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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 -3.47. And the median was -2.69.
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 * 0.9143||+||0.528 * 1.2448||+||0.404 * 1.0208||+||0.892 * 1.0691||+||0.115 * 0.9748|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.096||+||4.679 * -0.0594||-||0.327 * 0.9239|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $10,349 Mil.|
Revenue was 22271.2969525 + 23511.8355776 + 30782.4946846 + 33081.1658398 = $109,647 Mil.
Gross Profit was 15140.0956768 + 14055.4571226 + 20100.4252303 + 13197.2182849 = $62,493 Mil.
Total Current Assets was $54,462 Mil.
Total Assets was $295,331 Mil.
Property, Plant and Equipment(Net PPE) was $200,408 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,901 Mil.
Selling, General & Admin. Expense(SGA) was $1,422 Mil.
Total Current Liabilities was $31,162 Mil.
Long-Term Debt was $43,106 Mil.
Net Income was 1810.08150248 + 4338.25301205 + 6419.36569809 + 2004.81927711 = $14,573 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 4338.81998583 + 4558.20340184 + 11947.6789511 + 11261.4457831 = $32,106 Mil.
|Accounts Receivable was $10,587 Mil.
Revenue was 22905.1204819 + 22416.7080085 + 29203.6321758 + 28034.8866052 = $102,560 Mil.
Gross Profit was 16877.6576896 + 14894.2239546 + 21561.4989369 + 19429.5003544 = $72,763 Mil.
Total Current Assets was $64,431 Mil.
Total Assets was $290,181 Mil.
Property, Plant and Equipment(Net PPE) was $186,805 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,985 Mil.
Selling, General & Admin. Expense(SGA) was $1,213 Mil.
Total Current Liabilities was $35,252 Mil.
Long-Term Debt was $43,728 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)|
|=||(10348.7597449 / 109646.793055)||/||(10587.4202693 / 102560.347271)|
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)|
|=||(72762.8809355 / 102560.347271)||/||(62493.1963147 / 109646.793055)|
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 - (54461.6229624 + 200407.795889) / 295331.183558)||/||(1 - (64430.8114812 + 186805.102764) / 290181.16584)|
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))|
|=||(8984.95747697 / (8984.95747697 + 186805.102764))||/||(9900.93905032 / (9900.93905032 + 200407.795889))|
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)|
|=||(1421.50956768 / 109646.793055)||/||(1213.14670446 / 102560.347271)|
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)|
|=||((43105.9177888 + 31161.6406804) / 295331.183558)||/||((43727.7285613 + 35252.0729979) / 290181.16584)|
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|
|=||(14572.5194897 - 0||-||32106.1481219)||/||295331.183558|
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 -2.63 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