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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.
Yamana Gold Inc has a M-score of -2.86 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Yamana Gold Inc was 606.65. The lowest was -10000000.00. And the median was -2.32.
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 * 1.0612||+||0.528 * 2.0611||+||0.404 * 0.6652||+||0.892 * 0.7188||+||0.115 * 0.9336|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2016||+||4.679 * -0.0964||-||0.327 * 1.3714|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $75 Mil.|
Revenue was 353.916 + 420.663 + 456.675 + 430.471 = $1,662 Mil.
Gross Profit was 33.101 + 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 $417 Mil.
Selling, General & Admin. Expense(SGA) was $129 Mil.
Total Current Liabilities was $529 Mil.
Long-Term Debt was $1,339 Mil.
Net Income was -29.608 + -583.894 + 43.45 + -7.898 = $-578 Mil.
Non Operating Income was 3.135 + 0 + 0 + -3.211 = $-0 Mil.
Cash Flow from Operations was 38.977 + 184.842 + 99.078 + 195.418 = $518 Mil.
|Accounts Receivable was $98 Mil.
Revenue was 534.873 + 629.505 + 611.807 + 535.705 = $2,312 Mil.
Gross Profit was 208.009 + 322.083 + 279.158 + 239.896 = $1,049 Mil.
Total Current Assets was $814 Mil.
Total Assets was $11,807 Mil.
Property, Plant and Equipment(Net PPE) was $10,395 Mil.
Depreciation, Depletion and Amortization(DDA) was $392 Mil.
Selling, General & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $553 Mil.
Long-Term Debt was $861 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)|
|=||(74.717 / 1661.725)||/||(97.952 / 2311.89)|
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)|
|=||(70.113 / 2311.89)||/||(33.101 / 1661.725)|
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 - (699.817 + 10292.81) / 11375.496)||/||(1 - (814.16 + 10395.348) / 11806.864)|
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))|
|=||(392.091 / (392.091 + 10395.348))||/||(416.943 / (416.943 + 10292.81))|
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)|
|=||(129.124 / 1661.725)||/||(149.506 / 2311.89)|
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)|
|=||((1338.806 + 528.761) / 11375.496)||/||((860.509 + 552.914) / 11806.864)|
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|
|=||(-577.95 - -0.076||-||518.315)||/||11375.496|
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 -2.86 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