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Gazprom PJSC (OTCPK:OGZPY)
Beneish M-Score
-2.57 (As of Today)

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.

Gazprom PJSC has a M-score of -2.57 suggests that the company is not a manipulator.

OGZPY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23   Max: -2.05
Current: -2.57

-3.23
-2.05

During the past 12 years, the highest Beneish M-Score of Gazprom PJSC was -2.05. The lowest was -3.23. And the median was -2.50.


Definition

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 * 0.9105+0.528 * 1.0818+0.404 * 1.0175+0.892 * 1.0851+0.115 * 1.0002
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.8041+4.679 * 0.0054-0.327 * 1.0688
=-2.57

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $11,787 Mil.
Revenue was 27239.9498275 + 29274.0827846 + 20269.1282534 + 19836.9238006 = $96,620 Mil.
Gross Profit was 17787.2060207 + 17659.6425212 + 12761.3671997 + 19836.9238006 = $68,045 Mil.
Total Current Assets was $62,571 Mil.
Total Assets was $268,867 Mil.
Property, Plant and Equipment(Net PPE) was $173,694 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,374 Mil.
Selling, General & Admin. Expense(SGA) was $413 Mil.
Total Current Liabilities was $31,093 Mil.
Long-Term Debt was $42,143 Mil.
Net Income was 5680.60520539 + 1774.09846347 + -31.3577924114 + 4606.33427407 = $12,030 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 10572.7030417 + 0 + 0 + 0 = $10,573 Mil.
Accounts Receivable was $11,932 Mil.
Revenue was 25842.7877077 + 24808.5449984 + 17773.4399498 + 20620.8058953 = $89,046 Mil.
Gross Profit was 19080.1348385 + 17193.4932581 + 10949.090624 + 20620.8058953 = $67,844 Mil.
Total Current Assets was $55,414 Mil.
Total Assets was $241,207 Mil.
Property, Plant and Equipment(Net PPE) was $157,048 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,764 Mil.
Selling, General & Admin. Expense(SGA) was $211 Mil.
Total Current Liabilities was $27,491 Mil.
Long-Term Debt was $33,982 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(11787.1276262 / 96620.084666) / (11931.5459392 / 89045.5785513)
=0.12199459 / 0.13399369
=0.9105

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(67843.5246159 / 89045.5785513) / (68045.1395422 / 96620.084666)
=0.76189661 / 0.7042546
=1.0818

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (62571.4330511 + 173693.806836) / 268866.588272) / (1 - (55413.9698965 + 157047.616808) / 241206.694889)
=0.12125474 / 0.1191721
=1.0175

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=96620.084666 / 89045.5785513
=1.0851

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))
=(5764.15804327 / (5764.15804327 + 157047.616808)) / (6373.67513327 / (6373.67513327 + 173693.806836))
=0.03540382 / 0.03539604
=1.0002

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)
=(412.621511446 / 96620.084666) / (210.78708059 / 89045.5785513)
=0.00427056 / 0.00236718
=1.8041

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)
=((42142.7093133 + 31092.5211665) / 268866.588272) / ((33982.0947005 + 27490.8435246) / 241206.694889)
=0.27238502 / 0.25485585
=1.0688

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(12029.6801505 - 0 - 10572.7030417) / 268866.588272
=0.0054

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 -2.57 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Gazprom PJSC Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 0.92371.04770.94561.09720.84571.04141.18461.04250.85510.9772
GMI 1.97940.39681111.29581.01361.06191.04431.043
AQI 1.39461.44970.86040.96880.95760.87340.7450.9160.95721.0354
SGI 1.59371.0991.35580.91041.20261.28911.02791.10141.06471.0865
DEPI 0.62521.36821.08011.06981.01711.08050.94410.93080.98831.0129
SGAI 0.72980.06640.82713.46690.95496.97661.12120.82520.22980.8748
LVGI 0.67061.54360.86531.01420.86480.98490.98050.95371.26231.0734
TATA 0.01060.0206-0.0322-0.0076-0.0489-0.0303-0.0208-0.0448-0.1157-0.0729
M-score -1.18-2.36-2.34-2.94-2.63-3.23-2.50-2.52-3.05-2.73

Gazprom PJSC Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 1.04250.95010.85510.98790.91110.97720.9105
GMI 1.05741.10031.0491.02561.02251.04941.0818
AQI 0.9160.90840.95721.00651.12861.03541.0175
SGI 1.10141.05751.06471.06211.05541.08651.0851
DEPI 0.93540.98990.9890.97030.99661.01791.0002
SGAI 0.53670.61980.10310.06090.07881.35671.8041
LVGI 0.95371.05931.26231.22351.27191.07341.0688
TATA 0.04620.0106-0.0349-0.0246-0.02560.00530.0054
M-score -2.05-2.36-2.64-2.45-2.50-2.44-2.57
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