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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 -0.55. The lowest was -3.59. And the median was -2.55.
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|
|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
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)|
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)|
|=||(218.062781824 / 2281.09976745)||/||(102.363290537 / 2216.17645096)|
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 - (1670.21160247 + 4298.04644159) / 6937.49484863)||/||(1 - (1745.03240324 + 4651.68586859) / 7331.49144914)|
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))|
|=||(279.895499842 / (279.895499842 + 4651.68586859))||/||(291.384770087 / (291.384770087 + 4298.04644159))|
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)|
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)|
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|
|=||(40.8417377209 - -117.460269179||-||525.529031194)||/||6937.49484863|
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.
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