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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 2.07. The lowest was -20.11. And the median was -2.69.
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 * 1.6574||+||0.528 * 1.6027||+||0.404 * 0.9408||+||0.892 * 0.472||+||0.115 * 1.1543|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.7435||+||4.679 * -0.1888||-||0.327 * 1.0245|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $70.8 Mil.|
Revenue was 105.929979759 + 125.953616112 + -7.75554521483 + 174.655980644 = $398.8 Mil.
Gross Profit was 36.7343878851 + 59.5819346964 + -71.9714595936 + 108.876455467 = $133.2 Mil.
Total Current Assets was $388.3 Mil.
Total Assets was $3,074.7 Mil.
Property, Plant and Equipment(Net PPE) was $2,507.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $277.9 Mil.
Selling, General & Admin. Expense(SGA) was $63.6 Mil.
Total Current Liabilities was $685.8 Mil.
Long-Term Debt was $767.4 Mil.
Net Income was -69.270560012 + -40.3570338724 + -134.481154025 + 18.9021624074 = $-225.2 Mil.
Non Operating Income was -21.0660469301 + -10.8330790357 + -5.81665891112 + 17.6924240133 = $-20.0 Mil.
Cash Flow from Operations was 99.0329110128 + 109.780286848 + 78.5636730262 + 88.0084681688 = $375.4 Mil.
|Accounts Receivable was $90.6 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.
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)|
|=||(70.8448909214 / 398.7840313)||/||(90.5709910304 / 844.966597126)|
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)|
|=||(452.397689259 / 844.966597126)||/||(133.221318454 / 398.7840313)|
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 - (388.259989504 + 2507.90913862) / 3074.66826599)||/||(1 - (312.331364399 + 2801.42930066) / 3318.52986217)|
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))|
|=||(364.615913873 / (364.615913873 + 2801.42930066))||/||(277.940987627 / (277.940987627 + 2507.90913862))|
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)|
|=||(63.61535681 / 398.7840313)||/||(77.310608541 / 844.966597126)|
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)|
|=||((767.448834245 + 685.808531374) / 3074.66826599)||/||((1351.12666813 + 179.902282506) / 3318.52986217)|
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|
|=||(-225.206585502 - -20.0233608636||-||375.385339056)||/||3074.66826599|
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 -3.05 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