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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 -3.28 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 -3.17. And the median was -3.09.
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 * 0.8793||+||0.528 * 1.0501||+||0.404 * 0.3522||+||0.892 * 1.049||+||0.115 * 0.898|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9038||+||4.679 * -0.1037||-||0.327 * 1.0599|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $1,676 Mil.|
Revenue was 4412.24862888 + 5014.47876448 + 4417.30769231 + 4295.38763494 = $18,139 Mil.
Gross Profit was 835.466179159 + 1141.89189189 + 952.884615385 + 1132.4828263 = $4,063 Mil.
Total Current Assets was $5,128 Mil.
Total Assets was $23,057 Mil.
Property, Plant and Equipment(Net PPE) was $17,191 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,751 Mil.
Selling, General & Admin. Expense(SGA) was $334 Mil.
Total Current Liabilities was $3,454 Mil.
Long-Term Debt was $4,568 Mil.
Net Income was -53.0164533821 + 357.142857143 + 172.115384615 + 167.81157998 = $644 Mil.
Non Operating Income was -157.221206581 + -10.6177606178 + -122.115384615 + -52.9931305201 = $-343 Mil.
Cash Flow from Operations was 892.138939671 + 810.810810811 + 796.153846154 + 878.312070658 = $3,377 Mil.
|Accounts Receivable was $1,818 Mil.
Revenue was 3832.66129032 + 4520.77001013 + 4219.92110454 + 4719.03323263 = $17,292 Mil.
Gross Profit was 893.14516129 + 1227.96352584 + 881.656804734 + 1064.45115811 = $4,067 Mil.
Total Current Assets was $4,616 Mil.
Total Assets was $24,411 Mil.
Property, Plant and Equipment(Net PPE) was $17,578 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,591 Mil.
Selling, General & Admin. Expense(SGA) was $352 Mil.
Total Current Liabilities was $3,296 Mil.
Long-Term Debt was $4,717 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)|
|=||(1676.41681901 / 18139.4227206)||/||(1817.54032258 / 17292.3856376)|
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)|
|=||(1141.89189189 / 17292.3856376)||/||(835.466179159 / 18139.4227206)|
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 - (5127.97074954 + 17191.0420475) / 23056.6727605)||/||(1 - (4615.92741935 + 17577.6209677) / 24411.2903226)|
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))|
|=||(1591.11436034 / (1591.11436034 + 17577.6209677))||/||(1750.90050313 / (1750.90050313 + 17191.0420475))|
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)|
|=||(333.759626963 / 18139.4227206)||/||(352.034479143 / 17292.3856376)|
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)|
|=||((4567.6416819 + 3454.29616088) / 23056.6727605)||/||((4716.73387097 + 3296.37096774) / 24411.2903226)|
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|
|=||(644.053368357 - -342.947482335||-||3377.41566729)||/||23056.6727605|
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 -3.28 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