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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 523.71. The lowest was -10000000.00. And the median was -2.60.
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 * 0.5988||+||0.528 * 1.1008||+||0.404 * 1.3904||+||0.892 * 0.9267||+||0.115 * 0.7786|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0097||+||4.679 * -0.2626||-||0.327 * 1.1666|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $28 Mil.|
Revenue was 430.3 + 463 + 448.9 + 455 = $1,797 Mil.
Gross Profit was 90 + 46.7 + 49.7 + 58.4 = $245 Mil.
Total Current Assets was $637 Mil.
Total Assets was $9,584 Mil.
Property, Plant and Equipment(Net PPE) was $8,198 Mil.
Depreciation, Depletion and Amortization(DDA) was $512 Mil.
Selling, General & Admin. Expense(SGA) was $110 Mil.
Total Current Liabilities was $505 Mil.
Long-Term Debt was $1,733 Mil.
Net Income was 36.3 + -1842.2 + -113 + -7.8 = $-1,927 Mil.
Non Operating Income was -27.9 + -29.7 + 17.6 + -20.8 = $-61 Mil.
Cash Flow from Operations was 122.9 + 328.4 + 77.8 + 121.8 = $651 Mil.
|Accounts Receivable was $50 Mil.
Revenue was 458.1 + 529.171 + 501.203 + 450.832 = $1,939 Mil.
Gross Profit was 38.1 + 100.253 + 77.615 + 74.807 = $291 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 $527 Mil.
Selling, General & Admin. Expense(SGA) was $118 Mil.
Total Current Liabilities was $665 Mil.
Long-Term Debt was $1,817 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)|
|=||(27.8 / 1797.2)||/||(50.1 / 1939.306)|
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)|
|=||(46.7 / 1939.306)||/||(90 / 1797.2)|
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 - (637.1 + 8198) / 9584)||/||(1 - (718.1 + 10990.1) / 12405.4)|
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))|
|=||(526.627 / (526.627 + 10990.1))||/||(511.5 / (511.5 + 8198))|
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)|
|=||(110.4 / 1797.2)||/||(117.98 / 1939.306)|
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)|
|=||((1732.6 + 504.7) / 9584)||/||((1817 + 665.3) / 12405.4)|
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|
|=||(-1926.7 - -60.8||-||650.9)||/||9584|
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 -4.01 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