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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.
Pengrowth Energy Corp has a M-score of -2.95 suggests that the company is not a 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 -2.49.
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 * 1.1563||+||0.528 * 1.1436||+||0.404 * 1.0688||+||0.892 * 0.8654||+||0.115 * 0.9541|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0577||+||4.679 * -0.1094||-||0.327 * 1.2134|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $201 Mil.|
Revenue was 249.954504095 + 264.07678245 + 382.528957529 + 420.389423077 = $1,317 Mil.
Gross Profit was 80.618744313 + 99.7257769653 + 183.108108108 + 218.676923077 = $582 Mil.
Total Current Assets was $487 Mil.
Total Assets was $6,099 Mil.
Property, Plant and Equipment(Net PPE) was $4,910 Mil.
Depreciation, Depletion and Amortization(DDA) was $536 Mil.
Selling, General & Admin. Expense(SGA) was $96 Mil.
Total Current Liabilities was $626 Mil.
Long-Term Debt was $1,461 Mil.
Net Income was -105.732484076 + -83.2723948812 + -103.571428571 + -51.3971153846 = $-344 Mil.
Non Operating Income was -55.7779799818 + -38.9396709324 + -140.444015444 + -78.9634615385 = $-314 Mil.
Cash Flow from Operations was 166.60600546 + 115.447897623 + 154.826254826 + 200.755769231 = $638 Mil.
|Accounts Receivable was $200 Mil.
Revenue was 322.963689892 + 434.576612903 + 351.063829787 + 413.231755424 = $1,522 Mil.
Gross Profit was 135.721295388 + 242.540322581 + 149.544072948 + 241.50887574 = $769 Mil.
Total Current Assets was $296 Mil.
Total Assets was $7,136 Mil.
Property, Plant and Equipment(Net PPE) was $6,071 Mil.
Depreciation, Depletion and Amortization(DDA) was $629 Mil.
Selling, General & Admin. Expense(SGA) was $104 Mil.
Total Current Liabilities was $463 Mil.
Long-Term Debt was $1,549 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)|
|=||(200.545950864 / 1316.94966715)||/||(200.417075564 / 1521.83588801)|
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)|
|=||(99.7257769653 / 1521.83588801)||/||(80.618744313 / 1316.94966715)|
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 - (487.352138308 + 4909.55414013) / 6098.90809827)||/||(1 - (296.033366045 + 6071.46319921) / 7135.95878312)|
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))|
|=||(628.822819683 / (628.822819683 + 6071.46319921))||/||(535.632456797 / (535.632456797 + 4909.55414013))|
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)|
|=||(95.5266033435 / 1316.94966715)||/||(104.363498198 / 1521.83588801)|
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)|
|=||((1460.60054595 + 625.750682439) / 6098.90809827)||/||((1548.71736997 + 463.070657507) / 7135.95878312)|
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|
|=||(-343.973422914 - -314.125127897||-||637.63592714)||/||6098.90809827|
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 -2.95 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