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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 -2.71 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 -2.79.
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 * 1.7315||+||0.528 * 1.0829||+||0.404 * 0.2924||+||0.892 * 0.7892||+||0.115 * 1.2715|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1893||+||4.679 * -0.1066||-||0.327 * 0.9173|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $45.5 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.
Net Income was -7.038 + 26.376 + 2.386 + 7.121 = $28.8 Mil.
Non Operating Income was -0.291 + 0.057 + -0.072 + -0.002 = $-0.3 Mil.
Cash Flow from Operations was -23.542 + 38.596 + 46.35 + -0.576 = $60.8 Mil.
|Accounts Receivable was $33.3 Mil.
Revenue was 44.137 + 53.553 + 37.63 + 58.818 = $194.1 Mil.
Gross Profit was 29.647 + 8.832 + 30.99 + 48.797 = $118.3 Mil.
Total Current Assets was $141.3 Mil.
Total Assets was $272.1 Mil.
Property, Plant and Equipment(Net PPE) was $118.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.5 Mil.
Selling, General & Admin. Expense(SGA) was $11.9 Mil.
Total Current Liabilities was $40.1 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)|
|=||(45.512 / 153.211)||/||(33.307 / 194.138)|
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)|
|=||(47.17 / 194.138)||/||(7.098 / 153.211)|
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 - (146.324 + 146.836) / 297.061)||/||(1 - (141.284 + 118.622) / 272.129)|
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))|
|=||(18.536 / (18.536 + 118.622))||/||(17.463 / (17.463 + 146.836))|
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)|
|=||(11.204 / 153.211)||/||(11.937 / 194.138)|
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 + 40.178) / 297.061)||/||((0 + 40.125) / 272.129)|
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|
|=||(28.845 - -0.308||-||60.828)||/||297.061|
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 -2.71 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