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Cameco Corp (NYSE:CCJ)
Beneish M-Score
-2.99 (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 -3.13 suggests that the company is not a manipulator.

CCJ' s 10-Year Beneish M-Score Range
Min: -3.59   Max: -0.55
Current: -2.99

-3.59
-0.55

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.


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 * 0.5334+0.528 * 1.0154+0.404 * 1.0883+0.892 * 0.9456+0.115 * 0.9146
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0641+4.679 * -0.0499-0.327 * 0.8842
=-3.13

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

This Year (Jun15) TTM:Last Year (Jun14) TTM:
Accounts Receivable was $124 Mil.
Revenue was 456.547513142 + 448.380884451 + 771.068331599 + 533.226773227 = $2,209 Mil.
Gross Profit was 123.71613425 + 102.363290537 + 218.062781824 + 129.762964308 = $574 Mil.
Total Current Assets was $1,559 Mil.
Total Assets was $6,893 Mil.
Property, Plant and Equipment(Net PPE) was $4,335 Mil.
Depreciation, Depletion and Amortization(DDA) was $278 Mil.
Selling, General & Admin. Expense(SGA) was $157 Mil.
Total Current Liabilities was $417 Mil.
Long-Term Debt was $1,206 Mil.
Net Income was 71.1985442782 + -7.05579331114 + 63.0332986472 + -132.594678049 = $-5 Mil.
Non Operating Income was 8.53295592398 + -84.4238389602 + -14.1493236212 + -68.0256107529 = $-158 Mil.
Cash Flow from Operations was -52.6712494945 + 105.845617372 + 204.508324662 + 238.694941422 = $496 Mil.
Accounts Receivable was $247 Mil.
Revenue was 463.500461681 + 377.343834383 + 918.628759398 + 576.96131528 = $2,336 Mil.
Gross Profit was 125.421052632 + 96.8496849685 + 173.944548872 + 220.104448743 = $616 Mil.
Total Current Assets was $2,088 Mil.
Total Assets was $7,986 Mil.
Property, Plant and Equipment(Net PPE) was $4,836 Mil.
Depreciation, Depletion and Amortization(DDA) was $282 Mil.
Selling, General & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $751 Mil.
Long-Term Debt was $1,376 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)
=(124.343712091 / 2209.22350242) / (246.551246537 / 2336.43437074)
=0.0562839 / 0.10552458
=0.5334

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)
=(102.363290537 / 2336.43437074) / (123.71613425 / 2209.22350242)
=0.26378645 / 0.25977687
=1.0154

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 - (1559.18398706 + 4335.15649009) / 6892.68338051) / (1 - (2087.85872576 + 4835.50415512) / 7986.22899354)
=0.14484096 / 0.13308736
=1.0883

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
=2209.22350242 / 2336.43437074
=0.9456

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))
=(282.388828088 / (282.388828088 + 4835.50415512)) / (278.326959397 / (278.326959397 + 4335.15649009))
=0.05517677 / 0.06032903
=0.9146

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)
=(157.256527252 / 2209.22350242) / (156.288991185 / 2336.43437074)
=0.07118181 / 0.0668921
=1.0641

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)
=((1206.39142742 + 417.424989891) / 6892.68338051) / ((1376.33425669 + 751.427516159) / 7986.22899354)
=0.23558552 / 0.26642885
=0.8842

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
=(-5.41862843492 - -158.06581741 - 496.377633961) / 6892.68338051
=-0.0499

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 -3.13 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

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
DSRI 1.48660.84790.68331.59310.80610.98031.35640.71460.87611.1135
GMI 1.0680.98840.80841.00151.10931.17821.11571.13991.14810.9352
AQI 0.34811.16711.29821.70270.52970.87360.95121.05671.62810.8521
SGI 1.31341.40631.4510.76731.24180.95921.10520.82021.20020.9071
DEPI 1.13761.1320.92341.01981.08110.98270.95691.37560.8130.8821
SGAI 1.21941.05810.62410.69881.47931.37780.81871.44860.79270.9699
LVGI 1.39330.8321.11931.51920.58540.92091.00661.16050.99550.9532
TATA -0.0765-0.0231-0.04770.15780.0604-0.0111-0.0372-0.0639-0.0151-0.0239
M-score -2.49-2.24-2.56-1.23-2.23-2.58-2.17-3.19-2.14-2.66

Cameco Corp Quarterly Data

Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15
DSRI 0.86840.71850.67480.85521.01141.04311.20411.10051.16540.5334
GMI 1.2681.22281.08071.14751.01161.0111.27720.93840.99071.0154
AQI 1.30261.26961.2211.62811.03991.03740.98540.85211.09581.0883
SGI 0.78490.90211.14021.22951.22241.16861.00840.91780.97150.9456
DEPI 1.2151.10060.86020.79250.78660.87750.9160.87340.89390.9146
SGAI 1.54821.24530.94950.79920.68220.69130.83520.96710.94561.0641
LVGI 1.24171.26351.20060.99550.95191.06520.99860.95321.06730.8842
TATA -0.0565-0.059-0.045-0.01640.03860.0341-0.0103-0.0218-0.0529-0.0499
M-score -2.94-2.99-2.81-2.14-2.02-2.09-2.17-2.65-2.59-3.13
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