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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 -2.44.
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 * 0.9782||+||0.528 * 1.0772||+||0.404 * 1.0258||+||0.892 * 0.8047||+||0.115 * 1.2224|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1947||+||4.679 * -0.0973||-||0.327 * 1.104|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|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.
Net Income was 47.4071383162 + -8.12557710065 + -104.590459046 + -85.6203007519 = $-151 Mil.
Non Operating Income was -28.6985741531 + 12.7423822715 + -55.1755175518 + -40.037593985 = $-111 Mil.
Cash Flow from Operations was 150.939969122 + 101.015697138 + 164.806480648 + 118.703007519 = $535 Mil.
|Accounts Receivable was $186 Mil.
Revenue was 383.268858801 + 423.957322987 + 321.38671875 + 435.302020202 = $1,564 Mil.
Gross Profit was 183.462282398 + 220.46556741 + 135.05859375 + 236.131313131 = $775 Mil.
Total Current Assets was $751 Mil.
Total Assets was $6,527 Mil.
Property, Plant and Equipment(Net PPE) was $5,046 Mil.
Depreciation, Depletion and Amortization(DDA) was $619 Mil.
Selling, General & Admin. Expense(SGA) was $96 Mil.
Total Current Liabilities was $395 Mil.
Long-Term Debt was $1,550 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)|
|=||(146.39905549 / 1258.48545416)||/||(185.976789168 / 1563.91492074)|
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)|
|=||(135.457063712 / 1563.91492074)||/||(261.284170375 / 1258.48545416)|
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 - (190.445917719 + 5044.1376805) / 5913.63182272)||/||(1 - (750.676982592 + 5045.93810445) / 6527.27272727)|
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))|
|=||(618.854745241 / (618.854745241 + 5045.93810445))||/||(495.041828078 / (495.041828078 + 5044.1376805))|
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)|
|=||(92.3739060668 / 1258.48545416)||/||(96.0877086011 / 1563.91492074)|
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)|
|=||((1399.41876306 + 546.726001271) / 5913.63182272)||/||((1550.3868472 + 395.357833656) / 6527.27272727)|
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|
|=||(-150.929198582 - -111.169303418||-||535.465154426)||/||5913.63182272|
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