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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 9 years, the highest Beneish M-Score of OAO Gazprom was -2.40. The lowest was -3.72. And the median was -2.70.
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 * 0.8551||+||0.528 * 1.0213||+||0.404 * 0.9572||+||0.892 * 1.0647||+||0.115 * 1.0028|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8534||+||4.679 * -0.0967||-||0.327 * 1.2623|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $11,326 Mil.|
Revenue was 26201.1756913 + 18771.1541646 + 21778.3573439 + 25811.1773472 = $92,562 Mil.
Gross Profit was 18158.6520947 + 11563.7191588 + 26776.8339129 + 20812.7007783 = $77,312 Mil.
Total Current Assets was $57,313 Mil.
Total Assets was $251,324 Mil.
Property, Plant and Equipment(Net PPE) was $164,766 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,718 Mil.
Selling, General & Admin. Expense(SGA) was $2,593 Mil.
Total Current Liabilities was $30,733 Mil.
Long-Term Debt was $36,828 Mil.
Net Income was -6578.07584037 + 1749.89236629 + 3768.35568803 + 3692.78026163 = $2,633 Mil.
Non Operating Income was -12843.732406 + -4140.96704752 + 3293.54197715 + -2501.05977811 = $-16,192 Mil.
Cash Flow from Operations was 10193.972512 + 21529.3094883 + 0 + 11399.6025832 = $43,123 Mil.
|Accounts Receivable was $12,439 Mil.
Revenue was 24462.6097036 + 19946.1169068 + 18325.5671469 + 24200.0496771 = $86,934 Mil.
Gross Profit was 17900.1324723 + 13730.4189435 + 22798.3937738 + 19727.2230502 = $74,156 Mil.
Total Current Assets was $47,403 Mil.
Total Assets was $222,491 Mil.
Property, Plant and Equipment(Net PPE) was $148,039 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,758 Mil.
Selling, General & Admin. Expense(SGA) was $2,854 Mil.
Total Current Liabilities was $23,041 Mil.
Long-Term Debt was $24,342 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)|
|=||(11325.8320914 / 92561.8645471)||/||(12439.4601755 / 86934.3434343)|
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)|
|=||(11563.7191588 / 86934.3434343)||/||(18158.6520947 / 92561.8645471)|
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 - (57313.3796986 + 164765.838715) / 251324.225865)||/||(1 - (47403.0468621 + 148039.21179) / 222491.074681)|
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))|
|=||(8757.9400563 / (8757.9400563 + 148039.21179))||/||(9718.47988077 / (9718.47988077 + 164765.838715))|
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)|
|=||(2593.40950488 / 92561.8645471)||/||(2854.06524259 / 86934.3434343)|
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)|
|=||((36827.9847657 + 30732.687531) / 251324.225865)||/||((24341.8115582 + 23041.3147872) / 222491.074681)|
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|
|=||(2632.95247558 - -16192.2172545||-||43122.8845835)||/||251324.225865|
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 -3.07 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