PBR has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 13 years, the highest Beneish M-Score of Petroleo Brasileiro SA Petrobras was -1.62. The lowest was -3.24. And the median was -2.45.
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 Petroleo Brasileiro SA Petrobras 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 * 0.5228||+||0.528 * 1.0338||+||0.404 * 0.4936||+||0.892 * 1.0729||+||0.115 * 1.1588|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3512||+||4.679 * -0.0483||-||0.327 * 1.1785|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $9,219 Mil.|
Revenue was 37801.8734762 + 35255.4736136 + 33619.8554839 + 47297.3353217 = $153,975 Mil.
Gross Profit was 9010.22284957 + 8137.91547406 + 8020.46107527 + 10422.2317853 = $35,591 Mil.
Total Current Assets was $61,410 Mil.
Total Assets was $352,903 Mil.
Property, Plant and Equipment(Net PPE) was $255,542 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,625 Mil.
Selling, General & Admin. Expense(SGA) was $11,618 Mil.
Total Current Liabilities was $36,159 Mil.
Long-Term Debt was $129,801 Mil.
Net Income was 1320.41575773 + 2119.21779964 + 2222.22021505 + 3823.05794631 = $9,485 Mil.
Non Operating Income was 61.1660036785 + 566.759838998 + 338.206451613 + -1743.74563272 = $-778 Mil.
Cash Flow from Operations was 10080.4140468 + 6186.14982111 + 3880.11354839 + 7156.93268002 = $27,304 Mil.
|Accounts Receivable was $16,436 Mil.
Revenue was 34319.7879859 + 36074.9539807 + 36982.8694556 + 36135.6607315 = $143,513 Mil.
Gross Profit was 7325.53003534 + 9166.561896 + 9613.81602823 + 8187.47256978 = $34,293 Mil.
Total Current Assets was $61,354 Mil.
Total Assets was $339,051 Mil.
Property, Plant and Equipment(Net PPE) was $207,716 Mil.
Depreciation, Depletion and Amortization(DDA) was $12,944 Mil.
Selling, General & Admin. Expense(SGA) was $8,014 Mil.
Total Current Liabilities was $31,278 Mil.
Long-Term Debt was $104,016 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)|
|=||(9218.52944951 / 153974.537895)||/||(16435.8785336 / 143513.272154)|
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)|
|=||(8137.91547406 / 143513.272154)||/||(9010.22284957 / 153974.537895)|
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 - (61410.2399589 + 255542.153214) / 352903.032636)||/||(1 - (61354.1669611 + 207715.930654) / 339051.431095)|
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))|
|=||(12943.7701144 / (12943.7701144 + 207715.930654))||/||(13625.4398045 / (13625.4398045 + 255542.153214))|
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)|
|=||(11618.1176389 / 153974.537895)||/||(8014.22093038 / 143513.272154)|
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)|
|=||((129800.67582 + 36158.5183284) / 352903.032636)||/||((104016.472173 + 31277.7155477) / 339051.431095)|
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|
|=||(9484.91171874 - -777.613338433||-||27303.6100963)||/||352903.032636|
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.
Petroleo Brasileiro SA Petrobras has a M-score of -3.37 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
Petroleo Brasileiro SA Petrobras Annual Data
Petroleo Brasileiro SA Petrobras Quarterly Data