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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 -2.05. The lowest was -3.47. And the median was -2.69.
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 * 0.9143||+||0.528 * 1.2448||+||0.404 * 1.0208||+||0.892 * 1.0691||+||0.115 * 0.9748|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.096||+||4.679 * -0.0594||-||0.327 * 0.9239|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $10,227 Mil.|
Revenue was 22010.0157591 + 23236.0007004 + 30421.3622833 + 32693.066013 = $108,360 Mil.
Gross Profit was 14962.4759237 + 13890.5620732 + 19864.612152 + 13042.3918753 = $61,760 Mil.
Total Current Assets was $53,823 Mil.
Total Assets was $291,866 Mil.
Property, Plant and Equipment(Net PPE) was $198,057 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,785 Mil.
Selling, General & Admin. Expense(SGA) was $1,405 Mil.
Total Current Liabilities was $30,796 Mil.
Long-Term Debt was $42,600 Mil.
Net Income was 1788.8460865 + 4287.3577307 + 6344.05533182 + 1981.29924707 = $14,402 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 4287.91805288 + 4504.72771844 + 11807.5118193 + 11129.3293644 = $31,729 Mil.
|Accounts Receivable was $10,463 Mil.
Revenue was 22636.403432 + 22153.7208895 + 28861.022588 + 27705.9884434 = $101,357 Mil.
Gross Profit was 16679.6533006 + 14719.488706 + 21308.5449133 + 19201.5583961 = $71,909 Mil.
Total Current Assets was $63,675 Mil.
Total Assets was $286,777 Mil.
Property, Plant and Equipment(Net PPE) was $184,614 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,880 Mil.
Selling, General & Admin. Expense(SGA) was $1,199 Mil.
Total Current Liabilities was $34,839 Mil.
Long-Term Debt was $43,215 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)|
|=||(10227.3507267 / 108360.444756)||/||(10463.2113465 / 101357.135353)|
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)|
|=||(71909.2453161 / 101357.135353)||/||(61760.0420242 / 108360.444756)|
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 - (53822.6930485 + 198056.662581) / 291866.433199)||/||(1 - (63674.9255822 + 184613.552793) / 286776.83418)|
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))|
|=||(8879.54824024 / (8879.54824024 + 184613.552793))||/||(9784.78375066 / (9784.78375066 + 198056.662581))|
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)|
|=||(1404.83277885 / 108360.444756)||/||(1198.91437577 / 101357.135353)|
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)|
|=||((42600.2101208 + 30796.0602346) / 291866.433199)||/||((43214.7259674 + 34838.5046402) / 286776.83418)|
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|
|=||(14401.5583961 - 0||-||31729.486955)||/||291866.433199|
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 -2.63 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