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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 -2.24 suggests that the company is not a manipulator.
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.
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 * 1.1966||+||0.528 * 1.2743||+||0.404 * 0.9854||+||0.892 * 0.9985||+||0.115 * 0.9082|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8381||+||4.679 * -0.0215||-||0.327 * 0.9986|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $300 Mil.|
Revenue was 523.667499108 + 467.428065928 + 381.464058235 + 893.437842779 = $2,266 Mil.
Gross Profit was 127.436674991 + 126.483843933 + 97.907188353 + 169.174588665 = $521 Mil.
Total Current Assets was $1,735 Mil.
Total Assets was $7,430 Mil.
Property, Plant and Equipment(Net PPE) was $4,775 Mil.
Depreciation, Depletion and Amortization(DDA) was $291 Mil.
Selling, General & Admin. Expense(SGA) was $157 Mil.
Total Current Liabilities was $463 Mil.
Long-Term Debt was $1,330 Mil.
Net Income was -130.217623974 + 118.454232238 + 119.505914468 + 58.8080438757 = $167 Mil.
Non Operating Income was -66.8061006065 + 49.5548933793 + -78.9317561419 + 57.4945155393 = $-39 Mil.
Cash Flow from Operations was 234.415804495 + -23.7191544837 + 6.3585077343 + 147.940585009 = $365 Mil.
|Accounts Receivable was $251 Mil.
Revenue was 575.847490347 + 404.633653846 + 435.628066732 + 853.181451613 = $2,269 Mil.
Gross Profit was 219.67953668 + 95.2076923077 + 93.2757605496 + 256.700604839 = $665 Mil.
Total Current Assets was $1,600 Mil.
Total Assets was $7,496 Mil.
Property, Plant and Equipment(Net PPE) was $4,954 Mil.
Depreciation, Depletion and Amortization(DDA) was $272 Mil.
Selling, General & Admin. Expense(SGA) was $188 Mil.
Total Current Liabilities was $563 Mil.
Long-Term Debt was $1,248 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)|
|=||(300.033892258 / 2265.99746605)||/||(251.111003861 / 2269.29066254)|
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)|
|=||(126.483843933 / 2269.29066254)||/||(127.436674991 / 2265.99746605)|
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 - (1735.24170532 + 4774.89297182) / 7430.02586514)||/||(1 - (1599.71911197 + 4954.15733591) / 7495.68918919)|
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))|
|=||(272.472137025 / (272.472137025 + 4954.15733591))||/||(290.786639049 / (290.786639049 + 4774.89297182))|
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)|
|=||(157.287207826 / 2265.99746605)||/||(187.946342565 / 2269.29066254)|
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)|
|=||((1329.77345701 + 462.887085266) / 7430.02586514)||/||((1248.2046332 + 562.802123552) / 7495.68918919)|
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|
|=||(166.550566607 - -38.6884478299||-||364.995742755)||/||7430.02586514|
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 -2.24 suggests that the company will not 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