Market Cap : 2.74 M | Enterprise Value : 503.98 M | P/E (TTM) : | P/B : 0.01 |
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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -4.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
During the past 13 years, the highest Beneish M-Score of Penn Virginia was 2.08. The lowest was -42.29. And the median was -2.75.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where Penn Virginia's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 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 * 0.6356 | + | 0.528 * 1.6466 | + | 0.404 * 0.7804 | + | 0.892 * 0.6993 | + | 0.115 * 0.8316 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.6175 | + | 4.679 * -0.2474 | - | 0.327 * 1.0938 | |||||||
= | -4.14 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Sep20) TTM: | Last Year (Sep19) TTM: |
Accounts Receivable was $24.4 Mil. Revenue was 69.411 + 45.474 + 91.373 + 124.03 = $330.3 Mil. Gross Profit was 13.97 + -8.978 + 28.525 + 55.649 = $89.2 Mil. Total Current Assets was $109.8 Mil. Total Assets was $953.2 Mil. Property, Plant and Equipment(Net PPE) was $838.1 Mil. Depreciation, Depletion and Amortization(DDA) was $159.8 Mil. Selling, General, & Admin. Expense(SGA) was $27.2 Mil. Total Current Liabilities was $71.2 Mil. Long-Term Debt & Capital Lease Obligation was $520.8 Mil. Net Income was -243.413 + -94.715 + 163.094 + 3.299 = $-171.7 Mil. Non Operating Income was -244.756 + -69.905 + 151.117 + -38.097 = $-201.6 Mil. Cash Flow from Operations was 60.828 + 56.422 + 72.473 + 75.981 = $265.7 Mil. |
Accounts Receivable was $55.0 Mil. Revenue was 119.227 + 122.751 + 105.203 + 125.114 = $472.3 Mil. Gross Profit was 46.839 + 54.104 + 45.708 + 63.295 = $209.9 Mil. Total Current Assets was $101.2 Mil. Total Assets was $1,211.8 Mil. Property, Plant and Equipment(Net PPE) was $1,102.0 Mil. Depreciation, Depletion and Amortization(DDA) was $169.3 Mil. Selling, General, & Admin. Expense(SGA) was $24.1 Mil. Total Current Liabilities was $123.3 Mil. Long-Term Debt & Capital Lease Obligation was $564.8 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (24.443 / 330.288) | / | (54.987 / 472.295) | |
= | 0.07400511 | / | 0.11642512 | |
= | 0.6356 |
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.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (209.946 / 472.295) | / | (89.166 / 330.288) | |
= | 0.44452302 | / | 0.26996439 | |
= | 1.6466 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (109.796 + 838.125) / 953.174) | / | (1 - (101.178 + 1102.045) / 1211.78) | |
= | 0.00551106 | / | 0.00706151 | |
= | 0.7804 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 330.288 | / | 472.295 | |
= | 0.6993 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
= | (169.278 / (169.278 + 1102.045)) | / | (159.773 / (159.773 + 838.125)) | |
= | 0.13315106 | / | 0.16010955 | |
= | 0.8316 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
= | (27.215 / 330.288) | / | (24.06 / 472.295) | |
= | 0.08239779 | / | 0.05094274 | |
= | 1.6175 |
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 in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((520.806 + 71.206) / 953.174) | / | ((564.834 + 123.283) / 1211.78) | |
= | 0.62109541 | / | 0.56785638 | |
= | 1.0938 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (-171.735 - -201.641 | - | 265.704) | / | 953.174 | |
= | -0.2474 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Penn Virginia has a M-score of -4.14 suggests that the company is unlikely to be a manipulator.
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