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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 -3.12 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 -2.53.
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 * 0.9679||+||0.528 * 1.0884||+||0.404 * 1.0258||+||0.892 * 0.8004||+||0.115 * 1.2099|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1152||+||4.679 * -0.0986||-||0.327 * 1.104|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $144 Mil.|
Revenue was 412.221231044 + 322.718808194 + 249.954504095 + 264.07678245 = $1,249 Mil.
Gross Profit was 256.645851918 + 136.592178771 + 80.618744313 + 99.7257769653 = $574 Mil.
Total Current Assets was $187 Mil.
Total Assets was $5,809 Mil.
Property, Plant and Equipment(Net PPE) was $4,955 Mil.
Depreciation, Depletion and Amortization(DDA) was $492 Mil.
Selling, General & Admin. Expense(SGA) was $92 Mil.
Total Current Liabilities was $537 Mil.
Long-Term Debt was $1,375 Mil.
Net Income was 46.5655664585 + -8.19366852886 + -105.732484076 + -83.2723948812 = $-151 Mil.
Non Operating Income was -28.1891168599 + 12.8491620112 + -55.7779799818 + -38.9396709324 = $-110 Mil.
Cash Flow from Operations was 148.260481713 + 101.862197393 + 166.60600546 + 115.447897623 = $532 Mil.
|Accounts Receivable was $186 Mil.
Revenue was 382.528957529 + 420.288461538 + 322.963689892 + 434.576612903 = $1,560 Mil.
Gross Profit was 183.108108108 + 218.557692308 + 135.721295388 + 242.540322581 = $780 Mil.
Total Current Assets was $749 Mil.
Total Assets was $6,515 Mil.
Property, Plant and Equipment(Net PPE) was $5,036 Mil.
Depreciation, Depletion and Amortization(DDA) was $618 Mil.
Selling, General & Admin. Expense(SGA) was $103 Mil.
Total Current Liabilities was $395 Mil.
Long-Term Debt was $1,547 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)|
|=||(143.800178412 / 1248.97132578)||/||(185.617760618 / 1560.35772186)|
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)|
|=||(136.592178771 / 1560.35772186)||/||(256.645851918 / 1248.97132578)|
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 - (187.065120428 + 4954.5941124) / 5808.6529884)||/||(1 - (749.227799228 + 5036.1969112) / 6514.67181467)|
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))|
|=||(617.692886469 / (617.692886469 + 5036.1969112))||/||(491.779799043 / (491.779799043 + 4954.5941124))|
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)|
|=||(91.7869310146 / 1248.97132578)||/||(102.825346096 / 1560.35772186)|
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)|
|=||((1374.57627119 + 537.020517395) / 5808.6529884)||/||((1547.39382239 + 394.594594595) / 6514.67181467)|
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|
|=||(-150.632981028 - -110.057605763||-||532.176582189)||/||5808.6529884|
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 -3.12 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