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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 9 years, the highest Beneish M-Score of Sandstorm Gold Ltd was 181.82. The lowest was -7.84. And the median was -1.96.
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 * 1.5142||+||0.528 * 3.4969||+||0.404 * 0.8342||+||0.892 * 0.9322||+||0.115 * 1.2309|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.4033||+||4.679 * -0.0986||-||0.327 * 21.7293|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $3.88 Mil.|
Revenue was 9.863 + 12.086 + 15.429 + 15.285 = $52.66 Mil.
Gross Profit was -0.683 + 0.709 + 1.291 + 2.468 = $3.79 Mil.
Total Current Assets was $9.22 Mil.
Total Assets was $496.87 Mil.
Property, Plant and Equipment(Net PPE) was $414.36 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.00 Mil.
Selling, General & Admin. Expense(SGA) was $12.53 Mil.
Total Current Liabilities was $7.44 Mil.
Long-Term Debt was $83.50 Mil.
Net Income was -24.959 + -5.47 + -13.451 + 0.825 = $-43.06 Mil.
Non Operating Income was -22.213 + -4.22 + 0.046 + 1.484 = $-24.90 Mil.
Cash Flow from Operations was 4.988 + 8.234 + 9.479 + 8.119 = $30.82 Mil.
|Accounts Receivable was $2.75 Mil.
Revenue was 12.488 + 15.559 + 13.153 + 15.295 = $56.50 Mil.
Gross Profit was 2.376 + 3.57 + 3.308 + 4.945 = $14.20 Mil.
Total Current Assets was $92.97 Mil.
Total Assets was $431.07 Mil.
Property, Plant and Equipment(Net PPE) was $261.88 Mil.
Depreciation, Depletion and Amortization(DDA) was $28.58 Mil.
Selling, General & Admin. Expense(SGA) was $9.58 Mil.
Total Current Liabilities was $3.63 Mil.
Long-Term Debt was $0.00 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)|
|=||(3.876 / 52.663)||/||(2.746 / 56.495)|
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)|
|=||(0.709 / 56.495)||/||(-0.683 / 52.663)|
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 - (9.222 + 414.363) / 496.873)||/||(1 - (92.97 + 261.882) / 431.07)|
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))|
|=||(28.578 / (28.578 + 261.882))||/||(35.999 / (35.999 + 414.363))|
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)|
|=||(12.53 / 52.663)||/||(9.579 / 56.495)|
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)|
|=||((83.5 + 7.443) / 496.873)||/||((0 + 3.631) / 431.07)|
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|
|=||(-43.055 - -24.903||-||30.82)||/||496.873|
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 -8.10 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
Sandstorm Gold Ltd Annual Data
Sandstorm Gold Ltd Quarterly Data