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Cameco Corp (NYSE:CCJ)
Beneish M-Score
-2.44 (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.

Cameco Corp has a M-score of -2.59 suggests that the company is not a manipulator.

CCJ' s 10-Year Beneish M-Score Range
Min: -3.59   Max: -0.55
Current: -2.44

-3.59
-0.55

During the past 13 years, the highest Beneish M-Score of Cameco Corp was -0.55. The lowest was -3.59. And the median was -2.55.


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 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 * 1.1654+0.528 * 0.9907+0.404 * 1.0958+0.892 * 0.9715+0.115 * 0.8939
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9456+4.679 * -0.0529-0.327 * 1.0673
=-2.59

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

This Year (Mar15) TTM:Last Year (Mar14) TTM:
Accounts Receivable was $274 Mil.
Revenue was 448.380884451 + 771.068331599 + 533.226773227 + 463.500461681 = $2,216 Mil.
Gross Profit was 102.363290537 + 218.062781824 + 129.762964308 + 125.421052632 = $576 Mil.
Total Current Assets was $1,670 Mil.
Total Assets was $6,937 Mil.
Property, Plant and Equipment(Net PPE) was $4,298 Mil.
Depreciation, Depletion and Amortization(DDA) was $291 Mil.
Selling, General & Admin. Expense(SGA) was $151 Mil.
Total Current Liabilities was $533 Mil.
Long-Term Debt was $1,182 Mil.
Net Income was -7.05579331114 + 63.0332986472 + -132.594678049 + 117.458910434 = $41 Mil.
Non Operating Income was -84.4238389602 + -14.1493236212 + -68.0256107529 + 49.1385041551 = $-117 Mil.
Cash Flow from Operations was 105.845617372 + 204.508324662 + 238.694941422 + -23.5198522622 = $526 Mil.
Accounts Receivable was $242 Mil.
Revenue was 377.343834383 + 918.628759398 + 576.96131528 + 408.16585839 = $2,281 Mil.
Gross Profit was 96.8496849685 + 173.944548872 + 220.104448743 + 96.0387972842 = $587 Mil.
Total Current Assets was $1,745 Mil.
Total Assets was $7,331 Mil.
Property, Plant and Equipment(Net PPE) was $4,652 Mil.
Depreciation, Depletion and Amortization(DDA) was $280 Mil.
Selling, General & Admin. Expense(SGA) was $164 Mil.
Total Current Liabilities was $533 Mil.
Long-Term Debt was $1,164 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)
=(273.510857505 / 2216.17645096) / (241.560756076 / 2281.09976745)
=0.12341565 / 0.10589662
=1.1654

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)
=(218.062781824 / 2281.09976745) / (102.363290537 / 2216.17645096)
=0.25730461 / 0.25973116
=0.9907

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 - (1670.21160247 + 4298.04644159) / 6937.49484863) / (1 - (1745.03240324 + 4651.68586859) / 7331.49144914)
=0.13970991 / 0.12750109
=1.0958

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
=2216.17645096 / 2281.09976745
=0.9715

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))
=(279.895499842 / (279.895499842 + 4651.68586859)) / (291.384770087 / (291.384770087 + 4298.04644159))
=0.05675573 / 0.06349039
=0.8939

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)
=(150.915475845 / 2216.17645096) / (164.27489448 / 2281.09976745)
=0.06809723 / 0.07201566
=0.9456

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)
=((1182.00190204 + 532.662070059) / 6937.49484863) / ((1164.37623762 + 533.472547255) / 7331.49144914)
=0.24715895 / 0.231583
=1.0673

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
=(40.8417377209 - -117.460269179 - 525.529031194) / 6937.49484863
=-0.0529

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 -2.59 suggests that the company will not 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.

Cameco Corp Annual Data

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
DSRI 1.48660.84790.68331.59310.80610.98031.35640.71460.87611.1135
GMI 1.0680.98840.80841.00151.10931.17821.11571.13991.14810.9352
AQI 0.34811.16711.29821.70270.52970.87360.95121.05671.62810.8521
SGI 1.31341.40631.4510.76731.24180.95921.10520.82021.20020.9071
DEPI 1.13761.1320.92341.01981.08110.98270.95691.37560.8130.8821
SGAI 1.21941.05810.62410.69881.47931.37780.81871.44860.79270.9699
LVGI 1.39330.8321.11931.51920.58540.92091.00661.16050.99550.9532
TATA -0.0765-0.0231-0.04770.15780.0604-0.0111-0.0372-0.0639-0.0151-0.0239
M-score -2.49-2.24-2.56-1.23-2.23-2.58-2.17-3.19-2.14-2.66

Cameco Corp Quarterly Data

Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15
DSRI 0.73410.86840.71850.67480.85521.01141.04311.20411.10051.1654
GMI 1.13471.2681.22281.08071.14751.01161.0111.27720.93840.9907
AQI 1.05671.30261.26961.2211.62811.03991.03740.98540.85211.0958
SGI 0.79840.78490.90211.14021.22951.22241.16861.00840.91780.9715
DEPI 1.41241.2151.10060.86020.79250.78660.87750.9160.87340.8939
SGAI 1.41151.54821.24530.94950.79920.68220.69130.83520.96710.9456
LVGI 1.16051.24171.26351.20060.99550.95191.06520.99860.95321.0673
TATA -0.0642-0.0565-0.059-0.045-0.01640.03860.0341-0.0103-0.0218-0.0529
M-score -3.19-2.94-2.99-2.81-2.14-2.02-2.09-2.17-2.65-2.59
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