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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 AuRico Gold Inc was 10000000.00. The lowest was -10000000.00. And the median was -1.59.
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 AuRico Gold Inc 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 * 0.4099||+||0.528 * 1.1126||+||0.404 * 1.0733||+||0.892 * 1.222||+||0.115 * 0.6625|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.5735||+||4.679 * -0.092||-||0.327 * 0.736|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $19.1 Mil.|
Revenue was 65.359 + 71.194 + 73.505 + 75.53 = $285.6 Mil.
Gross Profit was 5.84 + -18.423 + -0.759 + -10.371 = $-23.7 Mil.
Total Current Assets was $186.8 Mil.
Total Assets was $2,285.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,655.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $143.1 Mil.
Selling, General & Admin. Expense(SGA) was $21.4 Mil.
Total Current Liabilities was $57.4 Mil.
Long-Term Debt was $306.2 Mil.
Net Income was -35.258 + -108.259 + -15.722 + -16.776 = $-176.0 Mil.
Non Operating Income was 1.673 + -17.325 + 10.995 + -11.042 = $-15.7 Mil.
Cash Flow from Operations was 14.032 + 28.486 + 2.788 + 4.649 = $50.0 Mil.
|Accounts Receivable was $38.1 Mil.
Revenue was 70.953 + 50.782 + 54.304 + 57.66 = $233.7 Mil.
Gross Profit was -6.608 + -37.105 + 19.083 + 3.04 = $-21.6 Mil.
Total Current Assets was $482.6 Mil.
Total Assets was $2,653.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,692.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $94.1 Mil.
Selling, General & Admin. Expense(SGA) was $30.6 Mil.
Total Current Liabilities was $266.3 Mil.
Long-Term Debt was $307.5 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)|
|=||(19.073 / 285.588)||/||(38.078 / 233.699)|
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)|
|=||(-18.423 / 233.699)||/||(5.84 / 285.588)|
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 - (186.821 + 1655.39) / 2284.981)||/||(1 - (482.551 + 1692.015) / 2653.653)|
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))|
|=||(94.122 / (94.122 + 1692.015))||/||(143.053 / (143.053 + 1655.39))|
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)|
|=||(21.415 / 285.588)||/||(30.554 / 233.699)|
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)|
|=||((306.22 + 57.442) / 2284.981)||/||((307.501 + 266.29) / 2653.653)|
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|
|=||(-176.015 - -15.699||-||49.955)||/||2284.981|
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.
AuRico Gold Inc has a M-score of -3.05 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
AuRico Gold Inc Annual Data
AuRico Gold Inc Quarterly Data