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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 9 years, the highest Beneish M-Score of Gazprom PJSC was -2.40. The lowest was -3.72. And the median was -2.96.
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 Gazprom PJSC 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 * 0.9879||+||0.528 * 1.0153||+||0.404 * 1.0065||+||0.892 * 1.0621||+||0.115 * 0.9881|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8413||+||4.679 * -0.1491||-||0.327 * 1.2235|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $12,601 Mil.|
Revenue was 27293.475741 + 26201.1756913 + 18771.1541646 + 21778.3573439 = $94,044 Mil.
Gross Profit was 22214.5222719 + 18158.6520947 + 11563.7191588 + 26776.8339129 = $78,714 Mil.
Total Current Assets was $58,525 Mil.
Total Assets was $254,747 Mil.
Property, Plant and Equipment(Net PPE) was $165,864 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,876 Mil.
Selling, General & Admin. Expense(SGA) was $3,077 Mil.
Total Current Liabilities was $29,034 Mil.
Long-Term Debt was $35,890 Mil.
Net Income was 6327.40519954 + -6578.07584037 + 1749.89236629 + 3768.35568803 = $5,268 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 11528.3325054 + 10193.972512 + 21529.3094883 + 0 = $43,252 Mil.
|Accounts Receivable was $12,010 Mil.
Revenue was 25811.1773472 + 24462.6097036 + 19946.1169068 + 18325.5671469 = $88,545 Mil.
Gross Profit was 20812.7007783 + 17900.1324723 + 13730.4189435 + 22798.3937738 = $75,242 Mil.
Total Current Assets was $50,217 Mil.
Total Assets was $227,477 Mil.
Property, Plant and Equipment(Net PPE) was $150,327 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,839 Mil.
Selling, General & Admin. Expense(SGA) was $3,444 Mil.
Total Current Liabilities was $19,879 Mil.
Long-Term Debt was $27,505 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)|
|=||(12601.3247226 / 94044.1629409)||/||(12009.9519788 / 88545.4711045)|
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)|
|=||(18158.6520947 / 88545.4711045)||/||(22214.5222719 / 94044.1629409)|
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 - (58524.639841 + 165863.503891) / 254746.862063)||/||(1 - (50217.2545123 + 150326.825633) / 227477.098857)|
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))|
|=||(8838.66534194 / (8838.66534194 + 150326.825633))||/||(9876.17155158 / (9876.17155158 + 165863.503891))|
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)|
|=||(3077.31412486 / 94044.1629409)||/||(3444.09670475 / 88545.4711045)|
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)|
|=||((35889.6837225 + 29034.0453718) / 254746.862063)||/||((27504.7524425 + 19878.5229343) / 227477.098857)|
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|
|=||(5267.57741348 - 0||-||43251.6145057)||/||254746.862063|
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.
Gazprom PJSC has a M-score of -3.17 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
Gazprom PJSC Annual Data
Gazprom PJSC Quarterly Data