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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.
During the past 13 years, the highest Beneish M-Score of Cameco Corp was -1.21. The lowest was -3.21. 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 * 1.1005||+||0.528 * 0.9384||+||0.404 * 0.8521||+||0.892 * 0.9178||+||0.115 * 0.5607|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9671||+||4.679 * -0.0491||-||0.327 * 0.9532|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $372 Mil.|
Revenue was 771.068331599 + 533.226773227 + 463.500461681 + 377.343834383 = $2,145 Mil.
Gross Profit was 218.062781824 + 129.762964308 + 125.421052632 + 96.8496849685 = $570 Mil.
Total Current Assets was $1,793 Mil.
Total Assets was $7,347 Mil.
Property, Plant and Equipment(Net PPE) was $4,588 Mil.
Depreciation, Depletion and Amortization(DDA) was $491 Mil.
Selling, General & Admin. Expense(SGA) was $158 Mil.
Total Current Liabilities was $447 Mil.
Long-Term Debt was $1,293 Mil.
Net Income was 63.0332986472 + -132.594678049 + 117.458910434 + 118.215121512 = $166 Mil.
Non Operating Income was -14.1493236212 + -68.0256107529 + 49.1385041551 + -78.0792079208 = $-111 Mil.
Cash Flow from Operations was 416.390912244 + 238.694941422 + -23.5198522622 + 6.2898289829 = $638 Mil.
|Accounts Receivable was $368 Mil.
Revenue was 918.628759398 + 576.96131528 + 408.16585839 + 433.500976562 = $2,337 Mil.
Gross Profit was 173.944548872 + 220.104448743 + 96.0387972842 + 92.8203125 = $583 Mil.
Total Current Assets was $1,652 Mil.
Total Assets was $7,556 Mil.
Property, Plant and Equipment(Net PPE) was $4,738 Mil.
Depreciation, Depletion and Amortization(DDA) was $271 Mil.
Selling, General & Admin. Expense(SGA) was $178 Mil.
Total Current Liabilities was $662 Mil.
Long-Term Debt was $1,216 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)|
|=||(371.878251821 / 2145.13940089)||/||(368.185150376 / 2337.25690963)|
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)|
|=||(129.762964308 / 2337.25690963)||/||(218.062781824 / 2145.13940089)|
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 - (1793.0159556 + 4588.12088103) / 7347.09243843)||/||(1 - (1652.09586466 + 4737.77537594) / 7555.74906015)|
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))|
|=||(271.327524587 / (271.327524587 + 4737.77537594))||/||(490.654428822 / (490.654428822 + 4588.12088103))|
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)|
|=||(158.142391404 / 2145.13940089)||/||(178.161156153 / 2337.25690963)|
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)|
|=||((1293.09573361 + 447.289281998) / 7347.09243843)||/||((1215.58552632 + 662.171992481) / 7555.74906015)|
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|
|=||(166.112652544 - -111.11563814||-||637.855830387)||/||7347.09243843|
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 -2.81 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