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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.
OAO Gazprom has a M-score of -3.03 suggests that the company is not a manipulator.
During the past 8 years, the highest Beneish M-Score of OAO Gazprom was -2.40. The lowest was -3.72. And the median was -2.84.
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 OAO Gazprom 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 * 0.9255||+||0.528 * 0.8659||+||0.404 * 0.9008||+||0.892 * 1.069||+||0.115 * 0.9681|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7177||+||4.679 * -0.0987||-||0.327 * 1.0428|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $18,516 Mil.|
Revenue was 39794.153689 + 37715.0114884 + 30751.7487873 + 28253.2805719 = $136,514 Mil.
Gross Profit was 32087.7967833 + 36758.1822824 + 21168.7515956 + 35149.2213429 = $125,164 Mil.
Total Current Assets was $77,422 Mil.
Total Assets was $350,711 Mil.
Property, Plant and Equipment(Net PPE) was $231,765 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,627 Mil.
Selling, General & Admin. Expense(SGA) was $6,013 Mil.
Total Current Liabilities was $30,648 Mil.
Long-Term Debt was $42,405 Mil.
Net Income was 5693.31120756 + 7160.78631606 + 7048.50651008 + 5157.46744958 = $25,060 Mil.
Non Operating Income was -3855.98672453 + -312.662752106 + 691.268828185 + 959.816185857 = $-2,518 Mil.
Cash Flow from Operations was 17575.2361501 + 11490.8092928 + 33131.68241 + 0 = $62,198 Mil.
|Accounts Receivable was $18,717 Mil.
Revenue was 37310.2118969 + 36091.5751851 + 28635.5884606 + 25669.8493745 = $127,707 Mil.
Gross Profit was 30414.2711259 + 33206.2292571 + 18992.7240235 + 18770.9726832 = $101,384 Mil.
Total Current Assets was $66,144 Mil.
Total Assets was $311,842 Mil.
Property, Plant and Equipment(Net PPE) was $204,709 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,630 Mil.
Selling, General & Admin. Expense(SGA) was $7,838 Mil.
Total Current Liabilities was $30,396 Mil.
Long-Term Debt was $31,891 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)|
|=||(18516.236916 / 136514.194537)||/||(18716.8241001 / 127707.224917)|
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)|
|=||(36758.1822824 / 127707.224917)||/||(32087.7967833 / 136514.194537)|
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 - (77422.0066377 + 231765.049783) / 350710.799081)||/||(1 - (66144.3451621 + 204708.526934) / 311842.175134)|
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))|
|=||(11630.4059229 / (11630.4059229 + 204708.526934))||/||(13626.933878 / (13626.933878 + 231765.049783))|
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)|
|=||(6012.86699004 / 136514.194537)||/||(7837.65636967 / 127707.224917)|
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)|
|=||((42405.2080674 + 30647.5363799) / 350710.799081)||/||((31891.4985959 + 30396.4768956) / 311842.175134)|
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|
|=||(25060.0714833 - -2517.5644626||-||62197.7278529)||/||350710.799081|
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.
OAO Gazprom has a M-score of -3.03 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
OAO Gazprom Annual Data
OAO Gazprom Quarterly Data