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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 -2.92 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 -2.89.
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 $10,097 Mil.|
Revenue was 18417.3842405 + 21367.9122665 + 25324.7278635 + 24001.5759545 = $89,112 Mil.
Gross Profit was 11345.7839155 + 26272.1852153 + 20420.4549147 + 23392.6563769 = $81,431 Mil.
Total Current Assets was $48,030 Mil.
Total Assets was $228,304 Mil.
Property, Plant and Equipment(Net PPE) was $153,125 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,227 Mil.
Selling, General & Admin. Expense(SGA) was $2,705 Mil.
Total Current Liabilities was $21,431 Mil.
Long-Term Debt was $27,424 Mil.
Net Income was 1716.9130788 + 3697.33549959 + 3623.18440292 + 4557.07554833 = $13,595 Mil.
Non Operating Income was -4062.92445167 + 3231.47034931 + -2453.92363932 + -198.976441917 = $-3,484 Mil.
Cash Flow from Operations was 21123.5580829 + 0 + 11184.7603574 + 7409.66693745 = $39,718 Mil.
|Accounts Receivable was $10,049 Mil.
Revenue was 19570.2030869 + 17980.1949634 + 23743.9642567 + 22968.432169 = $84,263 Mil.
Gross Profit was 13471.6490658 + 22368.7246141 + 19355.434606 + 21132.2177092 = $76,328 Mil.
Total Current Assets was $42,609 Mil.
Total Assets was $209,032 Mil.
Property, Plant and Equipment(Net PPE) was $139,060 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,377 Mil.
Selling, General & Admin. Expense(SGA) was $4,987 Mil.
Total Current Liabilities was $20,227 Mil.
Long-Term Debt was $21,999 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)|
|=||(10096.6043867 / 89111.6003249)||/||(10049.1632819 / 84262.794476)|
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)|
|=||(26272.1852153 / 84262.794476)||/||(11345.7839155 / 89111.6003249)|
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 - (48030.0243704 + 153125.085297) / 228304.207961)||/||(1 - (42608.7896019 + 139060.357433) / 209031.941511)|
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))|
|=||(8376.68562145 / (8376.68562145 + 139060.357433))||/||(9227.31112916 / (9227.31112916 + 153125.085297))|
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)|
|=||(2705.2965069 / 89111.6003249)||/||(4987.2623883 / 84262.794476)|
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)|
|=||((27423.7043054 + 21431.3403737) / 228304.207961)||/||((21999.3988627 + 20227.1974005) / 209031.941511)|
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|
|=||(13594.5085297 - -3484.35418359||-||39717.9853777)||/||228304.207961|
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