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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 8 years, the highest Beneish M-Score of Sandstorm Gold Ltd was 181.84. The lowest was -4.40. And the median was 0.08.
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 Sandstorm Gold Ltd 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 * 3.3009||+||0.528 * 1.5188||+||0.404 * 1.8552||+||0.892 * 0.9451||+||0.115 * 4.2399|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.6095||+||4.679 * -0.0725||-||0.327 * 0.1355|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $4.17 Mil.|
Revenue was 15.285 + 12.488 + 15.559 + 13.153 = $56.49 Mil.
Gross Profit was 2.468 + 2.376 + 3.57 + 3.308 = $11.72 Mil.
Total Current Assets was $42.49 Mil.
Total Assets was $425.15 Mil.
Property, Plant and Equipment(Net PPE) was $309.85 Mil.
Depreciation, Depletion and Amortization(DDA) was $31.26 Mil.
Selling, General & Admin. Expense(SGA) was $7.99 Mil.
Total Current Liabilities was $4.11 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 0.825 + 2.608 + 2.076 + 3.039 = $8.55 Mil.
Non Operating Income was 1.484 + 0.305 + 0.753 + 0.512 = $3.05 Mil.
Cash Flow from Operations was 8.119 + 8.85 + 9.962 + 9.383 = $36.31 Mil.
|Accounts Receivable was $1.34 Mil.
Revenue was 15.295 + 15.767 + 15.352 + 13.353 = $59.77 Mil.
Gross Profit was 4.945 + 4.567 + 5.064 + 4.262 = $18.84 Mil.
Total Current Assets was $5.95 Mil.
Total Assets was $51.55 Mil.
Property, Plant and Equipment(Net PPE) was $40.84 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.95 Mil.
Selling, General & Admin. Expense(SGA) was $13.87 Mil.
Total Current Liabilities was $1.94 Mil.
Long-Term Debt was $1.73 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)|
|=||(4.171 / 56.485)||/||(1.337 / 59.767)|
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)|
|=||(2.376 / 59.767)||/||(2.468 / 56.485)|
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 - (42.487 + 309.849) / 425.154)||/||(1 - (5.952 + 40.836) / 51.547)|
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))|
|=||(25.946 / (25.946 + 40.836))||/||(31.257 / (31.257 + 309.849))|
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)|
|=||(7.987 / 56.485)||/||(13.866 / 59.767)|
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)|
|=||((0 + 4.106) / 425.154)||/||((1.733 + 1.941) / 51.547)|
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|
|=||(8.548 - 3.054||-||36.314)||/||425.154|
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.
Sandstorm Gold Ltd has a M-score of 0.59 signals that the company is likely to 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
Sandstorm Gold Ltd Annual Data
Sandstorm Gold Ltd Quarterly Data