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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 -1.67 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 * 1.3467||+||0.528 * 1.5843||+||0.404 * 1.0374||+||0.892 * 1.0441||+||0.115 * 1.028|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7727||+||4.679 * 0.0228||-||0.327 * 1.0652|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $284 Mil.|
Revenue was 467.384543762 + 381.464058235 + 893.437842779 + 575.847490347 = $2,318 Mil.
Gross Profit was 126.472067039 + 97.907188353 + 169.174588665 + 219.67953668 = $613 Mil.
Total Current Assets was $2,105 Mil.
Total Assets was $8,053 Mil.
Property, Plant and Equipment(Net PPE) was $4,876 Mil.
Depreciation, Depletion and Amortization(DDA) was $280 Mil.
Selling, General & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $758 Mil.
Long-Term Debt was $1,388 Mil.
Net Income was 118.44320298 + 119.505914468 + 58.8080438757 + 203.925675676 = $501 Mil.
Non Operating Income was 49.5502793296 + -78.9317561419 + -2.02285191956 + 87.1061776062 = $56 Mil.
Cash Flow from Operations was -23.7169459963 + 6.3585077343 + 147.940585009 + 130.870656371 = $261 Mil.
|Accounts Receivable was $202 Mil.
Revenue was 404.633653846 + 435.628066732 + 966.120967742 + 413.776089159 = $2,220 Mil.
Gross Profit was 95.2076923077 + 93.2757605496 + 605.534274194 + 136.464032421 = $930 Mil.
Total Current Assets was $1,553 Mil.
Total Assets was $7,372 Mil.
Property, Plant and Equipment(Net PPE) was $4,873 Mil.
Depreciation, Depletion and Amortization(DDA) was $288 Mil.
Selling, General & Admin. Expense(SGA) was $193 Mil.
Total Current Liabilities was $601 Mil.
Long-Term Debt was $1,243 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)|
|=||(283.615456238 / 2318.13393512)||/||(201.698076923 / 2220.15877748)|
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)|
|=||(97.907188353 / 2220.15877748)||/||(126.472067039 / 2318.13393512)|
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 - (2105.3547486 + 4876.02513966) / 8053.15270019)||/||(1 - (1553.17211538 + 4873.09326923) / 7372.04230769)|
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))|
|=||(288.28450806 / (288.28450806 + 4873.09326923))||/||(280.140368145 / (280.140368145 + 4876.02513966))|
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)|
|=||(155.643602478 / 2318.13393512)||/||(192.908625841 / 2220.15877748)|
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)|
|=||((1387.86778399 + 757.724394786) / 8053.15270019)||/||((1243.17596154 + 600.738461538) / 7372.04230769)|
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|
|=||(500.682836999 - 55.7018488743||-||261.452803118)||/||8053.15270019|
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 -1.67 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