OGZPY has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 -2.80 suggests that the company is not a manipulator.
During the past 7 years, the highest Beneish M-Score of OAO Gazprom 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 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 * 1||+||0.528 * 0.8402||+||0.404 * 0.7763||+||0.892 * 1.1047||+||0.115 * 0.9635|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2202||+||4.679 * -0.0488||-||0.327 * 0.8886|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep13) TTM:||Last Year (Sep12) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 33921.3179386 + 31165.3337088 + 41155.7589411 + 39752.8301887 = $145,995 Mil.
Gross Profit was 23350.6054632 + 39657.5612504 + 32663.5313996 + 34127.4007322 = $129,799 Mil.
Total Current Assets was $73,854 Mil.
Total Assets was $362,318 Mil.
Property, Plant and Equipment(Net PPE) was $241,035 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,101 Mil.
Selling, General & Admin. Expense(SGA) was $9,782 Mil.
Total Current Liabilities was $35,060 Mil.
Long-Term Debt was $38,132 Mil.
Net Income was 7774.99295973 + 5689.04533934 + 10719.9380456 + 10009.4902844 = $34,193 Mil.
Non Operating Income was 762.517600676 + 1058.74401577 + -697.718952408 + 1836.63756688 = $2,960 Mil.
Cash Flow from Operations was 21962.6865672 + 0 + 14583.8637004 + 12354.7169811 = $48,901 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 31587.0459026 + 28315.6294002 + 34505.1534779 + 37748.0709659 = $132,156 Mil.
Gross Profit was 20950.2956914 + 20705.6885384 + 27072.6837511 + 29988.0315404 = $98,717 Mil.
Total Current Assets was $65,792 Mil.
Total Assets was $327,215 Mil.
Property, Plant and Equipment(Net PPE) was $206,249 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,136 Mil.
Selling, General & Admin. Expense(SGA) was $7,257 Mil.
Total Current Liabilities was $39,261 Mil.
Long-Term Debt was $35,128 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)|
|=||(0 / 145995.240777)||/||(0 / 132155.899747)|
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)|
|=||(39657.5612504 / 132155.899747)||/||(23350.6054632 / 145995.240777)|
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 - (73854.4353703 + 241035.342157) / 362318.107575)||/||(1 - (65792.4809913 + 206248.887637) / 327215.150662)|
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))|
|=||(9136.38411715 / (9136.38411715 + 206248.887637))||/||(11100.6477049 / (11100.6477049 + 241035.342157))|
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)|
|=||(9782.37116305 / 145995.240777)||/||(7257.27963954 / 132155.899747)|
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)|
|=||((38131.8783441 + 35060.0957477) / 362318.107575)||/||((35128.2174035 + 39260.8560969) / 327215.150662)|
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|
|=||(34193.4666291 - 2960.18023092||-||48901.2672487)||/||362318.107575|
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 -2.80 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