340 Mil.
Total Current Liabilities was $3,500 Mil.
Long-Term Debt was $4,689 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(2015.46860783 / 18498.2662049)||/||(2195.28949951 / 16868.7400399)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(835.466179159 / 16868.7400399)||/||(1092.81164695 / 18498.2662049)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (4238.39854413 + 17755.2320291) / 22737.9435851)||/||(1 - (4785.08341511 + 17153.0912659) / 24016.6830226)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(1634.81081452 / (1634.81081452 + 17153.0912659))||/||(1717.48713153 / (1717.48713153 + 17755.2320291))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(351.488296349 / 18498.2662049)||/||(339.831294338 / 16868.7400399)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((4727.9344859 + 3657.87079163) / 22737.9435851)||/||((4688.91069676 + 3500.49067713) / 24016.6830226)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(700.991560897 - -188.953441896||-||2914.9361717)||/||22737.9435851|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Cenovus Energy Inc has a M-score of -3.16 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Cenovus Energy Inc Annual Data
Cenovus Energy Inc Quarterly Data