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Cameco Corp (NYSE:CCJ)
Beneish M-Score
-2.74 (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 -2.81 suggests that the company is not a manipulator.

CCJ' s 10-Year Beneish M-Score Range
Min: -3.21   Max: -1.21
Current: -2.74

-3.21
-1.21

During the past 13 years, the highest Beneish M-Score of Cameco Corp was -1.21. The lowest was -3.21. And the median was -2.53.


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 * 1.1005+0.528 * 0.9384+0.404 * 0.8521+0.892 * 0.9178+0.115 * 0.5607
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9671+4.679 * -0.0491-0.327 * 0.9532
=-2.81

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

This Year (Dec14) TTM:Last Year (Dec13) TTM:
Accounts Receivable was $372 Mil.
Revenue was 771.068331599 + 533.226773227 + 463.500461681 + 377.343834383 = $2,145 Mil.
Gross Profit was 218.062781824 + 129.762964308 + 125.421052632 + 96.8496849685 = $570 Mil.
Total Current Assets was $1,793 Mil.
Total Assets was $7,347 Mil.
Property, Plant and Equipment(Net PPE) was $4,588 Mil.
Depreciation, Depletion and Amortization(DDA) was $491 Mil.
Selling, General & Admin. Expense(SGA) was $158 Mil.
Total Current Liabilities was $447 Mil.
Long-Term Debt was $1,293 Mil.
Net Income was 63.0332986472 + -132.594678049 + 117.458910434 + 118.215121512 = $166 Mil.
Non Operating Income was -14.1493236212 + -68.0256107529 + 49.1385041551 + -78.0792079208 = $-111 Mil.
Cash Flow from Operations was 416.390912244 + 238.694941422 + -23.5198522622 + 6.2898289829 = $638 Mil.
Accounts Receivable was $368 Mil.
Revenue was 918.628759398 + 576.96131528 + 408.16585839 + 433.500976562 = $2,337 Mil.
Gross Profit was 173.944548872 + 220.104448743 + 96.0387972842 + 92.8203125 = $583 Mil.
Total Current Assets was $1,652 Mil.
Total Assets was $7,556 Mil.
Property, Plant and Equipment(Net PPE) was $4,738 Mil.
Depreciation, Depletion and Amortization(DDA) was $271 Mil.
Selling, General & Admin. Expense(SGA) was $178 Mil.
Total Current Liabilities was $662 Mil.
Long-Term Debt was $1,216 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)
=(371.878251821 / 2145.13940089) / (368.185150376 / 2337.25690963)
=0.17335855 / 0.15752875
=1.1005

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)
=(129.762964308 / 2337.25690963) / (218.062781824 / 2145.13940089)
=0.24939839 / 0.26576197
=0.9384

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 - (1793.0159556 + 4588.12088103) / 7347.09243843) / (1 - (1652.09586466 + 4737.77537594) / 7555.74906015)
=0.13147454 / 0.15430341
=0.8521

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
=2145.13940089 / 2337.25690963
=0.9178

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))
=(271.327524587 / (271.327524587 + 4737.77537594)) / (490.654428822 / (490.654428822 + 4588.12088103))
=0.05416689 / 0.09660881
=0.5607

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)
=(158.142391404 / 2145.13940089) / (178.161156153 / 2337.25690963)
=0.07372127 / 0.0762266
=0.9671

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)
=((1293.09573361 + 447.289281998) / 7347.09243843) / ((1215.58552632 + 662.171992481) / 7555.74906015)
=0.23688078 / 0.24852037
=0.9532

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
=(166.112652544 - -111.11563814 - 637.855830387) / 7347.09243843
=-0.0491

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 -2.81 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 1.0680.98840.80841.00151.10931.17821.11571.13991.14810.6107
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 -2.49-2.24-2.56-1.23-2.23-2.58-2.17-3.19-2.14-2.83

Cameco Corp Quarterly Data

Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14
DSRI 1.20610.73410.86840.71850.67480.85521.01141.04311.20411.1005
GMI 1.22391.13471.2681.22281.08071.14751.01161.0111.27720.9384
AQI 1.07561.05671.30261.26961.2211.62811.03991.03740.98540.8521
SGI 0.9490.79840.78490.90211.14021.22951.22241.16861.00840.9178
DEPI 1.15231.41241.2151.10060.86020.79250.78660.87750.9160.5607
SGAI 1.09651.41151.54821.24530.94950.79920.68220.69130.83520.9671
LVGI 0.92651.16051.24171.26351.20060.99550.95191.06520.99860.9532
TATA -0.0324-0.0642-0.0565-0.059-0.045-0.01640.04020.0355-0.0087-0.0491
M-score -2.31-3.19-2.94-2.99-2.81-2.14-2.01-2.09-2.17-2.81
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