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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 11 years, the highest Beneish M-Score of Gazprom PJSC was -1.18. The lowest was -3.23. And the median was -2.90.
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 * 0.9111||+||0.528 * 0.9923||+||0.404 * 1.1286||+||0.892 * 1.0554||+||0.115 * 1.0059|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8906||+||4.679 * -0.1484||-||0.327 * 1.2719|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $9,895 Mil.|
Revenue was 21406.9382348 + 20950.4719324 + 27293.475741 + 26201.1756913 = $95,852 Mil.
Gross Profit was 13477.7281007 + 0 + 20151.2005299 + 18158.6520947 = $51,788 Mil.
Total Current Assets was $60,217 Mil.
Total Assets was $271,201 Mil.
Property, Plant and Equipment(Net PPE) was $174,587 Mil.
Depreciation, Depletion and Amortization(DDA) was $10,455 Mil.
Selling, General & Admin. Expense(SGA) was $3,132 Mil.
Total Current Liabilities was $32,946 Mil.
Long-Term Debt was $40,868 Mil.
Net Income was -33.118065905 + 4864.91140917 + 6327.40519954 + -6578.07584037 = $4,581 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 23105.3320086 + 0 + 11528.3325054 + 10193.972512 = $44,828 Mil.
|Accounts Receivable was $10,291 Mil.
Revenue was 18771.1541646 + 21778.3573439 + 25811.1773472 + 24462.6097036 = $90,823 Mil.
Gross Profit was 11563.7191588 + 0 + 19231.0316278 + 17900.1324723 = $48,695 Mil.
Total Current Assets was $48,953 Mil.
Total Assets was $232,690 Mil.
Property, Plant and Equipment(Net PPE) was $156,066 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,405 Mil.
Selling, General & Admin. Expense(SGA) was $3,332 Mil.
Total Current Liabilities was $21,843 Mil.
Long-Term Debt was $27,950 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)|
|=||(9894.91637688 / 95852.0615996)||/||(10290.5447922 / 90823.2985594)|
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)|
|=||(0 / 90823.2985594)||/||(13477.7281007 / 95852.0615996)|
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 - (60216.5093559 + 174586.520947) / 271200.943865)||/||(1 - (48952.6080477 + 156066.385163) / 232689.584368)|
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))|
|=||(9404.55373406 / (9404.55373406 + 156066.385163))||/||(10455.0753436 / (10455.0753436 + 174586.520947))|
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)|
|=||(3131.72710714 / 95852.0615996)||/||(3331.94237457 / 90823.2985594)|
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)|
|=||((40867.5774135 + 32946.2990561) / 271200.943865)||/||((27950.4719324 + 21843.0038086) / 232689.584368)|
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|
|=||(4581.12270243 - 0||-||44827.637026)||/||271200.943865|
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 -3.23 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