EGY 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 13 years, the highest Beneish M-Score of VAALCO Energy Inc was 83.22. The lowest was -12.56. And the median was -2.60.
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 * 0.4351||+||0.528 * 3.3865||+||0.404 * 1.9472||+||0.892 * 0.63||+||0.115 * 0.3151|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.6583||+||4.679 * -1.6001||-||0.327 * 3.064|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $5.35 Mil.|
Revenue was 17.523 + 17.546 + 27.137 + 18.239 = $80.45 Mil.
Gross Profit was 4.064 + 9.687 + 18.27 + -19.131 = $12.89 Mil.
Total Current Assets was $63.74 Mil.
Total Assets was $123.96 Mil.
Property, Plant and Equipment(Net PPE) was $33.37 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.01 Mil.
Selling, General & Admin. Expense(SGA) was $14.83 Mil.
Total Current Liabilities was $66.72 Mil.
Long-Term Debt was $15.00 Mil.
Net Income was -80.779 + -33.668 + -5.204 + -39.005 = $-158.66 Mil.
Non Operating Income was -1.195 + 1.622 + 0.438 + -0.056 = $0.81 Mil.
Cash Flow from Operations was 1.356 + 10.566 + 27.554 + -0.601 = $38.88 Mil.
|Accounts Receivable was $19.53 Mil.
Revenue was 23.032 + 24.486 + 52.098 + 28.071 = $127.69 Mil.
Gross Profit was -2.401 + 17.341 + 47.25 + 7.098 = $69.29 Mil.
Total Current Assets was $113.05 Mil.
Total Assets was $248.85 Mil.
Property, Plant and Equipment(Net PPE) was $108.12 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.09 Mil.
Selling, General & Admin. Expense(SGA) was $14.19 Mil.
Total Current Liabilities was $38.54 Mil.
Long-Term Debt was $15.00 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)|
|=||(5.353 / 80.445)||/||(19.527 / 127.687)|
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)|
|=||(9.687 / 127.687)||/||(4.064 / 80.445)|
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 - (63.742 + 33.373) / 123.958)||/||(1 - (113.05 + 108.124) / 248.849)|
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))|
|=||(20.086 / (20.086 + 108.124))||/||(33.01 / (33.01 + 33.373))|
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)|
|=||(14.829 / 80.445)||/||(14.194 / 127.687)|
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)|
|=||((15 + 66.716) / 123.958)||/||((15 + 38.54) / 248.849)|
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|
|=||(-158.656 - 0.809||-||38.875)||/||123.958|
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 -10.04 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