PVA has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 -5.06. And the median was -2.81.
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 * 0.3509||+||0.528 * 1.0483||+||0.404 * 1.1686||+||0.892 * 0.969||+||0.115 * 0.7121|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.765||+||4.679 * -0.4319||-||0.327 * 1.1035|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $56.8 Mil.|
Revenue was 74.527 + 102.151 + 205.396 + 139.361 = $521.4 Mil.
Gross Profit was 55.46 + 107.547 + 177.517 + 115.922 = $456.4 Mil.
Total Current Assets was $281.9 Mil.
Total Assets was $2,198.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,880.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $318.9 Mil.
Selling, General & Admin. Expense(SGA) was $44.3 Mil.
Total Current Liabilities was $245.1 Mil.
Long-Term Debt was $1,211.9 Mil.
Net Income was -57.165 + -417.694 + 89.661 + -100.784 = $-486.0 Mil.
Non Operating Income was 21.761 + 157.15 + 66.743 + -43.674 = $202.0 Mil.
Cash Flow from Operations was 45.552 + 82.274 + 101.257 + 32.633 = $261.7 Mil.
|Accounts Receivable was $167.2 Mil.
Revenue was 189.865 + 117.002 + 121.613 + 109.655 = $538.1 Mil.
Gross Profit was 176.5 + 122.723 + 103.52 + 91.07 = $493.8 Mil.
Total Current Assets was $188.2 Mil.
Total Assets was $2,535.9 Mil.
Property, Plant and Equipment(Net PPE) was $2,312.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $266.2 Mil.
Selling, General & Admin. Expense(SGA) was $59.7 Mil.
Total Current Liabilities was $257.8 Mil.
Long-Term Debt was $1,265.0 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)|
|=||(56.845 / 521.435)||/||(167.19 / 538.135)|
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)|
|=||(107.547 / 538.135)||/||(55.46 / 521.435)|
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 - (281.884 + 1880.612) / 2198.651)||/||(1 - (188.246 + 2312.003) / 2535.933)|
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))|
|=||(266.205 / (266.205 + 2312.003))||/||(318.902 / (318.902 + 1880.612))|
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)|
|=||(44.287 / 521.435)||/||(59.743 / 538.135)|
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)|
|=||((1211.91 + 245.066) / 2198.651)||/||((1265 + 257.815) / 2535.933)|
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|
|=||(-485.982 - 201.98||-||261.716)||/||2198.651|
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 -5.06 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