CCJ has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 -0.57. The lowest was -3.59. And the median was -2.59.
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 * 0.3843||+||0.528 * 1.0829||+||0.404 * 1.1728||+||0.892 * 0.8739||+||0.115 * 0.872|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1834||+||4.679 * -0.0587||-||0.327 * 0.9198|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $88 Mil.|
Revenue was 510.874275252 + 361.716302156 + 308.673068199 + 711.033326041 = $1,892 Mil.
Gross Profit was 111.488404028 + 33.1084225221 + 89.3051565099 + 205.51082914 = $439 Mil.
Total Current Assets was $1,468 Mil.
Total Assets was $6,491 Mil.
Property, Plant and Equipment(Net PPE) was $3,883 Mil.
Depreciation, Depletion and Amortization(DDA) was $292 Mil.
Selling, General & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $318 Mil.
Long-Term Debt was $1,139 Mil.
Net Income was 108.441409826 + -106.536373507 + 58.9936488734 + -7.24640851747 = $54 Mil.
Non Operating Income was 36.087122368 + -15.5025593299 + 43.2496597611 + -40.8575803982 = $23 Mil.
Cash Flow from Operations was 293.670277693 + -39.474949589 + -209.252230455 + 366.689272953 = $412 Mil.
|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.
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)|
|=||(88.1568507782 / 1892.29697165)||/||(262.495100256 / 2165.25498338)|
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)|
|=||(544.46709731 / 2165.25498338)||/||(439.4128122 / 1892.29697165)|
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 - (1467.6289289 + 3883.19652121) / 6491.32285627)||/||(1 - (1484.6856626 + 4065.49600482) / 6528.18634102)|
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))|
|=||(263.627982059 / (263.627982059 + 4065.49600482))||/||(291.528643096 / (291.528643096 + 3883.19652121))|
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)|
|=||(156.082442931 / 1892.29697165)||/||(150.922193713 / 2165.25498338)|
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)|
|=||((1139.03341471 + 318.249160818) / 6491.32285627)||/||((1124.65551033 + 468.609980401) / 6528.18634102)|
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|
|=||(53.652276675 - 22.976642401||-||411.632370602)||/||6491.32285627|
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 -3.34 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