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OAO Gazprom (OTCPK:OGZPY)
Beneish M-Score
0.00 (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.

OAO Gazprom has a M-score of -2.80 suggests that the company is not a manipulator.

OGZPY' s 10-Year Beneish M-Score Range
Min: 0   Max: 0
Current: 0

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.


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 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
=-2.80

* 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

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)
=(0 / 145995.240777) / (0 / 132155.899747)
=0 / 0
=1

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)
=(39657.5612504 / 132155.899747) / (23350.6054632 / 145995.240777)
=0.74697157 / 0.8890639
=0.8402

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 - (73854.4353703 + 241035.342157) / 362318.107575) / (1 - (65792.4809913 + 206248.887637) / 327215.150662)
=0.13090246 / 0.16861622
=0.7763

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
=145995.240777 / 132155.899747
=1.1047

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))
=0.0424188 / 0.04402643
=0.9635

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)
=0.06700473 / 0.05491453
=1.2202

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)
=0.20201026 / 0.22733994
=0.8886

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
=(34193.4666291 - 2960.18023092 - 48901.2672487) / 362318.107575
=-0.0488

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.


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.

OAO Gazprom Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12
DSRI 111
GMI 11.29581.0386
AQI 0.95760.87340.8564
SGI 1.20261.28911.0275
DEPI 1.01711.08050.96
SGAI 0.95496.97661.104
LVGI 0.86480.98490.9706
TATA -0.0682-0.0336-0.0411
M-score -2.58-3.29-2.70

OAO Gazprom Quarterly Data

Jun11Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13
DSRI 1
GMI 0.8402
AQI 0.7763
SGI 1.1047
DEPI 0.9635
SGAI 1.2202
LVGI 0.8886
TATA -0.0488
M-score -2.80
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