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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 358.85. The lowest was -37.18. And the median was -2.38.
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 * 0.488||+||0.528 * 2.4814||+||0.404 * 1.0628||+||0.892 * 0.8798||+||0.115 * 0.6356|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2401||+||4.679 * -0.2075||-||0.327 * 1.5543|
|This Year (Dec14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $47 Mil.|
Revenue was 529.171 + 501.203 + 353.916 + 420.663 = $1,805 Mil.
Gross Profit was 100.253 + 77.615 + 33.101 + 70.113 = $281 Mil.
Total Current Assets was $784 Mil.
Total Assets was $12,539 Mil.
Property, Plant and Equipment(Net PPE) was $11,143 Mil.
Depreciation, Depletion and Amortization(DDA) was $492 Mil.
Selling, General & Admin. Expense(SGA) was $115 Mil.
Total Current Liabilities was $728 Mil.
Long-Term Debt was $2,025 Mil.
Net Income was -335.304 + -1023.266 + -29.608 + -583.894 = $-1,972 Mil.
Non Operating Income was 14.591 + 20.407 + 3.135 + 25.903 = $64 Mil.
Cash Flow from Operations was 183.128 + 158.932 + 38.977 + 184.842 = $566 Mil.
|Accounts Receivable was $110 Mil.
Revenue was 456.675 + 430.471 + 534.873 + 629.505 = $2,052 Mil.
Gross Profit was 144.01 + 118.646 + 208.009 + 322.083 = $793 Mil.
Total Current Assets was $788 Mil.
Total Assets was $12,026 Mil.
Property, Plant and Equipment(Net PPE) was $10,686 Mil.
Depreciation, Depletion and Amortization(DDA) was $295 Mil.
Selling, General & Admin. Expense(SGA) was $106 Mil.
Total Current Liabilities was $615 Mil.
Long-Term Debt was $1,084 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)|
|=||(47.172 / 1804.953)||/||(109.869 / 2051.524)|
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)|
|=||(77.615 / 2051.524)||/||(100.253 / 1804.953)|
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 - (784.007 + 11142.809) / 12538.853)||/||(1 - (788.333 + 10685.515) / 12026.181)|
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))|
|=||(295.429 / (295.429 + 10685.515))||/||(492.498 / (492.498 + 11142.809))|
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)|
|=||(115.323 / 1804.953)||/||(105.696 / 2051.524)|
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)|
|=||((2025.383 + 728.108) / 12538.853)||/||((1084.352 + 614.79) / 12026.181)|
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|
|=||(-1972.072 - 64.036||-||565.879)||/||12538.853|
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 -3.49 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