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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 13 years, the highest Beneish M-Score of Petroleo Brasileiro SA Petrobras was -1.60. The lowest was -3.29. 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 * 0.7863||+||0.528 * 0.8214||+||0.404 * 0.8068||+||0.892 * 0.8641||+||0.115 * 0.8634|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2201||+||4.679 * -0.1147||-||0.327 * 1.2218|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $9,634 Mil.|
Revenue was 25691.1013272 + 23668.7464188 + 32188.9549188 + 45533.1802045 = $127,082 Mil.
Gross Profit was 8214.80219816 + 7133.76201694 + 8333.01790378 + 10527.9751059 = $34,210 Mil.
Total Current Assets was $51,541 Mil.
Total Assets was $276,151 Mil.
Property, Plant and Equipment(Net PPE) was $197,672 Mil.
Depreciation, Depletion and Amortization(DDA) was $12,630 Mil.
Selling, General & Admin. Expense(SGA) was $10,907 Mil.
Total Current Liabilities was $32,328 Mil.
Long-Term Debt was $119,193 Mil.
Net Income was 170.646270527 + 1696.69574075 + -10068.5112987 + -1958.27323667 = $-10,159 Mil.
Non Operating Income was -308.513031462 + -899.917234354 + -530.678678224 + -7106.05800077 = $-8,845 Mil.
Cash Flow from Operations was 7356.10759392 + 5725.47271917 + 5667.89053333 + 11613.5933958 = $30,363 Mil.
|Accounts Receivable was $14,179 Mil.
Revenue was 36805.9033989 + 35073.1182796 + 40871.1678739 + 34319.7879859 = $147,070 Mil.
Gross Profit was 8415.92128801 + 8242.15053763 + 8536.89816787 + 7325.53003534 = $32,521 Mil.
Total Current Assets was $64,410 Mil.
Total Assets was $357,333 Mil.
Property, Plant and Equipment(Net PPE) was $249,721 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,656 Mil.
Selling, General & Admin. Expense(SGA) was $10,346 Mil.
Total Current Liabilities was $33,597 Mil.
Long-Term Debt was $126,874 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)|
|=||(9633.64077514 / 127081.982869)||/||(14178.5974955 / 147069.977538)|
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)|
|=||(7133.76201694 / 147069.977538)||/||(8214.80219816 / 127081.982869)|
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 - (51540.9583186 + 197672.012083) / 276150.978565)||/||(1 - (64409.9092129 + 249720.902504) / 357333.299642)|
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))|
|=||(13656.2594199 / (13656.2594199 + 249720.902504))||/||(12630.0727442 / (12630.0727442 + 197672.012083))|
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)|
|=||(10907.457181 / 127081.982869)||/||(10346.0848138 / 147069.977538)|
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)|
|=||((119193.36697 + 32328.3092843) / 276150.978565)||/||((126873.813953 + 33597.3461538) / 357333.299642)|
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|
|=||(-10159.4425241 - -8845.16694481||-||30363.0642422)||/||276150.978565|
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 -3.63 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