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Cameco Corp (NYSE:CCJ)
Beneish M-Score
-3.33 (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 -3.34 suggests that the company is not a manipulator.

CCJ' s Beneish M-Score Range Over the Past 10 Years
Min: -3.59   Max: -0.57
Current: -3.33

-3.59
-0.57

During the past 13 years, the highest Beneish M-Score of Cameco Corp was -0.57. The lowest was -3.59. And the median was -2.59.


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 * 0.3843+0.528 * 1.0829+0.404 * 1.1728+0.892 * 0.8739+0.115 * 0.872
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1834+4.679 * -0.0587-0.327 * 0.9198
=-3.34

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Sep16) TTM:Last Year (Sep15) TTM:
Accounts Receivable was $88 Mil.
Revenue was 510.874275252 + 361.716302156 + 308.673068199 + 711.033326041 = $1,892 Mil.
Gross Profit was 111.488404028 + 33.1084225221 + 89.3051565099 + 205.51082914 = $439 Mil.
Total Current Assets was $1,468 Mil.
Total Assets was $6,491 Mil.
Property, Plant and Equipment(Net PPE) was $3,883 Mil.
Depreciation, Depletion and Amortization(DDA) was $292 Mil.
Selling, General & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $318 Mil.
Long-Term Debt was $1,139 Mil.
Net Income was 108.441409826 + -106.536373507 + 58.9936488734 + -7.24640851747 = $54 Mil.
Non Operating Income was 36.087122368 + -15.5025593299 + 43.2496597611 + -40.8575803982 = $23 Mil.
Cash Flow from Operations was 293.670277693 + -39.474949589 + -209.252230455 + 366.689272953 = $412 Mil.
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.



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)
=(88.1568507782 / 1892.29697165) / (262.495100256 / 2165.25498338)
=0.04658722 / 0.12123057
=0.3843

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)
=(544.46709731 / 2165.25498338) / (439.4128122 / 1892.29697165)
=0.25145634 / 0.23221134
=1.0829

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 - (1467.6289289 + 3883.19652121) / 6491.32285627) / (1 - (1484.6856626 + 4065.49600482) / 6528.18634102)
=0.17569568 / 0.14981262
=1.1728

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
=1892.29697165 / 2165.25498338
=0.8739

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))
=(263.627982059 / (263.627982059 + 4065.49600482)) / (291.528643096 / (291.528643096 + 3883.19652121))
=0.06089638 / 0.06983182
=0.872

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)
=(156.082442931 / 1892.29697165) / (150.922193713 / 2165.25498338)
=0.08248306 / 0.06970181
=1.1834

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)
=((1139.03341471 + 318.249160818) / 6491.32285627) / ((1124.65551033 + 468.609980401) / 6528.18634102)
=0.22449701 / 0.24405944
=0.9198

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
=(53.652276675 - 22.976642401 - 411.632370602) / 6491.32285627
=-0.0587

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 -3.34 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 local exchange's currency.

Cameco Corp Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 0.84790.68331.59310.80610.98031.14550.84620.87611.11350.5011
GMI 0.98840.80841.05571.10711.11981.11591.13961.14810.93521.0512
AQI 1.16711.29821.70270.52970.87360.91881.0941.62810.85211.1957
SGI 1.40631.4510.76731.24180.95921.10520.82021.20020.90710.9661
DEPI 1.1320.92341.01981.08110.98270.86471.52230.8130.88211.0675
SGAI 1.05810.62410.69881.47931.37780.84131.40970.79270.96990.9219
LVGI 0.8321.11931.51920.58540.92090.92541.26230.99550.95321.0387
TATA -0.0123-0.06380.15250.0557-0.0111-0.04-0.0639-0.0151-0.0239-0.0147
M-score -2.19-2.63-1.23-2.25-2.62-2.37-3.07-2.14-2.66-2.92

Cameco Corp Quarterly Data

Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16
DSRI 1.04311.20411.10051.16540.53340.90980.49330.39160.90320.3843
GMI 1.0111.27720.93840.99071.01540.91231.05180.98391.13481.0829
AQI 1.03740.98540.85211.09581.08831.211.19571.15541.18591.1728
SGI 1.16861.00840.91780.97150.94560.94440.98140.88690.84680.8739
DEPI 0.87750.9160.87340.89390.91460.93491.05241.1590.95410.872
SGAI 0.69130.83520.96710.94561.06411.00810.92671.11921.17761.1834
LVGI 1.06520.99860.95321.06730.88421.01161.03870.98161.06570.9198
TATA 0.0341-0.0109-0.0242-0.0554-0.05240.0174-0.01250.02640.001-0.0587
M-score -2.09-2.18-2.66-2.60-3.14-2.51-2.91-2.96-2.61-3.34
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