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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 -2.65.
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 * 1.3354||+||0.528 * 1.1328||+||0.404 * 1.0436||+||0.892 * 0.4872||+||0.115 * 0.939|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.5369||+||4.679 * -0.2915||-||0.327 * 1.0663|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $88.2 Mil.|
Revenue was -7.75554521483 + 174.655980644 + 220.301903303 + 314.262023217 = $701.5 Mil.
Gross Profit was -71.9714595936 + 108.876455467 + 140.013126231 + 221.996080205 = $398.9 Mil.
Total Current Assets was $205.9 Mil.
Total Assets was $3,349.2 Mil.
Property, Plant and Equipment(Net PPE) was $2,945.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $322.9 Mil.
Selling, General & Admin. Expense(SGA) was $66.4 Mil.
Total Current Liabilities was $244.1 Mil.
Long-Term Debt was $1,166.7 Mil.
Net Income was -134.481154025 + 18.9021624074 + -341.719536207 + -248.454696216 = $-705.8 Mil.
Non Operating Income was -5.81665891112 + 17.6924240133 + -72.6318092321 + -34.4489672848 = $-95.2 Mil.
Cash Flow from Operations was 78.5636730262 + 88.0084681688 + 99.9051994458 + 99.276345545 = $365.8 Mil.
|Accounts Receivable was $135.5 Mil.
Revenue was 136.999595633 + 173.403074972 + 709.764134582 + 419.671237853 = $1,439.8 Mil.
Gross Profit was 17.8730287101 + 72.5154541132 + 575.875823795 + 261.284170375 = $927.5 Mil.
Total Current Assets was $267.7 Mil.
Total Assets was $4,702.6 Mil.
Property, Plant and Equipment(Net PPE) was $4,168.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $426.2 Mil.
Selling, General & Admin. Expense(SGA) was $88.7 Mil.
Total Current Liabilities was $339.9 Mil.
Long-Term Debt was $1,517.8 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)|
|=||(88.1805490926 / 701.46436195)||/||(135.543873837 / 1439.83804304)|
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)|
|=||(927.548476993 / 1439.83804304)||/||(398.914202309 / 701.46436195)|
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 - (205.909725454 + 2945.55607259) / 3349.15464557)||/||(1 - (267.691063486 + 4168.9446017) / 4702.62838658)|
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))|
|=||(426.237658233 / (426.237658233 + 4168.9446017))||/||(322.856378846 / (322.856378846 + 2945.55607259))|
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)|
|=||(66.4156409556 / 701.46436195)||/||(88.7017041874 / 1439.83804304)|
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)|
|=||((1166.74422212 + 244.067007911) / 3349.15464557)||/||((1517.83259199 + 339.911039224) / 4702.62838658)|
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|
|=||(-705.75322404 - -95.2050114147||-||365.753686186)||/||3349.15464557|
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 -4.03 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