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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.
VAALCO Energy Inc has a M-score of -4.28 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of VAALCO Energy Inc was 24.25. The lowest was -7.31. And the median was -2.75.
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 VAALCO 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 * 0.6883||+||0.528 * 0.8327||+||0.404 * 0.2727||+||0.892 * 1.0715||+||0.115 * 0.9165|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9754||+||4.679 * -0.2352||-||0.327 * 1.2589|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $28.6 Mil.|
Revenue was 52.098 + 28.071 + 58.282 + 37.74 = $176.2 Mil.
Gross Profit was 43.957 + 7.098 + 47.17 + 14.094 = $112.3 Mil.
Total Current Assets was $162.8 Mil.
Total Assets was $334.3 Mil.
Property, Plant and Equipment(Net PPE) was $167.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.0 Mil.
Selling, General & Admin. Expense(SGA) was $11.9 Mil.
Total Current Liabilities was $51.4 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 24.712 + -7.038 + 26.376 + 2.386 = $46.4 Mil.
Non Operating Income was -0.125 + -0.291 + 0.057 + -0.072 = $-0.4 Mil.
Cash Flow from Operations was 64.102 + -23.542 + 38.596 + 46.35 = $125.5 Mil.
|Accounts Receivable was $38.7 Mil.
Revenue was 29.118 + 44.137 + 53.553 + 37.63 = $164.4 Mil.
Gross Profit was 17.823 + 29.647 + 8.832 + 30.99 = $87.3 Mil.
Total Current Assets was $127.3 Mil.
Total Assets was $272.2 Mil.
Property, Plant and Equipment(Net PPE) was $132.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.1 Mil.
Selling, General & Admin. Expense(SGA) was $11.4 Mil.
Total Current Liabilities was $33.2 Mil.
Long-Term Debt was $0.0 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)|
|=||(28.569 / 176.191)||/||(38.736 / 164.438)|
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)|
|=||(7.098 / 164.438)||/||(43.957 / 176.191)|
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 - (162.773 + 167.452) / 334.317)||/||(1 - (127.283 + 132.72) / 272.223)|
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))|
|=||(15.116 / (15.116 + 132.72))||/||(21.027 / (21.027 + 167.452))|
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)|
|=||(11.874 / 176.191)||/||(11.361 / 164.438)|
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)|
|=||((0 + 51.357) / 334.317)||/||((0 + 33.219) / 272.223)|
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|
|=||(46.436 - -0.431||-||125.506)||/||334.317|
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.
VAALCO Energy Inc has a M-score of -4.28 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
VAALCO Energy Inc Annual Data
VAALCO Energy Inc Quarterly Data