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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.
OAO Gazprom has a M-score of -2.65 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 -2.62.
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 * 1.1258|
|-||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 40911.0218776 + 33357.6848518 + 30647.493769 + 40471.919136 = $145,388 Mil.
Gross Profit was 39873.1099418 + 22962.6142343 + 38998.615342 + 32120.797563 = $133,955 Mil.
Total Current Assets was $79,276 Mil.
Total Assets was $372,092 Mil.
Property, Plant and Equipment(Net PPE) was $247,579 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,604 Mil.
Selling, General & Admin. Expense(SGA) was $9,097 Mil.
Total Current Liabilities was $38,534 Mil.
Long-Term Debt was $40,709 Mil.
Net Income was 7767.59900305 + 7645.80448629 + 5594.51675436 + 10541.8166713 = $31,550 Mil.
Non Operating Income was -339.158127942 + 749.847687621 + 1041.15203545 + -686.125726945 = $766 Mil.
Cash Flow from Operations was 12464.5527555 + 21597.7568541 + 0 + 14341.5397397 = $48,404 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 39150.0138466 + 31062.1988369 + 27845.1398505 + 33931.8194406 = $131,989 Mil.
Gross Profit was 36020.1606203 + 20602.1877596 + 20361.6449737 + 26622.8468568 = $103,607 Mil.
Total Current Assets was $67,040 Mil.
Total Assets was $331,123 Mil.
Property, Plant and Equipment(Net PPE) was $220,138 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,685 Mil.
Selling, General & Admin. Expense(SGA) was $10,911 Mil.
Total Current Liabilities was $41,320 Mil.
Long-Term Debt was $32,621 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 / 145388.119634)||/||(0 / 131989.171975)|
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)|
|=||(22962.6142343 / 131989.171975)||/||(39873.1099418 / 145388.119634)|
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 - (79276.3777347 + 247579.285516) / 372091.830518)||/||(1 - (67039.684298 + 220137.635004) / 331122.569925)|
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))|
|=||(11684.9072279 / (11684.9072279 + 220137.635004))||/||(11603.9601218 / (11603.9601218 + 247579.285516))|
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)|
|=||(9097.4522293 / 145388.119634)||/||(10910.7172528 / 131989.171975)|
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)|
|=||((40709.0002769 + 38534.0625865) / 372091.830518)||/||((32621.4068125 + 41320.0221545) / 331122.569925)|
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|
|=||(31549.736915 - 765.715868181||-||48403.8493492)||/||372091.830518|
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 -2.65 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