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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.
Nexen, Inc. has a M-score of -3.36 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Nexen, Inc. was 0.00. The lowest was 0.00. And the median was 0.00.
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 Nexen, 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 * 0.818||+||0.528 * 1.3123||+||0.404 * 1.239||+||0.892 * 1.0273||+||0.115 * -0.1109|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 3.4305||+||4.679 * -0.1021||-||0.327 * 0.9264|
|This Year (Dec12) TTM:||Last Year (Dec11) TTM:|
|Accounts Receivable was $1,864 Mil.|
Revenue was 1709.67741935 + 1528.87537994 + 1762.32741617 + 1738.16717019 = $6,739 Mil.
Gross Profit was 123.991935484 + 1399.18946302 + 1658.77712032 + 1617.32124874 = $4,799 Mil.
Total Current Assets was $3,597 Mil.
Total Assets was $20,703 Mil.
Property, Plant and Equipment(Net PPE) was $16,076 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,256 Mil.
Selling, General & Admin. Expense(SGA) was $1,080 Mil.
Total Current Liabilities was $3,181 Mil.
Long-Term Debt was $4,323 Mil.
Net Income was -6.04838709677 + 59.7771023303 + 107.495069034 + 172.205438066 = $333 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 271.169354839 + 521.783181358 + 1142.99802761 + 511.581067472 = $2,448 Mil.
|Accounts Receivable was $2,218 Mil.
Revenue was 1672.26061204 + 1494.11764706 + 1677.48691099 + 1716.07515658 = $6,560 Mil.
Gross Profit was 1538.005923 + 1386.2745098 + 1560.20942408 + 1646.13778706 = $6,131 Mil.
Total Current Assets was $3,644 Mil.
Total Assets was $19,810 Mil.
Property, Plant and Equipment(Net PPE) was $15,371 Mil.
Depreciation, Depletion and Amortization(DDA) was $-123 Mil.
Selling, General & Admin. Expense(SGA) was $307 Mil.
Total Current Liabilities was $3,384 Mil.
Long-Term Debt was $4,367 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)|
|=||(1863.91129032 / 6739.04738566)||/||(2218.16386969 / 6559.94032667)|
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)|
|=||(1399.18946302 / 6559.94032667)||/||(123.991935484 / 6739.04738566)|
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 - (3596.77419355 + 16075.6048387) / 20702.6209677)||/||(1 - (3643.63277394 + 15371.1747285) / 19810.4639684)|
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))|
|=||(-122.513089005 / (-122.513089005 + 15371.1747285))||/||(1256.0483871 / (1256.0483871 + 16075.6048387))|
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)|
|=||(1080.14892003 / 6739.04738566)||/||(306.501527527 / 6559.94032667)|
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)|
|=||((4322.58064516 + 3181.4516129) / 20702.6209677)||/||((4367.2260612 + 3384.00789733) / 19810.4639684)|
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|
|=||(333.429222334 - 0||-||2447.53163128)||/||20702.6209677|
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.
Nexen, Inc. has a M-score of -3.36 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
Nexen, Inc. Annual Data
Nexen, Inc. Quarterly Data