CVE has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
During the past 9 years, the highest Beneish M-Score of Cenovus Energy Inc was 2.34. The lowest was -3.72. And the median was -3.20.
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 * 0.5342||+||0.528 * 1.0847||+||0.404 * 1.0636||+||0.892 * 0.9149||+||0.115 * 1.3475|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0574||+||4.679 * -0.0421||-||0.327 * 1.0966|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $22 Mil.|
Revenue was 2770.07271909 + 2501.52578578 + 2360.01240887 + 1712.53591411 = $9,344 Mil.
Gross Profit was 437.81392908 + 340.250228868 + 426.554986816 + -15.1217299259 = $1,189 Mil.
Total Current Assets was $5,114 Mil.
Total Assets was $18,935 Mil.
Property, Plant and Equipment(Net PPE) was $13,503 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,145 Mil.
Selling, General & Admin. Expense(SGA) was $248 Mil.
Total Current Liabilities was $2,002 Mil.
Long-Term Debt was $4,747 Mil.
Net Income was 68.2210060724 + -191.486115349 + -207.073057236 + -89.2182065628 = $-420 Mil.
Non Operating Income was -230.152185321 + -45.0106805005 + -279.199627734 + 275.971571148 = $-278 Mil.
Cash Flow from Operations was 122.947747207 + 236.49679585 + 158.988676904 + 137.607742326 = $656 Mil.
|Accounts Receivable was $44 Mil.
Revenue was 2154.88952089 + 2493.59264285 + 3056.20703599 + 2508.32144555 = $10,213 Mil.
Gross Profit was 91.8836140888 + 286.446555103 + 714.921148403 + 317.007449675 = $1,410 Mil.
Total Current Assets was $4,720 Mil.
Total Assets was $18,808 Mil.
Property, Plant and Equipment(Net PPE) was $13,790 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,623 Mil.
Selling, General & Admin. Expense(SGA) was $256 Mil.
Total Current Liabilities was $1,355 Mil.
Long-Term Debt was $4,758 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)|
|=||(21.7407601769 / 9344.14682785)||/||(44.4833369795 / 10213.0106453)|
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)|
|=||(1410.25876727 / 10213.0106453)||/||(1189.49741484 / 9344.14682785)|
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 - (5114.32641128 + 13502.5114326) / 18935.4524327)||/||(1 - (4720.33836506 + 13789.8344636) / 18807.7007219)|
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))|
|=||(1623.20194205 / (1623.20194205 + 13789.8344636))||/||(1144.72198094 / (1144.72198094 + 13502.5114326))|
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)|
|=||(248.150529902 / 9344.14682785)||/||(256.496480116 / 10213.0106453)|
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)|
|=||((4746.98253242 + 2002.39898043) / 18935.4524327)||/||((4758.25858674 + 1354.91869029) / 18807.7007219)|
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|
|=||(-419.556373076 - -278.390922408||-||656.040962287)||/||18935.4524327|
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 -3.11 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