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Cameco Corp (NYSE:CCJ)
Beneish M-Score
-2.32 (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 -2.51 suggests that the company is not a manipulator.

CCJ' s Beneish M-Score Range Over the Past 10 Years
Min: -3.66   Max: -0.7
Current: -2.32

-3.66
-0.7

During the past 13 years, the highest Beneish M-Score of Cameco Corp was -0.70. The lowest was -3.66. And the median was -2.62.


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 * 0.9098+0.528 * 0.9123+0.404 * 1.21+0.892 * 0.9444+0.115 * 0.9349
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0081+4.679 * 0.0174-0.327 * 1.0116
=-2.51

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

This Year (Sep15) TTM:Last Year (Sep14) TTM:
Accounts Receivable was $262 Mil.
Revenue was 489.258254184 + 456.547513142 + 448.380884451 + 771.068331599 = $2,165 Mil.
Gross Profit was 100.324890698 + 123.71613425 + 102.363290537 + 218.062781824 = $544 Mil.
Total Current Assets was $1,485 Mil.
Total Assets was $6,528 Mil.
Property, Plant and Equipment(Net PPE) was $4,065 Mil.
Depreciation, Depletion and Amortization(DDA) was $264 Mil.
Selling, General & Admin. Expense(SGA) was $151 Mil.
Total Current Liabilities was $469 Mil.
Long-Term Debt was $1,125 Mil.
Net Income was -2.94813809739 + 71.1985442782 + -7.05579331114 + 63.0332986472 = $124 Mil.
Non Operating Income was -77.7702397105 + 8.53295592398 + -84.4238389602 + -1.82969129379 = $-155 Mil.
Cash Flow from Operations was -91.4066033469 + -52.6712494945 + 105.845617372 + 204.508324662 = $166 Mil.
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.



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)
=(262.495100256 / 2165.25498338) / (305.510852784 / 2292.69982869)
=0.12123057 / 0.13325375
=0.9098

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)
=(123.71613425 / 2292.69982869) / (100.324890698 / 2165.25498338)
=0.22941435 / 0.25145634
=0.9123

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 - (1484.6856626 + 4065.49600482) / 6528.18634102) / (1 - (1766.91762783 + 4862.05612569) / 7565.6570702)
=0.14981262 / 0.12380727
=1.21

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
=2165.25498338 / 2292.69982869
=0.9444

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))
=(293.511881051 / (293.511881051 + 4862.05612569)) / (263.627982059 / (263.627982059 + 4065.49600482))
=0.05693105 / 0.06089638
=0.9349

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)
=(150.922193713 / 2165.25498338) / (158.518855131 / 2292.69982869)
=0.06970181 / 0.06914069
=1.0081

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)
=((1124.65551033 + 468.609980401) / 6528.18634102) / ((1354.04777041 + 471.336844973) / 7565.6570702)
=0.24405944 / 0.24127245
=1.0116

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
=(124.227911517 - -155.490814041 - 166.276089192) / 6528.18634102
=0.0174

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 -2.51 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 -0.0231-0.04770.15780.0604-0.0111-0.0372-0.0639-0.0151-0.0239-0.018
M-score -2.24-2.56-1.21-2.23-2.62-2.17-3.19-2.14-2.66-2.96

Cameco Corp Quarterly Data

Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15
DSRI 0.67480.85521.01141.04311.20411.10051.16540.53340.90980.7146
GMI 1.08071.14751.01161.0111.27720.93840.99071.01540.91231.1352
AQI 1.2211.62811.03991.03740.98540.85211.09581.08831.211.1957
SGI 1.14021.22951.22241.16861.00840.91780.97150.94560.94440.6499
DEPI 0.86020.79250.78660.87750.9160.87340.89390.91460.93491.5682
SGAI 0.94950.79920.68220.69130.83520.96710.94561.06411.00811.0089
LVGI 1.20060.99550.95191.06520.99860.95321.06730.88421.01161.0387
TATA -0.045-0.01640.03860.0341-0.0109-0.0242-0.0554-0.05240.01740.0395
M-score -2.81-2.14-2.02-2.09-2.18-2.66-2.60-3.14-2.51-2.67
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