OGZPY has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 -2.67 suggests that the company is not a manipulator.
During the past 8 years, the highest Beneish M-Score of OAO Gazprom was -2.40. The lowest was -3.72. And the median was -2.63.
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 * 0.852||+||0.404 * 0.916||+||0.892 * 1.1015||+||0.115 * 0.9308|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.757||+||4.679 * -0.0474||-||0.327 * 0.9537|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 42040.3244166 + 34278.4860558 + 31493.48321 + 41589.1007399 = $149,401 Mil.
Gross Profit was 40973.7620945 + 23596.4712578 + 40075.1280592 + 33007.4558907 = $137,653 Mil.
Total Current Assets was $81,465 Mil.
Total Assets was $382,363 Mil.
Property, Plant and Equipment(Net PPE) was $254,413 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,924 Mil.
Selling, General & Admin. Expense(SGA) was $9,349 Mil.
Total Current Liabilities was $39,598 Mil.
Long-Term Debt was $41,833 Mil.
Net Income was 7982.01479795 + 7856.85828116 + 5748.94706887 + 10832.8116107 = $32,421 Mil.
Non Operating Income was -348.520204895 + 770.546385885 + 1069.89186113 + -705.065452476 = $787 Mil.
Cash Flow from Operations was 12808.6226522 + 22193.9385316 + 0 + 14737.4217416 = $49,740 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 40230.7057484 + 31919.6357427 + 28613.7734775 + 34868.4689812 = $135,633 Mil.
Gross Profit was 37014.4564599 + 21170.8878771 + 20923.7051793 + 27357.7404667 = $106,467 Mil.
Total Current Assets was $68,890 Mil.
Total Assets was $340,263 Mil.
Property, Plant and Equipment(Net PPE) was $226,214 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,838 Mil.
Selling, General & Admin. Expense(SGA) was $11,212 Mil.
Total Current Liabilities was $42,461 Mil.
Long-Term Debt was $33,522 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)|
|=||(0 / 149401.394422)||/||(0 / 135632.58395)|
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)|
|=||(23596.4712578 / 135632.58395)||/||(40973.7620945 / 149401.394422)|
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 - (81464.7125783 + 254413.431986) / 382363.005122)||/||(1 - (68890.2390438 + 226214.285714) / 340262.834377)|
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))|
|=||(9837.5071144 / (9837.5071144 + 226214.285714))||/||(11924.2743312 / (11924.2743312 + 254413.431986))|
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)|
|=||(9348.57712009 / 149401.394422)||/||(11211.895276 / 135632.58395)|
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)|
|=||((41832.7262379 + 39597.7518497) / 382363.005122)||/||((33521.883893 + 42460.6146841) / 340262.834377)|
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|
|=||(32420.6317587 - 786.852589641||-||49739.9829254)||/||382363.005122|
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 -2.67 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
OAO Gazprom Annual Data
OAO Gazprom Quarterly Data