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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 -2.59.
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 * 0.708||+||0.528 * 0.6912||+||0.404 * 0.5513||+||0.892 * 1.0603||+||0.115 * 0.871|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8652||+||4.679 * -0.2992||-||0.327 * 1.2962|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $110 Mil.|
Revenue was 314.262023217 + 136.999595633 + 173.403074972 + 709.764134582 = $1,334 Mil.
Gross Profit was 221.996080205 + 17.8730287101 + 72.5154541132 + 575.875823795 = $888 Mil.
Total Current Assets was $299 Mil.
Total Assets was $4,052 Mil.
Property, Plant and Equipment(Net PPE) was $3,497 Mil.
Depreciation, Depletion and Amortization(DDA) was $400 Mil.
Selling, General & Admin. Expense(SGA) was $85 Mil.
Total Current Liabilities was $256 Mil.
Long-Term Debt was $1,472 Mil.
Net Income was -248.454696216 + -108.693894056 + -127.199239182 + -438.779049601 = $-923 Mil.
Non Operating Income was -34.4489672848 + -13.1014961585 + -75.2892692978 + -17.9500520291 = $-141 Mil.
Cash Flow from Operations was 99.276345545 + 78.8515972503 + 81.0746552544 + 170.828997572 = $430 Mil.
|Accounts Receivable was $146 Mil.
Revenue was 419.671237853 + 320.036934441 + 247.254725473 + 271.522556391 = $1,258 Mil.
Gross Profit was 261.284170375 + 135.457063712 + 79.7479747975 + 102.537593985 = $579 Mil.
Total Current Assets was $190 Mil.
Total Assets was $5,914 Mil.
Property, Plant and Equipment(Net PPE) was $5,044 Mil.
Depreciation, Depletion and Amortization(DDA) was $495 Mil.
Selling, General & Admin. Expense(SGA) was $92 Mil.
Total Current Liabilities was $547 Mil.
Long-Term Debt was $1,399 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)|
|=||(109.905020353 / 1334.4288284)||/||(146.39905549 / 1258.48545416)|
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)|
|=||(17.8730287101 / 1258.48545416)||/||(221.996080205 / 1334.4288284)|
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 - (299.185888738 + 3496.68325041) / 4052.38956731)||/||(1 - (190.445917719 + 5044.1376805) / 5913.63182272)|
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))|
|=||(495.041828078 / (495.041828078 + 5044.1376805))||/||(399.825957466 / (399.825957466 + 3496.68325041))|
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)|
|=||(84.7496785257 / 1334.4288284)||/||(92.3739060668 / 1258.48545416)|
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)|
|=||((1472.33529323 + 256.294286145) / 4052.38956731)||/||((1399.41876306 + 546.726001271) / 5913.63182272)|
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|
|=||(-923.126879055 - -140.78978477||-||430.031595622)||/||4052.38956731|
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 -4.53 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