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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 Pengrowth Energy Corp was 10000000.00. The lowest was -10000000.00. And the median was -2.72.
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 Pengrowth Energy Corp 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 * 1.8538||+||0.528 * 1.4443||+||0.404 * 0.8679||+||0.892 * 0.3846||+||0.115 * 1.0802|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.8601||+||4.679 * -0.2463||-||0.327 * 0.9993|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $78.3 Mil.|
Revenue was 125.953616112 + -7.75554521483 + 174.655980644 + 220.301903303 = $513.2 Mil.
Gross Profit was 59.5819346964 + -71.9714595936 + 108.876455467 + 140.013126231 = $236.5 Mil.
Total Current Assets was $238.3 Mil.
Total Assets was $3,257.6 Mil.
Property, Plant and Equipment(Net PPE) was $2,840.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $298.1 Mil.
Selling, General & Admin. Expense(SGA) was $60.6 Mil.
Total Current Liabilities was $624.1 Mil.
Long-Term Debt was $764.5 Mil.
Net Income was -40.3570338724 + -134.481154025 + 18.9021624074 + -341.719536207 = $-497.7 Mil.
Non Operating Income was -10.8330790357 + -5.81665891112 + 17.6924240133 + -72.6318092321 = $-71.6 Mil.
Cash Flow from Operations was 109.780286848 + 78.5636730262 + 88.0084681688 + 99.9051994458 = $376.3 Mil.
|Accounts Receivable was $109.9 Mil.
Revenue was 314.262023217 + 136.999595633 + 173.403074972 + 709.764134582 = $1,334.4 Mil.
Gross Profit was 221.996080205 + 17.8730287101 + 72.5154541132 + 575.875823795 = $888.3 Mil.
Total Current Assets was $299.2 Mil.
Total Assets was $4,052.4 Mil.
Property, Plant and Equipment(Net PPE) was $3,496.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $399.8 Mil.
Selling, General & Admin. Expense(SGA) was $84.7 Mil.
Total Current Liabilities was $256.3 Mil.
Long-Term Debt was $1,472.3 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)|
|=||(78.3490997864 / 513.155954845)||/||(109.905020353 / 1334.4288284)|
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)|
|=||(888.260386823 / 1334.4288284)||/||(236.5000568 / 513.155954845)|
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 - (238.327738785 + 2840.25022887) / 3257.55263961)||/||(1 - (299.185888738 + 3496.68325041) / 4052.38956731)|
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))|
|=||(399.825957466 / (399.825957466 + 3496.68325041))||/||(298.131897849 / (298.131897849 + 2840.25022887))|
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)|
|=||(60.6213929725 / 513.155954845)||/||(84.7496785257 / 1334.4288284)|
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)|
|=||((764.494964907 + 624.122673177) / 3257.55263961)||/||((1472.33529323 + 256.294286145) / 4052.38956731)|
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|
|=||(-497.655561697 - -71.5891231656||-||376.257627488)||/||3257.55263961|
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.
Pengrowth Energy Corp has a M-score of -3.35 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
Pengrowth Energy Corp Annual Data
Pengrowth Energy Corp Quarterly Data