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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 Yamana Gold Inc was 524.42. The lowest was -10000000.00. And the median was -2.50.
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 Yamana 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 * 0.5745||+||0.528 * 1.4579||+||0.404 * 1.6698||+||0.892 * 1.1671||+||0.115 * 0.851|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7838||+||4.679 * -0.153||-||0.327 * 1.2188|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $50 Mil.|
Revenue was 458.1 + 529.171 + 501.203 + 450.832 = $1,939 Mil.
Gross Profit was 40.2 + 100.253 + 77.615 + 74.807 = $293 Mil.
Total Current Assets was $718 Mil.
Total Assets was $12,405 Mil.
Property, Plant and Equipment(Net PPE) was $10,990 Mil.
Depreciation, Depletion and Amortization(DDA) was $407 Mil.
Selling, General & Admin. Expense(SGA) was $83 Mil.
Total Current Liabilities was $665 Mil.
Long-Term Debt was $1,817 Mil.
Net Income was -151.8 + -335.304 + -1023.266 + 5.105 = $-1,505 Mil.
Non Operating Income was 12.2 + 14.591 + 20.407 + 0.26 = $47 Mil.
Cash Flow from Operations was 3.1 + 183.128 + 158.932 + 0 = $345 Mil.
|Accounts Receivable was $75 Mil.
Revenue was 353.9 + 420.663 + 456.675 + 430.471 = $1,662 Mil.
Gross Profit was 33.1 + 70.113 + 144.01 + 118.646 = $366 Mil.
Total Current Assets was $700 Mil.
Total Assets was $11,375 Mil.
Property, Plant and Equipment(Net PPE) was $10,293 Mil.
Depreciation, Depletion and Amortization(DDA) was $323 Mil.
Selling, General & Admin. Expense(SGA) was $91 Mil.
Total Current Liabilities was $529 Mil.
Long-Term Debt was $1,339 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)|
|=||(50.1 / 1939.306)||/||(74.717 / 1661.709)|
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)|
|=||(100.253 / 1661.709)||/||(40.2 / 1939.306)|
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 - (718.1 + 10990.1) / 12405.4)||/||(1 - (699.817 + 10292.81) / 11375.496)|
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))|
|=||(322.533 / (322.533 + 10292.81))||/||(406.927 / (406.927 + 10990.1))|
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)|
|=||(83.48 / 1939.306)||/||(91.261 / 1661.709)|
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)|
|=||((1817 + 665.3) / 12405.4)||/||((1338.806 + 528.761) / 11375.496)|
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|
|=||(-1505.265 - 47.458||-||345.16)||/||12405.4|
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.
Yamana Gold Inc has a M-score of -2.98 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
Yamana Gold Inc Annual Data
Yamana Gold Inc Quarterly Data