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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.
Sandstorm Gold Ltd. has a M-score of -2.08 signals that the company is a manipulator.
During the past 7 years, the highest Beneish M-Score of Sandstorm Gold Ltd. was 187.26. The lowest was -2.08. And the median was 5.19.
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 * 0.1313||+||0.528 * 1.4924||+||0.404 * 4.0597||+||0.892 * 1.0412||+||0.115 * 0.7429|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 2.4237||+||4.679 * -0.0391||-||0.327 * 0.6079|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec13) TTM:||Last Year (Sep12) TTM:|
|Accounts Receivable was $2.63 Mil.|
Revenue was 15.767 + 15.352 + 13.353 + 12.423 = $56.90 Mil.
Gross Profit was 4.567 + 5.064 + 4.262 + 6.724 = $20.62 Mil.
Total Current Assets was $101.56 Mil.
Total Assets was $379.70 Mil.
Property, Plant and Equipment(Net PPE) was $237.94 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.50 Mil.
Selling, General & Admin. Expense(SGA) was $15.53 Mil.
Total Current Liabilities was $3.43 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -43.237 + -1.539 + -16.875 + 7.367 = $-54.28 Mil.
Non Operating Income was -57.033 + -2.747 + -18.347 + 6.932 = $-71.20 Mil.
Cash Flow from Operations was 8.135 + 8.577 + 8.539 + 6.5 = $31.75 Mil.
|Accounts Receivable was $19.20 Mil.
Revenue was 15.102 + 14.954 + 13.464 + 11.125 = $54.65 Mil.
Gross Profit was 7.793 + 7.884 + 7.294 + 6.582 = $29.55 Mil.
Total Current Assets was $123.31 Mil.
Total Assets was $332.44 Mil.
Property, Plant and Equipment(Net PPE) was $200.45 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.75 Mil.
Selling, General & Admin. Expense(SGA) was $6.16 Mil.
Total Current Liabilities was $4.94 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)|
|=||(2.625 / 56.895)||/||(19.199 / 54.645)|
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)|
|=||(5.064 / 54.645)||/||(4.567 / 56.895)|
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 - (101.561 + 237.94) / 379.703)||/||(1 - (123.312 + 200.454) / 332.436)|
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))|
|=||(13.75 / (13.75 + 200.454))||/||(22.503 / (22.503 + 237.94))|
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)|
|=||(15.532 / 56.895)||/||(6.155 / 54.645)|
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 + 3.433) / 379.703)||/||((0 + 4.944) / 332.436)|
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|
|=||(-54.284 - -71.195||-||31.751)||/||379.703|
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 -2.08 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