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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 2.09. The lowest was -20.09. 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 * 1.5906||+||0.528 * 1.1584||+||0.404 * 0.8551||+||0.892 * 0.498||+||0.115 * 0.8277|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.7198||+||4.679 * -0.2982||-||0.327 * 1.2462|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $101.7 Mil.|
Revenue was 220.301903303 + 314.262023217 + 136.999595633 + 173.403074972 = $845.0 Mil.
Gross Profit was 140.013126231 + 221.996080205 + 17.8730287101 + 72.5154541132 = $452.4 Mil.
Total Current Assets was $312.3 Mil.
Total Assets was $3,318.5 Mil.
Property, Plant and Equipment(Net PPE) was $2,801.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $364.6 Mil.
Selling, General & Admin. Expense(SGA) was $77.3 Mil.
Total Current Liabilities was $179.9 Mil.
Long-Term Debt was $1,351.1 Mil.
Net Income was -341.719536207 + -248.454696216 + -108.693894056 + -127.199239182 = $-826.1 Mil.
Non Operating Income was -72.6318092321 + -34.4489672848 + -13.1014961585 + -75.2892692978 = $-195.5 Mil.
Cash Flow from Operations was 99.9051994458 + 99.276345545 + 78.8515972503 + 81.0746552544 = $359.1 Mil.
|Accounts Receivable was $128.4 Mil.
Revenue was 709.764134582 + 419.671237853 + 320.036934441 + 247.254725473 = $1,696.7 Mil.
Gross Profit was 575.875823795 + 261.284170375 + 135.457063712 + 79.7479747975 = $1,052.4 Mil.
Total Current Assets was $388.2 Mil.
Total Assets was $5,350.2 Mil.
Property, Plant and Equipment(Net PPE) was $4,575.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $482.1 Mil.
Selling, General & Admin. Expense(SGA) was $90.3 Mil.
Total Current Liabilities was $518.7 Mil.
Long-Term Debt was $1,462.0 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)|
|=||(101.728287027 / 844.966597126)||/||(128.425251474 / 1696.72703235)|
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)|
|=||(221.996080205 / 1696.72703235)||/||(140.013126231 / 844.966597126)|
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 - (312.331364399 + 2801.42930066) / 3318.52986217)||/||(1 - (388.224072147 + 4575.87582379) / 5350.15608741)|
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))|
|=||(482.149034178 / (482.149034178 + 4575.87582379))||/||(364.615913873 / (364.615913873 + 2801.42930066))|
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)|
|=||(77.310608541 / 844.966597126)||/||(90.2677692367 / 1696.72703235)|
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)|
|=||((1351.12666813 + 179.902282506) / 3318.52986217)||/||((1462.01873049 + 518.730489074) / 5350.15608741)|
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|
|=||(-826.06736566 - -195.471541973||-||359.107797495)||/||3318.52986217|
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 -3.98 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