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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 8 years, the highest Beneish M-Score of OAO Gazprom was -2.40. The lowest was -3.72. And the median was -2.89.
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 * 0.9501||+||0.528 * 0.9913||+||0.404 * 0.9084||+||0.892 * 1.0575||+||0.115 * 0.9997|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.5129||+||4.679 * -0.0992||-||0.327 * 1.0593|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $10,291 Mil.|
Revenue was 18771.1541646 + 21778.3573439 + 25811.1773472 + 24462.6097036 = $90,823 Mil.
Gross Profit was 11563.7191588 + 26776.8339129 + 20812.7007783 + 23841.9937076 = $82,995 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 $2,757 Mil.
Total Current Liabilities was $21,843 Mil.
Long-Term Debt was $27,950 Mil.
Net Income was 1749.89236629 + 3768.35568803 + 3692.78026163 + 4644.61003477 = $13,856 Mil.
Non Operating Income was -4140.96704752 + 3293.54197715 + -2501.05977811 + -202.798476569 = $-3,551 Mil.
Cash Flow from Operations was 21529.3094883 + 0 + 11399.6025832 + 7551.99536347 = $40,481 Mil.
|Accounts Receivable was $10,242 Mil.
Revenue was 19946.1169068 + 18325.5671469 + 24200.0496771 + 23409.6207981 = $85,881 Mil.
Gross Profit was 13730.4189435 + 22798.3937738 + 19727.2230502 + 21538.1354529 = $77,794 Mil.
Total Current Assets was $43,427 Mil.
Total Assets was $213,047 Mil.
Property, Plant and Equipment(Net PPE) was $141,731 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,538 Mil.
Selling, General & Admin. Expense(SGA) was $5,083 Mil.
Total Current Liabilities was $20,616 Mil.
Long-Term Debt was $22,422 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)|
|=||(10290.5447922 / 90823.2985594)||/||(10242.192416 / 85881.3545289)|
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)|
|=||(26776.8339129 / 85881.3545289)||/||(11563.7191588 / 90823.2985594)|
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 - (48952.6080477 + 156066.385163) / 232689.584368)||/||(1 - (43427.2396092 + 141731.495281) / 213047.127008)|
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))|
|=||(8537.5890048 / (8537.5890048 + 141731.495281))||/||(9404.55373406 / (9404.55373406 + 156066.385163))|
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)|
|=||(2757.26113595 / 90823.2985594)||/||(5083.06010929 / 85881.3545289)|
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)|
|=||((27950.4719324 + 21843.0038086) / 232689.584368)||/||((22421.9738367 + 20615.7310813) / 213047.127008)|
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|
|=||(13855.6383507 - -3551.28332505||-||40480.907435)||/||232689.584368|
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 -2.92 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