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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 -2.87 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 -3.20. And the median was -3.02.
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 * 1.0936||+||0.528 * 1.1261||+||0.404 * 0.3831||+||0.892 * 1.1284||+||0.115 * 1.079|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8963||+||4.679 * -0.0916||-||0.327 * 1.0113|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $2,041 Mil.|
Revenue was 5176.90875233 + 4654.2311192 + 4412.24862888 + 5014.47876448 = $19,258 Mil.
Gross Profit was 1258.84543762 + 1092.81164695 + 835.466179159 + 1141.89189189 = $4,329 Mil.
Total Current Assets was $4,299 Mil.
Total Assets was $23,393 Mil.
Property, Plant and Equipment(Net PPE) was $18,334 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,708 Mil.
Selling, General & Admin. Expense(SGA) was $368 Mil.
Total Current Liabilities was $3,453 Mil.
Long-Term Debt was $4,672 Mil.
Net Income was 572.625698324 + 224.74977252 + -53.0164533821 + 357.142857143 = $1,102 Mil.
Non Operating Income was 160.148975791 + 101.000909918 + -157.221206581 + -10.6177606178 = $93 Mil.
Cash Flow from Operations was 1032.58845438 + 415.832575068 + 892.138939671 + 810.810810811 = $3,151 Mil.
|Accounts Receivable was $1,654 Mil.
Revenue was 4417.30769231 + 4295.38763494 + 3832.66129032 + 4520.77001013 = $17,066 Mil.
Gross Profit was 1063.46153846 + 1135.42688911 + 893.14516129 + 1227.96352584 = $4,320 Mil.
Total Current Assets was $4,546 Mil.
Total Assets was $23,548 Mil.
Property, Plant and Equipment(Net PPE) was $17,006 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,723 Mil.
Selling, General & Admin. Expense(SGA) was $363 Mil.
Total Current Liabilities was $3,330 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)|
|=||(2040.96834264 / 19257.8672649)||/||(1653.84615385 / 17066.1266277)|
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)|
|=||(1092.81164695 / 17066.1266277)||/||(1258.84543762 / 19257.8672649)|
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 - (4298.88268156 + 18334.264432) / 23392.9236499)||/||(1 - (4546.15384615 + 17005.7692308) / 23548.0769231)|
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))|
|=||(1722.58201768 / (1722.58201768 + 17005.7692308))||/||(1708.46263647 / (1708.46263647 + 18334.264432))|
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)|
|=||(367.614209542 / 19257.8672649)||/||(363.450623726 / 17066.1266277)|
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)|
|=||((4672.25325885 + 3452.51396648) / 23392.9236499)||/||((4757.69230769 + 3329.80769231) / 23548.0769231)|
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|
|=||(1101.50187461 - 93.3109185104||-||3151.37077993)||/||23392.9236499|
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 -2.87 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