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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.
During the past 13 years, the highest Beneish M-Score of VAALCO Energy Inc was 370.97. The lowest was -7.31. And the median was -2.56.
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 * 1.5707||+||0.528 * 1.2191||+||0.404 * 7.1251||+||0.892 * 0.7692||+||0.115 * 0.6265|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.796||+||4.679 * -0.6456||-||0.327 * 2.512|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $49.5 Mil.|
Revenue was 18.239 + 23.032 + 24.486 + 52.098 = $117.9 Mil.
Gross Profit was -19.131 + 12.812 + 16.743 + 43.957 = $54.4 Mil.
Total Current Assets was $111.1 Mil.
Total Assets was $240.6 Mil.
Property, Plant and Equipment(Net PPE) was $107.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.9 Mil.
Selling, General & Admin. Expense(SGA) was $15.5 Mil.
Total Current Liabilities was $66.8 Mil.
Long-Term Debt was $15.0 Mil.
Net Income was -39.005 + -98.338 + 3.109 + 24.712 = $-109.5 Mil.
Non Operating Income was -0.056 + -0.483 + 0.164 + -0.125 = $-0.5 Mil.
Cash Flow from Operations was -0.601 + -31.364 + 14.194 + 64.102 = $46.3 Mil.
|Accounts Receivable was $41.0 Mil.
Revenue was 28.071 + 58.282 + 37.74 + 29.118 = $153.2 Mil.
Gross Profit was 7.098 + 47.17 + 14.094 + 17.823 = $86.2 Mil.
Total Current Assets was $146.3 Mil.
Total Assets was $297.1 Mil.
Property, Plant and Equipment(Net PPE) was $146.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.5 Mil.
Selling, General & Admin. Expense(SGA) was $11.2 Mil.
Total Current Liabilities was $40.2 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)|
|=||(49.492 / 117.855)||/||(40.963 / 153.211)|
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)|
|=||(12.812 / 153.211)||/||(-19.131 / 117.855)|
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 - (111.109 + 107.006) / 240.63)||/||(1 - (146.324 + 146.836) / 297.061)|
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))|
|=||(17.463 / (17.463 + 146.836))||/||(21.861 / (21.861 + 107.006))|
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)|
|=||(15.479 / 117.855)||/||(11.204 / 153.211)|
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 + 66.754) / 240.63)||/||((0 + 40.178) / 297.061)|
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|
|=||(-109.522 - -0.5||-||46.331)||/||240.63|
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 -3.27 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