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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 -3.23. And the median was -2.50.
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 * 0.9105||+||0.528 * 1.0629||+||0.404 * 1.0175||+||0.892 * 1.0851||+||0.115 * 1.0002|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.8041||+||4.679 * 0.0054||-||0.327 * 1.0688|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $11,787 Mil.|
Revenue was 27239.9498275 + 29274.0827846 + 20269.1282534 + 19836.9238006 = $96,620 Mil.
Gross Profit was 17787.2060207 + 17659.6425212 + 12761.3671997 + 0 = $48,208 Mil.
Total Current Assets was $62,571 Mil.
Total Assets was $268,867 Mil.
Property, Plant and Equipment(Net PPE) was $173,694 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,374 Mil.
Selling, General & Admin. Expense(SGA) was $413 Mil.
Total Current Liabilities was $31,093 Mil.
Long-Term Debt was $42,143 Mil.
Net Income was 5680.60520539 + 1774.09846347 + -31.3577924114 + 4606.33427407 = $12,030 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 10572.7030417 + 0 + 0 + 0 = $10,573 Mil.
|Accounts Receivable was $11,932 Mil.
Revenue was 25842.7877077 + 24808.5449984 + 17773.4399498 + 20620.8058953 = $89,046 Mil.
Gross Profit was 19080.1348385 + 17193.4932581 + 10949.090624 + 0 = $47,223 Mil.
Total Current Assets was $55,414 Mil.
Total Assets was $241,207 Mil.
Property, Plant and Equipment(Net PPE) was $157,048 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,764 Mil.
Selling, General & Admin. Expense(SGA) was $211 Mil.
Total Current Liabilities was $27,491 Mil.
Long-Term Debt was $33,982 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)|
|=||(11787.1276262 / 96620.084666)||/||(11931.5459392 / 89045.5785513)|
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)|
|=||(47222.7187206 / 89045.5785513)||/||(48208.2157416 / 96620.084666)|
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 - (62571.4330511 + 173693.806836) / 268866.588272)||/||(1 - (55413.9698965 + 157047.616808) / 241206.694889)|
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))|
|=||(5764.15804327 / (5764.15804327 + 157047.616808))||/||(6373.67513327 / (6373.67513327 + 173693.806836))|
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)|
|=||(412.621511446 / 96620.084666)||/||(210.78708059 / 89045.5785513)|
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)|
|=||((42142.7093133 + 31092.5211665) / 268866.588272)||/||((33982.0947005 + 27490.8435246) / 241206.694889)|
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|
|=||(12029.6801505 - 0||-||10572.7030417)||/||268866.588272|
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 -2.58 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