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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 411.64. The lowest was -10000000.00. And the median was -2.41.
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 * 0.3786||+||0.528 * 1.2641||+||0.404 * 0.9444||+||0.892 * 1.1122||+||0.115 * 0.8663|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8733||+||4.679 * -0.0846||-||0.327 * 0.9553|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $33 Mil.|
Revenue was 448.9 + 455 + 458.1 + 542.922 = $1,905 Mil.
Gross Profit was 49.7 + 58.4 + 40.2 + 87.676 = $236 Mil.
Total Current Assets was $720 Mil.
Total Assets was $12,163 Mil.
Property, Plant and Equipment(Net PPE) was $10,811 Mil.
Depreciation, Depletion and Amortization(DDA) was $532 Mil.
Selling, General & Admin. Expense(SGA) was $119 Mil.
Total Current Liabilities was $534 Mil.
Long-Term Debt was $1,862 Mil.
Net Income was -113 + -7.8 + -151.8 + -335.273 = $-608 Mil.
Non Operating Income was 17.6 + -20.8 + 12.2 + 25.877 = $35 Mil.
Cash Flow from Operations was 77.8 + 121.8 + 3.1 + 183.271 = $386 Mil.
|Accounts Receivable was $78 Mil.
Revenue was 494.4 + 443.8 + 353.9 + 420.663 = $1,713 Mil.
Gross Profit was 84.2 + 80.8 + 33.1 + 70.113 = $268 Mil.
Total Current Assets was $788 Mil.
Total Assets was $12,785 Mil.
Property, Plant and Equipment(Net PPE) was $11,293 Mil.
Depreciation, Depletion and Amortization(DDA) was $478 Mil.
Selling, General & Admin. Expense(SGA) was $123 Mil.
Total Current Liabilities was $643 Mil.
Long-Term Debt was $1,993 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)|
|=||(33 / 1904.922)||/||(78.374 / 1712.763)|
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)|
|=||(58.4 / 1712.763)||/||(49.7 / 1904.922)|
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 - (720.1 + 10810.5) / 12162.5)||/||(1 - (788.022 + 11293.321) / 12784.66)|
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))|
|=||(478.321 / (478.321 + 11293.321))||/||(532.019 / (532.019 + 10810.5))|
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)|
|=||(119.251 / 1904.922)||/||(122.775 / 1712.763)|
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)|
|=||((1861.6 + 534.2) / 12162.5)||/||((1993.156 + 643.054) / 12784.66)|
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|
|=||(-607.873 - 34.877||-||385.971)||/||12162.5|
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 -3.21 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