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Cameco Corp (NYSE:CCJ)
Beneish M-Score
-2.17 (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 -2.23 suggests that the company is not a manipulator.

CCJ' s 10-Year Beneish M-Score Range
Min: -3.59   Max: -0.55
Current: -2.17

-3.59
-0.55

During the past 13 years, the highest Beneish M-Score of Cameco Corp was -0.55. The lowest was -3.59. And the median was -2.55.


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 * 1.2041+0.528 * 1.2772+0.404 * 0.9854+0.892 * 1.0084+0.115 * 0.916
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8352+4.679 * -0.0228-0.327 * 0.9986
=-2.23

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

This Year (Sep14) TTM:Last Year (Sep13) TTM:
Accounts Receivable was $306 Mil.
Revenue was 533.226773227 + 463.500461681 + 377.343834383 + 918.628759398 = $2,293 Mil.
Gross Profit was 129.762964308 + 125.421052632 + 96.8496849685 + 173.944548872 = $526 Mil.
Total Current Assets was $1,767 Mil.
Total Assets was $7,566 Mil.
Property, Plant and Equipment(Net PPE) was $4,862 Mil.
Depreciation, Depletion and Amortization(DDA) was $294 Mil.
Selling, General & Admin. Expense(SGA) was $159 Mil.
Total Current Liabilities was $471 Mil.
Long-Term Debt was $1,354 Mil.
Net Income was -132.594678049 + 117.458910434 + 118.215121512 + 60.4661654135 = $164 Mil.
Non Operating Income was -68.0256107529 + 49.1385041551 + -78.0792079208 + 59.1156015038 = $-38 Mil.
Cash Flow from Operations was 238.694941422 + -23.5198522622 + 6.2898289829 + 152.111842105 = $374 Mil.
Accounts Receivable was $252 Mil.
Revenue was 576.96131528 + 408.16585839 + 433.500976562 + 854.905050505 = $2,274 Mil.
Gross Profit was 220.104448743 + 96.0387972842 + 92.8203125 + 257.219191919 = $666 Mil.
Total Current Assets was $1,603 Mil.
Total Assets was $7,510 Mil.
Property, Plant and Equipment(Net PPE) was $4,964 Mil.
Depreciation, Depletion and Amortization(DDA) was $273 Mil.
Selling, General & Admin. Expense(SGA) was $188 Mil.
Total Current Liabilities was $564 Mil.
Long-Term Debt was $1,251 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)
=(305.510852784 / 2292.69982869) / (251.596711799 / 2273.53320074)
=0.13325375 / 0.11066331
=1.2041

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)
=(125.421052632 / 2273.53320074) / (129.762964308 / 2292.69982869)
=0.2930165 / 0.22941435
=1.2772

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 - (1766.91762783 + 4862.05612569) / 7565.6570702) / (1 - (1602.81334623 + 4963.73984526) / 7510.18762089)
=0.12380727 / 0.12564725
=0.9854

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
=2292.69982869 / 2273.53320074
=1.0084

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))
=(273.082820023 / (273.082820023 + 4963.73984526)) / (293.511881051 / (293.511881051 + 4862.05612569))
=0.05214666 / 0.05693105
=0.916

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)
=(158.518855131 / 2292.69982869) / (188.221338806 / 2273.53320074)
=0.06914069 / 0.08278803
=0.8352

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)
=((1354.04777041 + 471.336844973) / 7565.6570702) / ((1250.61895551 + 563.890715667) / 7510.18762089)
=0.24127245 / 0.24160644
=0.9986

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
=(163.54551931 - -37.8507130148 - 373.576760248) / 7565.6570702
=-0.0228

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 -2.23 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

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
DSRI 0.79571.48660.84790.68331.59310.80610.98031.35640.71460.8761
GMI 0.86061.0680.98840.80841.00151.10931.17820.82411.54321.1481
AQI 1.24510.34811.16711.29821.70270.52970.87360.95121.05671.6281
SGI 1.36571.31341.40631.4510.76731.24180.95921.10520.82021.2002
DEPI 0.76551.13761.1320.92341.01981.08110.98270.95691.37560.813
SGAI 1.17931.21941.05810.62410.69881.47931.37780.81871.44860.7927
LVGI 0.85541.39330.8321.11931.51920.58540.92091.00661.16050.9955
TATA -0.0261-0.0765-0.0231-0.04770.15780.0604-0.0111-0.0372-0.0639-0.0292
M-score -2.45-2.49-2.24-2.56-1.23-2.23-2.58-2.32-2.98-2.20

Cameco Corp Quarterly Data

Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14
DSRI 1.25871.20610.73410.86840.71850.67480.85521.01141.04311.2041
GMI 0.81040.8591.52831.70141.67661.53971.14751.01161.0111.2772
AQI 1.12481.07561.05671.30261.26961.2211.62811.03991.03740.9854
SGI 1.11840.9490.79840.78490.90211.14021.22951.22241.16861.0084
DEPI 0.95461.15231.41241.2151.10060.86020.79250.78660.87750.916
SGAI 0.88321.09651.41151.54821.24530.94950.79920.68220.69130.8352
LVGI 0.96880.92651.16051.24171.26351.20060.99550.95191.06520.9986
TATA -0.0371-0.0324-0.0642-0.0565-0.059-0.045-0.03040.02580.0223-0.0228
M-score -2.33-2.51-2.98-2.71-2.75-2.56-2.21-2.08-2.15-2.23
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