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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 -2.51 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of VAALCO Energy, Inc. was 5.37. The lowest was -7.15. And the median was -2.42.
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 * 1.9104||+||0.528 * 1.0166||+||0.404 * 0.155||+||0.892 * 0.8668||+||0.115 * 1.4452|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1021||+||4.679 * -0.1046||-||0.327 * 0.8843|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $21.7 Mil.|
Revenue was 58.282 + 37.74 + 29.118 + 44.137 = $169.3 Mil.
Gross Profit was 47.17 + 14.094 + 17.823 + 29.647 = $108.7 Mil.
Total Current Assets was $167.5 Mil.
Total Assets was $308.2 Mil.
Property, Plant and Equipment(Net PPE) was $138.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.9 Mil.
Selling, General & Admin. Expense(SGA) was $11.3 Mil.
Total Current Liabilities was $45.8 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 26.376 + 2.386 + 7.121 + 7.188 = $43.1 Mil.
Non Operating Income was 0.057 + -0.072 + -0.002 + -0.094 = $-0.1 Mil.
Cash Flow from Operations was 38.596 + 46.35 + -0.576 + -8.969 = $75.4 Mil.
|Accounts Receivable was $13.1 Mil.
Revenue was 53.553 + 37.63 + 58.818 + 45.286 = $195.3 Mil.
Gross Profit was 8.832 + 30.99 + 48.797 + 38.907 = $127.5 Mil.
Total Current Assets was $149.1 Mil.
Total Assets was $268.0 Mil.
Property, Plant and Equipment(Net PPE) was $106.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.9 Mil.
Selling, General & Admin. Expense(SGA) was $11.8 Mil.
Total Current Liabilities was $45.1 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)|
|=||(21.714 / 169.277)||/||(13.113 / 195.287)|
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)|
|=||(14.094 / 195.287)||/||(47.17 / 169.277)|
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 - (167.464 + 138.524) / 308.167)||/||(1 - (149.125 + 106.608) / 267.956)|
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))|
|=||(19.913 / (19.913 + 106.608))||/||(16.929 / (16.929 + 138.524))|
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)|
|=||(11.255 / 169.277)||/||(11.781 / 195.287)|
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 + 45.829) / 308.167)||/||((0 + 45.063) / 267.956)|
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|
|=||(43.071 - -0.111||-||75.401)||/||308.167|
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 -2.51 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