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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 -45.79. And the median was -2.87.
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 * 0.8417||+||0.528 * -0.4702||+||0.404 * 1.1184||+||0.892 * 0.9812||+||0.115 * 1.1016|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8825||+||4.679 * -0.1029||-||0.327 * 0.9986|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $35 Mil.|
Revenue was 484.4 + 464.3 + 466.5 + 430.3 = $1,846 Mil.
Gross Profit was -639.3 + 91 + 63.7 + 90 = $-395 Mil.
Total Current Assets was $552 Mil.
Total Assets was $8,802 Mil.
Property, Plant and Equipment(Net PPE) was $7,566 Mil.
Depreciation, Depletion and Amortization(DDA) was $467 Mil.
Selling, General & Admin. Expense(SGA) was $101 Mil.
Total Current Liabilities was $475 Mil.
Long-Term Debt was $1,574 Mil.
Net Income was -367.2 + -11.8 + 34.8 + 36.3 = $-308 Mil.
Non Operating Income was -10 + -20.2 + -9.1 + -27.9 = $-67 Mil.
Cash Flow from Operations was 163.8 + 176.4 + 201.9 + 122.9 = $665 Mil.
|Accounts Receivable was $43 Mil.
Revenue was 543.4 + 424.4 + 455 + 458.1 = $1,881 Mil.
Gross Profit was 42.7 + 52.1 + 56.2 + 38.1 = $189 Mil.
Total Current Assets was $649 Mil.
Total Assets was $9,518 Mil.
Property, Plant and Equipment(Net PPE) was $8,209 Mil.
Depreciation, Depletion and Amortization(DDA) was $562 Mil.
Selling, General & Admin. Expense(SGA) was $116 Mil.
Total Current Liabilities was $542 Mil.
Long-Term Debt was $1,677 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)|
|=||(35.1 / 1845.5)||/||(42.5 / 1880.9)|
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)|
|=||(189.1 / 1880.9)||/||(-394.6 / 1845.5)|
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 - (552.4 + 7566.3) / 8801.7)||/||(1 - (649 + 8208.7) / 9518.1)|
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))|
|=||(561.9 / (561.9 + 8208.7))||/||(467.2 / (467.2 + 7566.3))|
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)|
|=||(100.7 / 1845.5)||/||(116.3 / 1880.9)|
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)|
|=||((1573.8 + 475.1) / 8801.7)||/||((1676.7 + 542.1) / 9518.1)|
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|
|=||(-307.9 - -67.2||-||665)||/||8801.7|
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 -3.82 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