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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 -0.57. The lowest was -3.59. And the median was -2.58.
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 * 0.9032||+||0.528 * 1.1348||+||0.404 * 1.1859||+||0.892 * 0.8468||+||0.115 * 0.9541|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1776||+||4.679 * 0.001||-||0.327 * 1.0657|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $95 Mil.|
Revenue was 361.716302156 + 308.673068199 + 711.033326041 + 489.258254184 = $1,871 Mil.
Gross Profit was 33.1084225221 + 89.3051565099 + 205.51082914 + 100.324890698 = $428 Mil.
Total Current Assets was $1,593 Mil.
Total Assets was $6,625 Mil.
Property, Plant and Equipment(Net PPE) was $3,894 Mil.
Depreciation, Depletion and Amortization(DDA) was $263 Mil.
Selling, General & Admin. Expense(SGA) was $157 Mil.
Total Current Liabilities was $506 Mil.
Long-Term Debt was $1,158 Mil.
Net Income was -106.536373507 + 58.9936488734 + -7.24640851747 + -2.94813809739 = $-58 Mil.
Non Operating Income was -15.5025593299 + 43.2496597611 + -40.8575803982 + -77.7702397105 = $-91 Mil.
Cash Flow from Operations was -39.474949589 + -209.252230455 + 366.689272953 + -91.4066033469 = $27 Mil.
|Accounts Receivable was $124 Mil.
Revenue was 456.547513142 + 448.380884451 + 771.068331599 + 533.226773227 = $2,209 Mil.
Gross Profit was 123.71613425 + 102.363290537 + 218.062781824 + 129.762964308 = $574 Mil.
Total Current Assets was $1,559 Mil.
Total Assets was $6,893 Mil.
Property, Plant and Equipment(Net PPE) was $4,335 Mil.
Depreciation, Depletion and Amortization(DDA) was $278 Mil.
Selling, General & Admin. Expense(SGA) was $157 Mil.
Total Current Liabilities was $417 Mil.
Long-Term Debt was $1,206 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)|
|=||(95.0961687607 / 1870.68095058)||/||(124.343712091 / 2209.22350242)|
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)|
|=||(573.90517092 / 2209.22350242)||/||(428.24929887 / 1870.68095058)|
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 - (1592.52830774 + 3894.40359857) / 6624.82627579)||/||(1 - (1559.18398706 + 4335.15649009) / 6892.68338051)|
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))|
|=||(278.326959397 / (278.326959397 + 4335.15649009))||/||(262.867602009 / (262.867602009 + 3894.40359857))|
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)|
|=||(156.809605681 / 1870.68095058)||/||(157.256527252 / 2209.22350242)|
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)|
|=||((1157.72452303 + 505.577012564) / 6624.82627579)||/||((1206.39142742 + 417.424989891) / 6892.68338051)|
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|
|=||(-57.7372712485 - -90.8807196775||-||26.5554895617)||/||6624.82627579|
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 -2.61 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