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Beneish M-Score -0.29 higher than -2.22, which implies that it might have manipulated its financial results.
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.
Silver Wheaton Corp has a M-score of -0.23 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Silver Wheaton Corp was 170.36. The lowest was -56.49. And the median was -2.67.
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 Silver Wheaton 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 * 3.5028||+||0.528 * 1.2806||+||0.404 * 1.559||+||0.892 * 0.7888||+||0.115 * 0.8362|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.7092||+||4.679 * -0.0316||-||0.327 * 0.85|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $7.9 Mil.|
Revenue was 148.57 + 165.379 + 167.416 + 166.405 = $647.8 Mil.
Gross Profit was 74.688 + 91.67 + 90.285 + 90.642 = $347.3 Mil.
Total Current Assets was $148.9 Mil.
Total Assets was $4,521.6 Mil.
Property, Plant and Equipment(Net PPE) was $4,285.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $153.9 Mil.
Selling, General & Admin. Expense(SGA) was $36.8 Mil.
Total Current Liabilities was $19.9 Mil.
Long-Term Debt was $998.0 Mil.
Net Income was 63.492 + 79.809 + 93.9 + 77.057 = $314.3 Mil.
Non Operating Income was -1.097 + -0.657 + -0.704 + -0.936 = $-3.4 Mil.
Cash Flow from Operations was 102.543 + 114.832 + 124.591 + 118.672 = $460.6 Mil.
|Accounts Receivable was $2.9 Mil.
Revenue was 166.89 + 205.761 + 287.241 + 161.273 = $821.2 Mil.
Gross Profit was 91.031 + 151.01 + 196.325 + 125.403 = $563.8 Mil.
Total Current Assets was $41.2 Mil.
Total Assets was $4,396.0 Mil.
Property, Plant and Equipment(Net PPE) was $4,300.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $128.4 Mil.
Selling, General & Admin. Expense(SGA) was $27.3 Mil.
Total Current Liabilities was $21.4 Mil.
Long-Term Debt was $1,142.8 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)|
|=||(7.911 / 647.77)||/||(2.863 / 821.165)|
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)|
|=||(91.67 / 821.165)||/||(74.688 / 647.77)|
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 - (148.921 + 4285.347) / 4521.595)||/||(1 - (41.174 + 4300.38) / 4396.012)|
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))|
|=||(128.35 / (128.35 + 4300.38))||/||(153.853 / (153.853 + 4285.347))|
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)|
|=||(36.755 / 647.77)||/||(27.26 / 821.165)|
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)|
|=||((997.99 + 19.901) / 4521.595)||/||((1142.802 + 21.449) / 4396.012)|
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|
|=||(314.258 - -3.394||-||460.638)||/||4521.595|
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.
Silver Wheaton Corp has a M-score of -0.23 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
Silver Wheaton Corp Annual Data
Silver Wheaton Corp Quarterly Data