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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 13 years, the highest Beneish M-Score of Silver Wheaton Corp was 169.06. The lowest was -56.61. And the median was -2.76.
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 * 1.5739||+||0.528 * 1.2567||+||0.404 * 2.1158||+||0.892 * 1.2536||+||0.115 * 0.6991|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8724||+||4.679 * -0.0459||-||0.327 * 0.919|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $3.4 Mil.|
Revenue was 212.351 + 187.511 + 200.496 + 153.251 = $753.6 Mil.
Gross Profit was 77.069 + 59.531 + 71.288 + 61.295 = $269.2 Mil.
Total Current Assets was $131.3 Mil.
Total Assets was $5,561.2 Mil.
Property, Plant and Equipment(Net PPE) was $5,349.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $260.5 Mil.
Selling, General & Admin. Expense(SGA) was $36.1 Mil.
Total Current Liabilities was $14.1 Mil.
Long-Term Debt was $706.0 Mil.
Net Income was 60.306 + 40.979 + -169.262 + -95.925 = $-163.9 Mil.
Non Operating Income was -1.639 + -1.185 + -232.031 + -154.554 = $-389.4 Mil.
Cash Flow from Operations was 134.267 + 113.754 + 133.389 + 99.547 = $481.0 Mil.
|Accounts Receivable was $1.7 Mil.
Revenue was 164.435 + 130.504 + 140.375 + 165.852 = $601.2 Mil.
Gross Profit was 63.313 + 63.995 + 60.933 + 81.609 = $269.9 Mil.
Total Current Assets was $76.2 Mil.
Total Assets was $5,203.4 Mil.
Property, Plant and Equipment(Net PPE) was $5,091.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $170.8 Mil.
Selling, General & Admin. Expense(SGA) was $33.0 Mil.
Total Current Liabilities was $18.2 Mil.
Long-Term Debt was $715.0 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)|
|=||(3.435 / 753.609)||/||(1.741 / 601.166)|
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)|
|=||(269.85 / 601.166)||/||(269.183 / 753.609)|
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 - (131.293 + 5349.921) / 5561.209)||/||(1 - (76.197 + 5091.799) / 5203.371)|
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))|
|=||(170.828 / (170.828 + 5091.799))||/||(260.495 / (260.495 + 5349.921))|
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)|
|=||(36.114 / 753.609)||/||(33.021 / 601.166)|
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)|
|=||((706 + 14.073) / 5561.209)||/||((715 + 18.157) / 5203.371)|
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|
|=||(-163.902 - -389.409||-||480.957)||/||5561.209|
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 -1.34 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