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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 675.62. 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 * 0.7175||+||0.528 * 2.1243||+||0.404 * 7.7987||+||0.892 * 0.5272||+||0.115 * 0.6213|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 2.4238||+||4.679 * -0.6372||-||0.327 * 2.2025|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $8.17 Mil.|
Revenue was 27.137 + 18.239 + 23.032 + 24.486 = $92.89 Mil.
Gross Profit was 18.27 + -19.131 + 12.812 + 16.743 = $28.69 Mil.
Total Current Assets was $101.51 Mil.
Total Assets was $234.29 Mil.
Property, Plant and Equipment(Net PPE) was $110.41 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.17 Mil.
Selling, General & Admin. Expense(SGA) was $15.17 Mil.
Total Current Liabilities was $64.27 Mil.
Long-Term Debt was $15.00 Mil.
Net Income was -5.204 + -39.005 + -98.338 + 3.109 = $-139.44 Mil.
Non Operating Income was 0.438 + -0.056 + -0.483 + 0.164 = $0.06 Mil.
Cash Flow from Operations was 27.554 + -0.601 + -31.364 + 14.195 = $9.78 Mil.
|Accounts Receivable was $21.59 Mil.
Revenue was 52.098 + 28.071 + 58.282 + 37.74 = $176.19 Mil.
Gross Profit was 47.25 + 7.098 + 47.17 + 14.094 = $115.61 Mil.
Total Current Assets was $162.77 Mil.
Total Assets was $334.32 Mil.
Property, Plant and Equipment(Net PPE) was $167.45 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.03 Mil.
Selling, General & Admin. Expense(SGA) was $11.87 Mil.
Total Current Liabilities was $51.36 Mil.
Long-Term Debt was $0.00 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)|
|=||(8.165 / 92.894)||/||(21.585 / 176.191)|
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)|
|=||(-19.131 / 176.191)||/||(18.27 / 92.894)|
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 - (101.509 + 110.414) / 234.287)||/||(1 - (162.773 + 167.452) / 334.317)|
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))|
|=||(21.027 / (21.027 + 167.452))||/||(24.165 / (24.165 + 110.414))|
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)|
|=||(15.174 / 92.894)||/||(11.874 / 176.191)|
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 + 64.269) / 234.287)||/||((0 + 51.357) / 334.317)|
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|
|=||(-139.438 - 0.063||-||9.784)||/||234.287|
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 -3.48 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