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Cameco Corp (NYSE:CCJ)
Beneish M-Score
-2.90 (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 -2.96 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: -2.9

-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 -2.56.


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 * 0.3916+0.528 * 0.9839+0.404 * 1.1554+0.892 * 0.8869+0.115 * 1.159
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1192+4.679 * 0.0264-0.327 * 0.9816
=-2.96

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

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $95 Mil.
Revenue was 308.673068199 + 711.033326041 + 489.258254184 + 456.547513142 = $1,966 Mil.
Gross Profit was 89.3051565099 + 205.51082914 + 100.324890698 + 123.71613425 = $519 Mil.
Total Current Assets was $1,633 Mil.
Total Assets was $6,567 Mil.
Property, Plant and Equipment(Net PPE) was $3,874 Mil.
Depreciation, Depletion and Amortization(DDA) was $224 Mil.
Selling, General & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $465 Mil.
Long-Term Debt was $1,128 Mil.
Net Income was 58.9936488734 + -7.24640851747 + -2.94813809739 + 71.1985442782 = $120 Mil.
Non Operating Income was 43.2496597611 + -40.8575803982 + -77.7702397105 + 8.53295592398 = $-67 Mil.
Cash Flow from Operations was -209.252230455 + 366.689272953 + -91.4066033469 + -52.6712494945 = $13 Mil.
Accounts Receivable was $274 Mil.
Revenue was 448.380884451 + 771.068331599 + 533.226773227 + 463.500461681 = $2,216 Mil.
Gross Profit was 102.363290537 + 218.062781824 + 129.762964308 + 125.421052632 = $576 Mil.
Total Current Assets was $1,670 Mil.
Total Assets was $6,937 Mil.
Property, Plant and Equipment(Net PPE) was $4,298 Mil.
Depreciation, Depletion and Amortization(DDA) was $291 Mil.
Selling, General & Admin. Expense(SGA) was $151 Mil.
Total Current Liabilities was $533 Mil.
Long-Term Debt was $1,182 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)
=(94.9901708755 / 1965.51216157) / (273.510857505 / 2216.17645096)
=0.04832846 / 0.12341565
=0.3916

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)
=(205.51082914 / 2216.17645096) / (89.3051565099 / 1965.51216157)
=0.25973116 / 0.26398056
=0.9839

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 - (1632.86934825 + 3873.66323907) / 6566.54468471) / (1 - (1670.21160247 + 4298.04644159) / 6937.49484863)
=0.16142616 / 0.13970991
=1.1554

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
=1965.51216157 / 2216.17645096
=0.8869

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))
=(291.384770087 / (291.384770087 + 4298.04644159)) / (224.493719122 / (224.493719122 + 3873.66323907))
=0.06349039 / 0.05477919
=1.159

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)
=(149.798737945 / 1965.51216157) / (150.915475845 / 2216.17645096)
=0.07621359 / 0.06809723
=1.1192

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)
=((1128.45985181 + 464.589445033) / 6566.54468471) / ((1182.00190204 + 532.662070059) / 6937.49484863)
=0.24260085 / 0.24715895
=0.9816

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
=(119.997646537 - -66.8452044236 - 13.3591896561) / 6566.54468471
=0.0264

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 -2.96 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 0.84790.68331.21611.05590.98031.35640.5821.07571.11350.4808
GMI 0.98840.80841.01331.15340.95981.3021.04481.25230.93521.0512
AQI 1.16711.29821.70270.52970.87360.95121.05671.62810.85211.1957
SGI 1.40631.4511.00510.94790.95921.10521.0070.97740.90710.9661
DEPI 1.1320.92340.73931.49130.93391.00631.03511.0810.88211.0675
SGAI 1.07890.62410.74581.38611.2530.92511.15030.97150.96990.9219
LVGI 0.8321.11931.51920.58540.92091.00661.16050.99550.95321.0387
TATA -0.0123-0.0638-0.03150.2348-0.0024-0.036-0.052-0.0292-0.0239-0.0147
M-score -2.20-2.63-2.29-1.36-2.64-2.08-3.13-2.16-2.66-2.94

Cameco Corp Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 0.85521.01141.04311.20411.10051.16540.53340.90980.47330.3916
GMI 1.14751.01161.0111.27720.93840.99071.01540.91231.05180.9839
AQI 1.62811.03991.03740.98540.85211.09581.08831.211.19571.1554
SGI 1.22951.22241.16861.00840.91780.97150.94560.94440.98140.8869
DEPI 0.79250.78660.87750.9160.87340.89390.91460.93491.05241.159
SGAI 0.79920.68220.69130.83520.96710.94561.06411.00810.92671.1192
LVGI 0.99550.95191.06520.99860.95321.06730.88421.01161.03870.9816
TATA -0.01640.03860.0341-0.0109-0.0242-0.0554-0.05240.0174-0.01250.0264
M-score -2.14-2.02-2.09-2.18-2.66-2.60-3.14-2.51-2.93-2.96
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