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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 675.66. The lowest was -12.42. 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 * 0.9294||+||0.528 * -2.2956||+||0.404 * 2.4921||+||0.892 * 0.6209||+||0.115 * 0.35|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.5459||+||4.679 * -1.4431||-||0.327 * 2.0542|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $28.56 Mil.|
Revenue was 10.976 + 17.523 + 17.546 + 27.137 = $73.18 Mil.
Gross Profit was -0.278 + -42.389 + 9.687 + 18.27 = $-14.71 Mil.
Total Current Assets was $58.32 Mil.
Total Assets was $116.69 Mil.
Property, Plant and Equipment(Net PPE) was $31.16 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.32 Mil.
Selling, General & Admin. Expense(SGA) was $14.86 Mil.
Total Current Liabilities was $66.44 Mil.
Long-Term Debt was $15.00 Mil.
Net Income was -8.063 + -80.779 + -33.668 + -5.204 = $-127.71 Mil.
Non Operating Income was 0.524 + -1.195 + 1.622 + 0.438 = $1.39 Mil.
Cash Flow from Operations was -0.18 + 1.356 + 10.566 + 27.554 = $39.30 Mil.
|Accounts Receivable was $49.49 Mil.
Revenue was 18.239 + 23.032 + 24.486 + 52.098 = $117.86 Mil.
Gross Profit was -19.131 + 12.812 + 16.743 + 43.957 = $54.38 Mil.
Total Current Assets was $111.11 Mil.
Total Assets was $240.63 Mil.
Property, Plant and Equipment(Net PPE) was $107.01 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.86 Mil.
Selling, General & Admin. Expense(SGA) was $15.48 Mil.
Total Current Liabilities was $66.75 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)|
|=||(28.562 / 73.182)||/||(49.492 / 117.855)|
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)|
|=||(54.381 / 117.855)||/||(-14.71 / 73.182)|
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 - (58.319 + 31.162) / 116.69)||/||(1 - (111.109 + 107.006) / 240.63)|
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))|
|=||(21.861 / (21.861 + 107.006))||/||(29.316 / (29.316 + 31.162))|
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)|
|=||(14.859 / 73.182)||/||(15.479 / 117.855)|
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 + 66.441) / 116.69)||/||((15 + 66.754) / 240.63)|
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|
|=||(-127.714 - 1.389||-||39.296)||/||116.69|
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 -11.29 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