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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 -2.80 suggests that the company is not a manipulator.
During the past 7 years, the highest Beneish M-Score of OAO Gazprom was 0.00. The lowest was 0.00. And the median was 0.00.
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 * 0.8402||+||0.404 * 0.7763||+||0.892 * 1.1047||+||0.115 * 0.9635|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2202||+||4.679 * -0.0488||-||0.327 * 0.8886|
|This Year (Sep13) TTM:||Last Year (Sep12) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 33854.5812254 + 31104.0191119 + 41074.7892074 + 39674.6205734 = $145,708 Mil.
Gross Profit was 23304.6655424 + 39579.5390669 + 32599.2692524 + 34060.2585722 = $129,544 Mil.
Total Current Assets was $73,709 Mil.
Total Assets was $361,605 Mil.
Property, Plant and Equipment(Net PPE) was $240,561 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,079 Mil.
Selling, General & Admin. Expense(SGA) was $9,763 Mil.
Total Current Liabilities was $34,991 Mil.
Long-Term Debt was $38,057 Mil.
Net Income was 7759.69645868 + 5677.85272625 + 10698.8476672 + 9989.79763912 = $34,126 Mil.
Non Operating Income was 761.01742552 + 1056.66104553 + -696.346261945 + 1833.02417088 = $2,954 Mil.
Cash Flow from Operations was 21919.4772344 + 0 + 14555.1714446 + 12330.4103429 = $48,805 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 31524.9016301 + 28259.9213041 + 34437.2681282 + 37673.8055087 = $131,896 Mil.
Gross Profit was 20909.0781338 + 20664.9522203 + 27019.421023 + 29929.0331647 = $98,522 Mil.
Total Current Assets was $65,663 Mil.
Total Assets was $326,571 Mil.
Property, Plant and Equipment(Net PPE) was $205,843 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,118 Mil.
Selling, General & Admin. Expense(SGA) was $7,243 Mil.
Total Current Liabilities was $39,184 Mil.
Long-Term Debt was $35,059 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 / 145708.010118)||/||(0 / 131895.896571)|
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)|
|=||(39579.5390669 / 131895.896571)||/||(23304.6655424 / 145708.010118)|
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 - (73709.1343451 + 240561.129848) / 361605.283867)||/||(1 - (65663.0410343 + 205843.114109) / 326571.38842)|
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))|
|=||(9118.40921866 / (9118.40921866 + 205843.114109))||/||(11078.8083193 / (11078.8083193 + 240561.129848))|
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)|
|=||(9763.12535132 / 145708.010118)||/||(7243.00168634 / 131895.896571)|
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)|
|=||((38056.8577853 + 34991.118606) / 361605.283867)||/||((35059.1062395 + 39183.6143901) / 326571.38842)|
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|
|=||(34126.1944913 - 2954.35637999||-||48805.0590219)||/||361605.283867|
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 -2.80 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