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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 $10,872 Mil.|
Revenue was 27954.7986225 + 19355.667016 + 18942.94056 + 24678.1404402 = $90,932 Mil.
Gross Profit was 16863.7820033 + 12186.2554275 + 18942.94056 + 18220.2575236 = $66,213 Mil.
Total Current Assets was $59,795 Mil.
Total Assets was $255,308 Mil.
Property, Plant and Equipment(Net PPE) was $164,753 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,822 Mil.
Selling, General & Admin. Expense(SGA) was $418 Mil.
Total Current Liabilities was $31,812 Mil.
Long-Term Debt was $41,860 Mil.
Net Income was 1694.14583021 + -29.9446024854 + 4398.7423267 + 5721.09597245 = $11,784 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 10423.656236 = $10,424 Mil.
|Accounts Receivable was $10,241 Mil.
Revenue was 23690.507561 + 16972.4509657 + 19691.4957329 + 23337.8799221 = $83,692 Mil.
Gross Profit was 16418.640515 + 10455.6520437 + 19691.4957329 + 17388.2617158 = $63,954 Mil.
Total Current Assets was $51,821 Mil.
Total Assets was $227,242 Mil.
Property, Plant and Equipment(Net PPE) was $148,978 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,362 Mil.
Selling, General & Admin. Expense(SGA) was $283 Mil.
Total Current Liabilities was $27,788 Mil.
Long-Term Debt was $33,299 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)|
|=||(10872.2263812 / 90931.5466387)||/||(10240.5599641 / 83692.3341818)|
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)|
|=||(12186.2554275 / 83692.3341818)||/||(16863.7820033 / 90931.5466387)|
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 - (59795.2088636 + 164753.421171) / 255308.279683)||/||(1 - (51821.4553077 + 148977.526576) / 227241.652942)|
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))|
|=||(5361.80565953 / (5361.80565953 + 148977.526576))||/||(5821.76972601 / (5821.76972601 + 164753.421171))|
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)|
|=||(417.682287768 / 90931.5466387)||/||(283.365773319 / 83692.3341818)|
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)|
|=||((41860.2036233 + 31811.6634227) / 255308.279683)||/||((33299.0268004 + 27787.7975745) / 227241.652942)|
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|
|=||(11784.0395269 - 0||-||10423.656236)||/||255308.279683|
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