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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 $11,056 Mil.|
Revenue was 28427.2381242 + 19682.7801462 + 19263.0785627 + 25095.2040195 = $92,468 Mil.
Gross Profit was 17148.7819732 + 12392.2046285 + 19263.0785627 + 18528.182095 = $67,332 Mil.
Total Current Assets was $60,806 Mil.
Total Assets was $259,623 Mil.
Property, Plant and Equipment(Net PPE) was $167,538 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,920 Mil.
Selling, General & Admin. Expense(SGA) was $425 Mil.
Total Current Liabilities was $32,349 Mil.
Long-Term Debt was $42,568 Mil.
Net Income was 1722.7771011 + -30.4506699147 + 4473.0816078 + 5817.78319123 = $11,983 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 10599.817296 = $10,600 Mil.
|Accounts Receivable was $10,414 Mil.
Revenue was 24090.8800244 + 17259.2874543 + 20024.2844093 + 23732.2929354 = $85,107 Mil.
Gross Profit was 16696.1175396 + 10632.3538368 + 20024.2844093 + 17682.1254568 = $65,035 Mil.
Total Current Assets was $52,697 Mil.
Total Assets was $231,082 Mil.
Property, Plant and Equipment(Net PPE) was $151,495 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,452 Mil.
Selling, General & Admin. Expense(SGA) was $288 Mil.
Total Current Liabilities was $28,257 Mil.
Long-Term Debt was $33,862 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)|
|=||(11055.9683313 / 92468.3008526)||/||(10413.6266748 / 85106.7448234)|
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)|
|=||(65034.8812424 / 85106.7448234)||/||(67332.2472594 / 92468.3008526)|
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 - (60805.7551766 + 167537.774056) / 259623.020706)||/||(1 - (52697.2442144 + 151495.264921) / 231082.064555)|
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))|
|=||(5452.42082826 / (5452.42082826 + 151495.264921))||/||(5920.15834348 / (5920.15834348 + 167537.774056))|
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)|
|=||(424.741169306 / 92468.3008526)||/||(288.154689403 / 85106.7448234)|
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)|
|=||((42567.6461632 + 32349.2844093) / 259623.020706)||/||((33861.7844093 + 28257.4147381) / 231082.064555)|
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|
|=||(11983.1912302 - 0||-||10599.817296)||/||259623.020706|
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