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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 Corporation has a M-score of -1.81 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Penn Virginia Corporation was -0.57. The lowest was -3.92. And the median was -2.71.
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 Corporation 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 * 2.2452||+||0.528 * 0.9293||+||0.404 * 1.1477||+||0.892 * 1.3749||+||0.115 * 1.081|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.922||+||4.679 * -0.1415||-||0.327 * 1.6008|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $194.4 Mil.|
Revenue was 116.789 + 121.799 + 109.399 + 83.198 = $431.2 Mil.
Gross Profit was 122.51 + 103.706 + 98.574 + 59.56 = $384.4 Mil.
Total Current Assets was $233.7 Mil.
Total Assets was $2,507.1 Mil.
Property, Plant and Equipment(Net PPE) was $2,237.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $245.6 Mil.
Selling, General & Admin. Expense(SGA) was $69.6 Mil.
Total Current Liabilities was $258.1 Mil.
Long-Term Debt was $1,281.0 Mil.
Net Income was -2.349 + -98.9 + -25.438 + -16.383 = $-143.1 Mil.
Non Operating Income was 2.407 + -24 + -20.552 + -7.734 = $-49.9 Mil.
Cash Flow from Operations was 36.678 + 95.083 + 84.136 + 45.615 = $261.5 Mil.
|Accounts Receivable was $63.0 Mil.
Revenue was 76.319 + 76.126 + 76.767 + 84.411 = $313.6 Mil.
Gross Profit was 75.057 + 62.204 + 62.992 + 59.536 = $259.8 Mil.
Total Current Assets was $96.5 Mil.
Total Assets was $1,843.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,723.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $206.3 Mil.
Selling, General & Admin. Expense(SGA) was $54.9 Mil.
Total Current Liabilities was $112.0 Mil.
Long-Term Debt was $594.8 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)|
|=||(194.403 / 431.185)||/||(62.978 / 313.623)|
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)|
|=||(103.706 / 313.623)||/||(122.51 / 431.185)|
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 - (233.696 + 2237.304) / 2507.087)||/||(1 - (96.515 + 1723.359) / 1842.989)|
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))|
|=||(206.336 / (206.336 + 1723.359))||/||(245.594 / (245.594 + 2237.304))|
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)|
|=||(69.603 / 431.185)||/||(54.91 / 313.623)|
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)|
|=||((1281 + 258.145) / 2507.087)||/||((594.759 + 112.025) / 1842.989)|
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|
|=||(-143.07 - -49.879||-||261.512)||/||2507.087|
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 Corporation has a M-score of -1.81 signals that the company is likely to 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 Corporation Annual Data
Penn Virginia Corporation Quarterly Data