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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.
Cameco Corp has a M-score of -2.06 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Cameco Corp was -0.70. The lowest was -3.59. And the median was -2.53.
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 * 1.0451||+||0.528 * 1.0076||+||0.404 * 1.0399||+||0.892 * 1.2077||+||0.115 * 0.801|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.6836||+||4.679 * 0.0259||-||0.327 * 0.9519|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $260 Mil.|
Revenue was 381.464058235 + 893.437842779 + 575.847490347 + 404.633653846 = $2,255 Mil.
Gross Profit was 97.907188353 + 169.174588665 + 219.67953668 + 95.2076923077 = $582 Mil.
Total Current Assets was $1,764 Mil.
Total Assets was $7,412 Mil.
Property, Plant and Equipment(Net PPE) was $4,702 Mil.
Depreciation, Depletion and Amortization(DDA) was $277 Mil.
Selling, General & Admin. Expense(SGA) was $163 Mil.
Total Current Liabilities was $539 Mil.
Long-Term Debt was $1,177 Mil.
Net Income was 119.505914468 + 58.8080438757 + 203.925675676 + 33.0326923077 = $415 Mil.
Non Operating Income was -78.9317561419 + -2.02285191956 + 87.1061776062 + -32.7519230769 = $-27 Mil.
Cash Flow from Operations was 6.3585077343 + 147.940585009 + 130.870656371 + -35.1846153846 = $250 Mil.
|Accounts Receivable was $206 Mil.
Revenue was 435.628066732 + 853.181451613 + 300.092198582 + 278.581854043 = $1,867 Mil.
Gross Profit was 93.2757605496 + 256.700604839 + 86.327254306 + 49.2386587771 = $486 Mil.
Total Current Assets was $1,629 Mil.
Total Assets was $7,463 Mil.
Property, Plant and Equipment(Net PPE) was $4,919 Mil.
Depreciation, Depletion and Amortization(DDA) was $229 Mil.
Selling, General & Admin. Expense(SGA) was $197 Mil.
Total Current Liabilities was $547 Mil.
Long-Term Debt was $1,269 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)|
|=||(260.276615105 / 2255.38304521)||/||(206.216879293 / 1867.48357097)|
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)|
|=||(169.174588665 / 1867.48357097)||/||(97.907188353 / 2255.38304521)|
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 - (1764.08644222 + 4702.47770701) / 7411.54413103)||/||(1 - (1628.97841021 + 4918.89892051) / 7462.90873405)|
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))|
|=||(229.041608113 / (229.041608113 + 4918.89892051))||/||(276.550162588 / (276.550162588 + 4702.47770701))|
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)|
|=||(162.987321143 / 2255.38304521)||/||(197.405711004 / 1867.48357097)|
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)|
|=||((1177.09008189 + 539.297543221) / 7411.54413103)||/||((1268.56722277 + 547.067713445) / 7462.90873405)|
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|
|=||(415.272326327 - -26.6003535323||-||249.985133729)||/||7411.54413103|
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 -2.06 signals that the company is likely to 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