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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 Penn Virginia Corp was 2.11. The lowest was -5.66. And the median was -2.84.
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 * 0.6681||+||0.528 * 1.1135||+||0.404 * 0.7327||+||0.892 * 0.5713||+||0.115 * 0.6878|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1759||+||4.679 * -0.4844||-||0.327 * 1.35|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $37.0 Mil.|
Revenue was 111.984 + 83.616 + 74.527 + 102.151 = $372.3 Mil.
Gross Profit was 95.026 + 66.326 + 55.46 + 85.042 = $301.9 Mil.
Total Current Assets was $179.9 Mil.
Total Assets was $2,020.4 Mil.
Property, Plant and Equipment(Net PPE) was $1,818.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $337.7 Mil.
Selling, General & Admin. Expense(SGA) was $38.8 Mil.
Total Current Liabilities was $161.9 Mil.
Long-Term Debt was $1,193.4 Mil.
Net Income was 25.9 + -80.129 + -57.165 + -417.694 = $-529.1 Mil.
Non Operating Income was 43.433 + -17.211 + 21.761 + 157.15 = $205.1 Mil.
Cash Flow from Operations was 63.96 + 52.729 + 45.552 + 82.274 = $244.5 Mil.
|Accounts Receivable was $97.0 Mil.
Revenue was 205.396 + 139.361 + 189.865 + 117.002 = $651.6 Mil.
Gross Profit was 185.207 + 123.432 + 176.5 + 103.191 = $588.3 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.
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)|
|=||(37.01 / 372.278)||/||(96.963 / 651.624)|
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)|
|=||(66.326 / 651.624)||/||(95.026 / 372.278)|
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 - (179.875 + 1818.586) / 2020.446)||/||(1 - (339.044 + 2342.903) / 2722.379)|
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))|
|=||(282.862 / (282.862 + 2342.903))||/||(337.732 / (337.732 + 1818.586))|
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)|
|=||(38.815 / 372.278)||/||(57.777 / 651.624)|
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)|
|=||((1193.362 + 161.908) / 2020.446)||/||((1075 + 277.638) / 2722.379)|
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|
|=||(-529.088 - 205.133||-||244.515)||/||2020.446|
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 -5.66 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