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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 12 years, the highest Beneish M-Score of Gazprom PJSC was -1.18. The lowest was -3.23. And the median was -2.47.
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 * 0.9772||+||0.528 * 1.0494||+||0.404 * 1.0354||+||0.892 * 1.0865||+||0.115 * 1.0179|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3567||+||4.679 * 0.0053||-||0.327 * 1.0734|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $10,996 Mil.|
Revenue was 28272.2743792 + 19575.4845548 + 19158.0708661 + 24958.4039976 = $91,964 Mil.
Gross Profit was 17055.2998183 + 12324.6517262 + 19158.0708661 + 18427.1804967 = $66,965 Mil.
Total Current Assets was $60,474 Mil.
Total Assets was $258,208 Mil.
Property, Plant and Equipment(Net PPE) was $166,624 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,888 Mil.
Selling, General & Admin. Expense(SGA) was $422 Mil.
Total Current Liabilities was $32,173 Mil.
Long-Term Debt was $42,336 Mil.
Net Income was 1713.38582677 + -30.284675954 + 4448.69775893 + 5786.06904906 = $11,918 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 10542.0351302 = $10,542 Mil.
|Accounts Receivable was $10,357 Mil.
Revenue was 23959.5548153 + 17165.2029073 + 19915.1271956 + 23602.9224712 = $84,643 Mil.
Gross Profit was 16605.1029679 + 10574.3943065 + 19915.1271956 + 17585.7359176 = $64,680 Mil.
Total Current Assets was $52,410 Mil.
Total Assets was $229,822 Mil.
Property, Plant and Equipment(Net PPE) was $150,669 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,423 Mil.
Selling, General & Admin. Expense(SGA) was $287 Mil.
Total Current Liabilities was $28,103 Mil.
Long-Term Debt was $33,677 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)|
|=||(10995.699576 / 91964.2337977)||/||(10356.8594791 / 84642.8073895)|
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)|
|=||(12324.6517262 / 84642.8073895)||/||(17055.2998183 / 91964.2337977)|
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 - (60474.2883101 + 166624.485161) / 258207.752877)||/||(1 - (52409.9788007 + 150669.42762) / 229822.380376)|
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))|
|=||(5422.69836463 / (5422.69836463 + 150669.42762))||/||(5887.88612962 / (5887.88612962 + 166624.485161))|
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)|
|=||(422.425802544 / 91964.2337977)||/||(286.583888552 / 84642.8073895)|
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)|
|=||((42335.5996366 + 32172.940642) / 258207.752877)||/||((33677.195639 + 28103.3767414) / 229822.380376)|
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|
|=||(11917.8679588 - 0||-||10542.0351302)||/||258207.752877|
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 -2.44 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