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 8 years, the highest Beneish M-Score of Cenovus Energy Inc was 10.50. The lowest was -3.96. And the median was -2.87.
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 * 1.6031||+||0.528 * 1.9309||+||0.404 * 1.0986||+||0.892 * 0.6251||+||0.115 * 0.98|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.547||+||4.679 * -0.0819||-||0.327 * 1.0279|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $1,101 Mil.|
Revenue was 2360.01240887 + 1712.53591411 + 2154.88952089 + 2493.59264285 = $8,721 Mil.
Gross Profit was 426.554986816 + -15.1217299259 + 91.8836140888 + 286.446555103 = $790 Mil.
Total Current Assets was $4,832 Mil.
Total Assets was $19,167 Mil.
Property, Plant and Equipment(Net PPE) was $14,070 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,532 Mil.
Selling, General & Admin. Expense(SGA) was $259 Mil.
Total Current Liabilities was $1,671 Mil.
Long-Term Debt was $4,756 Mil.
Net Income was -207.073057236 + -89.2182065628 + -467.439655801 + 1357.60590984 = $594 Mil.
Non Operating Income was -279.199627734 + 275.971571148 + -248.669146066 + 1475.19975878 = $1,223 Mil.
Cash Flow from Operations was 158.988676904 + 137.607742326 + 234.813680449 + 408.563244384 = $940 Mil.
|Accounts Receivable was $1,098 Mil.
Revenue was 3056.20703599 + 2508.32144555 + 3761.70655567 + 4626.2828081 = $13,953 Mil.
Gross Profit was 718.156085726 + 316.214931051 + 356.399583767 + 1048.95104895 = $2,440 Mil.
Total Current Assets was $4,340 Mil.
Total Assets was $20,353 Mil.
Property, Plant and Equipment(Net PPE) was $15,757 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,678 Mil.
Selling, General & Admin. Expense(SGA) was $268 Mil.
Total Current Liabilities was $1,888 Mil.
Long-Term Debt was $4,751 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)|
|=||(1100.51186598 / 8721.03048672)||/||(1098.26122119 / 13952.5178453)|
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)|
|=||(2439.72164949 / 13952.5178453)||/||(789.763426082 / 8721.03048672)|
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 - (4831.70466884 + 14070.1101287) / 19167.0544439)||/||(1 - (4340.47715326 + 15756.5709664) / 20353.4169025)|
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))|
|=||(1677.93012666 / (1677.93012666 + 15756.5709664))||/||(1532.31941171 / (1532.31941171 + 14070.1101287))|
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)|
|=||(258.664847826 / 8721.03048672)||/||(267.505383827 / 13952.5178453)|
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)|
|=||((4755.70032573 + 1671.3199938) / 19167.0544439)||/||((4751.31419329 + 1888.39466235) / 20353.4169025)|
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|
|=||(593.874990245 - 1223.30255613||-||939.973344063)||/||19167.0544439|
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 -2.22 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