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Cameco Corp (NYSE:CCJ)
Beneish M-Score
-2.60 (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 -2.61 suggests that the company is not a manipulator.

CCJ' s Beneish M-Score Range Over the Past 10 Years
Min: -3.59   Max: -0.57
Current: -2.6

-3.59
-0.57

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.


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 * 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
=-2.61

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

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

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)
=(95.0961687607 / 1870.68095058) / (124.343712091 / 2209.22350242)
=0.05083505 / 0.0562839
=0.9032

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)
=(573.90517092 / 2209.22350242) / (428.24929887 / 1870.68095058)
=0.25977687 / 0.22892696
=1.1348

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 - (1592.52830774 + 3894.40359857) / 6624.82627579) / (1 - (1559.18398706 + 4335.15649009) / 6892.68338051)
=0.17176214 / 0.14484096
=1.1859

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
=1870.68095058 / 2209.22350242
=0.8468

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))
=0.06032903 / 0.0632308
=0.9541

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)
=0.08382488 / 0.07118181
=1.1776

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)
=0.25107097 / 0.23558552
=1.0657

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
=(-57.7372712485 - -90.8807196775 - 26.5554895617) / 6624.82627579
=0.001

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.


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

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 0.84790.68331.59310.80610.98031.35640.71460.87611.11350.4808
GMI 0.98840.80841.05571.10711.11981.11571.13991.14810.93521.0512
AQI 1.16711.29821.70270.52970.87360.95121.05671.62810.85211.1957
SGI 1.40631.4510.76731.24180.95921.10520.82021.20020.90710.9661
DEPI 1.1320.92341.01981.08110.98270.95691.37560.8130.88211.0675
SGAI 1.05810.62410.69881.47931.37780.81871.44860.79270.96990.9219
LVGI 0.8321.11931.51920.58540.92091.00661.16050.99550.95321.0387
TATA -0.0123-0.06380.15250.0557-0.0111-0.0372-0.0639-0.0151-0.0239-0.0147
M-score -2.19-2.63-1.23-2.25-2.62-2.17-3.19-2.14-2.66-2.94

Cameco Corp Quarterly Data

Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16
DSRI 1.01141.04311.20411.10051.16540.53340.90980.47330.39160.9032
GMI 1.01161.0111.27720.93840.99071.01540.91231.05180.98391.1348
AQI 1.03991.03740.98540.85211.09581.08831.211.19571.15541.1859
SGI 1.22241.16861.00840.91780.97150.94560.94440.98140.88690.8468
DEPI 0.78660.87750.9160.87340.89390.91460.93491.05241.1590.9541
SGAI 0.68220.69130.83520.96710.94561.06411.00810.92671.11921.1776
LVGI 0.95191.06520.99860.95321.06730.88421.01161.03870.98161.0657
TATA 0.03860.0341-0.0109-0.0242-0.0554-0.05240.0174-0.01250.02640.001
M-score -2.02-2.09-2.18-2.66-2.60-3.14-2.51-2.93-2.96-2.61
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