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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 Cameco Corp was -0.70. The lowest was -3.66. And the median was -2.62.
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 Cameco Corp 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 * 0.9098||+||0.528 * 0.9123||+||0.404 * 1.21||+||0.892 * 0.9444||+||0.115 * 0.9349|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0081||+||4.679 * 0.0174||-||0.327 * 1.0116|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $262 Mil.|
Revenue was 489.258254184 + 456.547513142 + 448.380884451 + 771.068331599 = $2,165 Mil.
Gross Profit was 100.324890698 + 123.71613425 + 102.363290537 + 218.062781824 = $544 Mil.
Total Current Assets was $1,485 Mil.
Total Assets was $6,528 Mil.
Property, Plant and Equipment(Net PPE) was $4,065 Mil.
Depreciation, Depletion and Amortization(DDA) was $264 Mil.
Selling, General & Admin. Expense(SGA) was $151 Mil.
Total Current Liabilities was $469 Mil.
Long-Term Debt was $1,125 Mil.
Net Income was -2.94813809739 + 71.1985442782 + -7.05579331114 + 63.0332986472 = $124 Mil.
Non Operating Income was -77.7702397105 + 8.53295592398 + -84.4238389602 + -1.82969129379 = $-155 Mil.
Cash Flow from Operations was -91.4066033469 + -52.6712494945 + 105.845617372 + 204.508324662 = $166 Mil.
|Accounts Receivable was $306 Mil.
Revenue was 533.226773227 + 463.500461681 + 377.343834383 + 918.628759398 = $2,293 Mil.
Gross Profit was 129.762964308 + 125.421052632 + 96.8496849685 + 173.944548872 = $526 Mil.
Total Current Assets was $1,767 Mil.
Total Assets was $7,566 Mil.
Property, Plant and Equipment(Net PPE) was $4,862 Mil.
Depreciation, Depletion and Amortization(DDA) was $294 Mil.
Selling, General & Admin. Expense(SGA) was $159 Mil.
Total Current Liabilities was $471 Mil.
Long-Term Debt was $1,354 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)|
|=||(262.495100256 / 2165.25498338)||/||(305.510852784 / 2292.69982869)|
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)|
|=||(123.71613425 / 2292.69982869)||/||(100.324890698 / 2165.25498338)|
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 - (1484.6856626 + 4065.49600482) / 6528.18634102)||/||(1 - (1766.91762783 + 4862.05612569) / 7565.6570702)|
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))|
|=||(293.511881051 / (293.511881051 + 4862.05612569))||/||(263.627982059 / (263.627982059 + 4065.49600482))|
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)|
|=||(150.922193713 / 2165.25498338)||/||(158.518855131 / 2292.69982869)|
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)|
|=||((1124.65551033 + 468.609980401) / 6528.18634102)||/||((1354.04777041 + 471.336844973) / 7565.6570702)|
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|
|=||(124.227911517 - -155.490814041||-||166.276089192)||/||6528.18634102|
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.
Cameco Corp has a M-score of -2.51 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
Cameco Corp Annual Data
Cameco Corp Quarterly Data