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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 -1.18. The lowest was -3.23. And the median was -2.47.
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 * 0.9772||+||0.528 * 1.0494||+||0.404 * 1.0354||+||0.892 * 1.0865||+||0.115 * 1.0179|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3567||+||4.679 * 0.0053||-||0.327 * 1.0734|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $11,237 Mil.|
Revenue was 28893.5468895 + 20005.6484061 + 19579.0622098 + 25506.8554627 = $93,985 Mil.
Gross Profit was 17430.0835655 + 12595.4812751 + 19579.0622098 + 18832.1108016 = $68,437 Mil.
Total Current Assets was $61,803 Mil.
Total Assets was $263,882 Mil.
Property, Plant and Equipment(Net PPE) was $170,286 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,017 Mil.
Selling, General & Admin. Expense(SGA) was $432 Mil.
Total Current Liabilities was $32,880 Mil.
Long-Term Debt was $43,266 Mil.
Net Income was 1751.0368307 + -30.9501702259 + 4546.45620551 + 5913.21572269 = $12,180 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 10773.6923553 = $10,774 Mil.
|Accounts Receivable was $10,584 Mil.
Revenue was 24486.0569483 + 17542.4017332 + 20352.7545652 + 24121.5877437 = $86,503 Mil.
Gross Profit was 16969.99381 + 10806.7626122 + 20352.7545652 + 17972.175797 = $66,102 Mil.
Total Current Assets was $53,562 Mil.
Total Assets was $234,873 Mil.
Property, Plant and Equipment(Net PPE) was $153,980 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,542 Mil.
Selling, General & Admin. Expense(SGA) was $293 Mil.
Total Current Liabilities was $28,721 Mil.
Long-Term Debt was $34,417 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)|
|=||(11237.3259053 / 93985.1129681)||/||(10584.4475395 / 86502.8009904)|
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)|
|=||(66101.6867843 / 86502.8009904)||/||(68436.7378521 / 93985.1129681)|
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 - (61803.1878675 + 170285.995048) / 263881.77035)||/||(1 - (53561.6682142 + 153980.331167) / 234872.64005)|
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))|
|=||(5541.86010523 / (5541.86010523 + 153980.331167))||/||(6017.27019499 / (6017.27019499 + 170285.995048))|
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)|
|=||(431.708449396 / 93985.1129681)||/||(292.881460848 / 86502.8009904)|
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)|
|=||((43265.9083875 + 32879.9288146) / 263881.77035)||/||((34417.2392448 + 28720.9377902) / 234872.64005)|
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|
|=||(12179.7585887 - 0||-||10773.6923553)||/||263881.77035|
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 -2.44 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