SLW has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 -2.64 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Silver Wheaton Corp was 191.39. The lowest was -56.41. And the median was -2.54.
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 * 1.2295||+||0.528 * 1.3368||+||0.404 * 0.6662||+||0.892 * 0.7784||+||0.115 * 0.718|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.375||+||4.679 * -0.034||-||0.327 * 0.882|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $5.1 Mil.|
Revenue was 165.379 + 167.416 + 166.405 + 166.89 = $666.1 Mil.
Gross Profit was 91.67 + 90.285 + 90.642 + 91.031 = $363.6 Mil.
Total Current Assets was $88.2 Mil.
Total Assets was $4,476.9 Mil.
Property, Plant and Equipment(Net PPE) was $4,320.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $156.7 Mil.
Selling, General & Admin. Expense(SGA) was $35.3 Mil.
Total Current Liabilities was $44.1 Mil.
Long-Term Debt was $997.8 Mil.
Net Income was 79.809 + 93.9 + 77.057 + 71.117 = $321.9 Mil.
Non Operating Income was -0.657 + -0.704 + -0.936 + -6.858 = $-9.2 Mil.
Cash Flow from Operations was 114.832 + 124.591 + 118.672 + 125.258 = $483.4 Mil.
|Accounts Receivable was $5.3 Mil.
Revenue was 205.761 + 287.241 + 161.273 + 201.408 = $855.7 Mil.
Gross Profit was 151.01 + 196.325 + 125.403 + 151.701 = $624.4 Mil.
Total Current Assets was $87.1 Mil.
Total Assets was $4,400.3 Mil.
Property, Plant and Equipment(Net PPE) was $4,212.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $108.6 Mil.
Selling, General & Admin. Expense(SGA) was $32.9 Mil.
Total Current Liabilities was $1,161.0 Mil.
Long-Term Debt was $0.0 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)|
|=||(5.064 / 666.09)||/||(5.291 / 855.683)|
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)|
|=||(90.285 / 855.683)||/||(91.67 / 666.09)|
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 - (88.246 + 4320.048) / 4476.865)||/||(1 - (87.093 + 4211.991) / 4400.253)|
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))|
|=||(108.584 / (108.584 + 4211.991))||/||(156.69 / (156.69 + 4320.048))|
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)|
|=||(35.267 / 666.09)||/||(32.949 / 855.683)|
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)|
|=||((997.75 + 44.054) / 4476.865)||/||((0 + 1161.033) / 4400.253)|
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|
|=||(321.883 - -9.155||-||483.353)||/||4476.865|
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 -2.64 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
Silver Wheaton Corp Annual Data
Silver Wheaton Corp Quarterly Data