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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.
Penn Virginia Corp has a M-score of -2.83 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Penn Virginia Corp was 2.11. The lowest was -3.91. And the median was -2.77.
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 Penn Virginia 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 * 0.3905||+||0.528 * 0.9569||+||0.404 * 0.8831||+||0.892 * 1.6785||+||0.115 * 0.8994|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.6931||+||4.679 * -0.0896||-||0.327 * 0.8292|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $97.0 Mil.|
Revenue was 205.396 + 139.361 + 189.865 + 117.268 = $651.9 Mil.
Gross Profit was 177.517 + 115.922 + 160.559 + 100.585 = $554.6 Mil.
Total Current Assets was $339.0 Mil.
Total Assets was $2,722.4 Mil.
Property, Plant and Equipment(Net PPE) was $2,342.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $282.9 Mil.
Selling, General & Admin. Expense(SGA) was $57.8 Mil.
Total Current Liabilities was $277.6 Mil.
Long-Term Debt was $1,075.0 Mil.
Net Income was 89.661 + -100.784 + 19.225 + -2.349 = $5.8 Mil.
Non Operating Income was 66.743 + -43.674 + -15.661 + 5.253 = $12.7 Mil.
Cash Flow from Operations was 101.257 + 32.633 + 66.56 + 36.678 = $237.1 Mil.
|Accounts Receivable was $147.9 Mil.
Revenue was 121.613 + 109.655 + 83.198 + 73.912 = $388.4 Mil.
Gross Profit was 103.52 + 91.07 + 59.56 + 62.016 = $316.2 Mil.
Total Current Assets was $195.8 Mil.
Total Assets was $2,406.4 Mil.
Property, Plant and Equipment(Net PPE) was $2,170.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $232.8 Mil.
Selling, General & Admin. Expense(SGA) was $49.7 Mil.
Total Current Liabilities was $239.0 Mil.
Long-Term Debt was $1,203.0 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)|
|=||(96.963 / 651.89)||/||(147.92 / 388.378)|
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)|
|=||(115.922 / 388.378)||/||(177.517 / 651.89)|
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 - (339.044 + 2342.903) / 2722.379)||/||(1 - (195.842 + 2170.122) / 2406.436)|
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))|
|=||(232.803 / (232.803 + 2170.122))||/||(282.862 / (282.862 + 2342.903))|
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)|
|=||(57.765 / 651.89)||/||(49.654 / 388.378)|
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)|
|=||((1075 + 277.638) / 2722.379)||/||((1203 + 238.958) / 2406.436)|
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|
|=||(5.753 - 12.661||-||237.128)||/||2722.379|
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.
Penn Virginia Corp has a M-score of -2.83 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
Penn Virginia Corp Annual Data
Penn Virginia Corp Quarterly Data