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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 524.42. The lowest was -10000000.00. And the median was -2.37.
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 * 0.8476||+||0.528 * 2.6099||+||0.404 * 1.1978||+||0.892 * 0.8416||+||0.115 * 1.1257|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7157||+||4.679 * -0.1594||-||0.327 * 1.4594|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $78 Mil.|
Revenue was 501.203 + 450.832 + 353.916 + 420.663 = $1,727 Mil.
Gross Profit was 77.615 + 74.807 + 33.101 + 70.113 = $256 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 $364 Mil.
Selling, General & Admin. Expense(SGA) was $86 Mil.
Total Current Liabilities was $643 Mil.
Long-Term Debt was $1,993 Mil.
Net Income was -1023.266 + 5.105 + -29.608 + -583.894 = $-1,632 Mil.
Non Operating Income was 20.407 + 0.26 + 3.135 + 0 = $24 Mil.
Cash Flow from Operations was 158.932 + 0 + 38.977 + 184.842 = $383 Mil.
|Accounts Receivable was $110 Mil.
Revenue was 456.675 + 430.471 + 534.873 + 629.505 = $2,052 Mil.
Gross Profit was 144.01 + 118.646 + 208.009 + 322.083 = $793 Mil.
Total Current Assets was $788 Mil.
Total Assets was $12,026 Mil.
Property, Plant and Equipment(Net PPE) was $10,686 Mil.
Depreciation, Depletion and Amortization(DDA) was $390 Mil.
Selling, General & Admin. Expense(SGA) was $144 Mil.
Total Current Liabilities was $615 Mil.
Long-Term Debt was $1,084 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)|
|=||(78.374 / 1726.614)||/||(109.869 / 2051.524)|
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)|
|=||(74.807 / 2051.524)||/||(77.615 / 1726.614)|
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 - (788.022 + 11293.321) / 12784.66)||/||(1 - (788.333 + 10685.515) / 12026.181)|
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))|
|=||(389.789 / (389.789 + 10685.515))||/||(364.461 / (364.461 + 11293.321))|
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)|
|=||(86.491 / 1726.614)||/||(143.591 / 2051.524)|
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)|
|=||((1993.156 + 643.054) / 12784.66)||/||((1084.352 + 614.79) / 12026.181)|
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|
|=||(-1631.663 - 23.802||-||382.751)||/||12784.66|
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 -2.66 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