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Yamana Gold Inc (NYSE:AUY)
Beneish M-Score
0.00 (As of Today)

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 signals that the company is a manipulator.

AUY' s 10-Year Beneish M-Score Range
Min: -10000000   Max: 524.43
Current: 0

-10000000
524.43

During the past 13 years, the highest Beneish M-Score of Yamana Gold Inc was 524.43. The lowest was -10000000.00. And the median was -2.49.


Definition

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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Jun15) TTM:Last Year (Jun14) TTM:
Accounts Receivable was $20 Mil.
Revenue was 455 + 458.1 + 529.171 + 501.203 = $1,943 Mil.
Gross Profit was 58.4 + 40.2 + 100.253 + 77.615 = $276 Mil.
Total Current Assets was $718 Mil.
Total Assets was $12,225 Mil.
Property, Plant and Equipment(Net PPE) was $10,866 Mil.
Depreciation, Depletion and Amortization(DDA) was $531 Mil.
Selling, General & Admin. Expense(SGA) was $115 Mil.
Total Current Liabilities was $551 Mil.
Long-Term Debt was $1,842 Mil.
Net Income was -7.8 + -151.8 + -335.304 + -1023.266 = $-1,518 Mil.
Non Operating Income was -20.8 + 12.2 + 14.591 + 20.407 = $26 Mil.
Cash Flow from Operations was 121.8 + 3.1 + 183.128 + 158.932 = $467 Mil.
Accounts Receivable was $0 Mil.
Revenue was 450.832 + 353.916 + 420.663 + 456.675 = $1,682 Mil.
Gross Profit was 74.807 + 33.101 + 70.113 + 144.01 = $322 Mil.
Total Current Assets was $0 Mil.
Total Assets was $0 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $442 Mil.
Selling, General & Admin. Expense(SGA) was $128 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt was $0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(19.6 / 1943.474) / (0 / 1682.086)
=0.01008503 / 0
=

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(40.2 / 1682.086) / (58.4 / 1943.474)
=0.19144741 / 0.14225454
=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (717.8 + 10866.2) / 12224.5) / (1 - (0 + 0) / 0)
=0.05239478 /
=

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1943.474 / 1682.086
=

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))
=(442.283 / (442.283 + 0)) / (531.227 / (531.227 + 10866.2))
=1 / 0.04660938
=

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)
=(115.48 / 1943.474) / (127.829 / 1682.086)
=0.05941937 / 0.07599433
=

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)
=((1842.4 + 550.8) / 12224.5) / ((0 + 0) / 0)
=0.19577079 /
=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-1518.17 - 26.398 - 466.96) / 12224.5
=-0.1645

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 signals that the company is likely to be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Yamana Gold Inc Annual Data

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
DSRI 1.93491.33740.61160.25983.03521.46270.72750.80890.57050.6065
GMI 1.31940.83210.6651.73980.93560.89920.83021.05471.6351.8846
AQI -4.95395382176E+140.7150.3830.99961.87570.93151.09980.87860.74371.2909
SGI 2.32393.67544.41531.27071.24641.42551.28841.07520.78860.9959
DEPI 1.67221.47532.22710.39430.76140.80530.86791.05420.95690.8702
SGAI 1.35281.40070.23960.66411.39140.75510.86351.11761.17650.9079
LVGI 5.51380.18251.89790.87250.98350.97971.00061.41371.31681.3714
TATA -0.0063-0.0139-0.0049-0.015-0.038-0.0179-0.0516-0.0508-0.0963-0.1543
M-score -200,139,734,399,068.030.20-0.26-2.57-0.34-1.81-2.76-3.00-3.42-3.10

Yamana Gold Inc Quarterly Data

Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15
DSRI 0.65540.30510.53370.57051.06120.84760.60650.57461
GMI 1.12161.07921.04671.7632.06112.60991.88461.45791.3458
AQI 0.87130.86470.92650.74370.66521.19781.29091.66981.5567
SGI 1.02430.99430.90140.78860.71880.84160.99591.1671.1554
DEPI 1.04611.06081.03520.95690.93360.85610.87490.851421.4549
SGAI 1.14921.17221.14441.16831.20161.01850.91280.79680.7819
LVGI 1.07241.27621.26391.31681.37141.45941.37141.21881.1925
TATA -0.0468-0.0549-0.034-0.0961-0.0964-0.171-0.1556-0.165-0.1645
M-score -3.03-3.51-3.27-3.35-2.86-2.80-3.11-3.04-0.38
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