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.
During the past 13 years, the highest Beneish M-Score of Silver Wheaton Corp was 169.08. The lowest was -56.60. And the median was -2.82.
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 * 1.019||+||0.528 * 1.202||+||0.404 * 0.7784||+||0.892 * 0.8778||+||0.115 * 0.535|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.5287||+||4.679 * -0.1075||-||0.327 * 0.9403|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $4.1 Mil.|
Revenue was 140.375 + 165.852 + 148.57 + 165.379 = $620.2 Mil.
Gross Profit was 60.933 + 81.609 + 74.688 + 91.67 = $308.9 Mil.
Total Current Assets was $338.5 Mil.
Total Assets was $4,647.8 Mil.
Property, Plant and Equipment(Net PPE) was $4,271.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $280.0 Mil.
Selling, General & Admin. Expense(SGA) was $37.5 Mil.
Total Current Liabilities was $16.2 Mil.
Long-Term Debt was $998.5 Mil.
Net Income was 52.031 + 4.496 + 63.492 + 79.809 = $199.8 Mil.
Non Operating Income was -68.92 + 0.57 + -1.097 + -0.657 = $-70.1 Mil.
Cash Flow from Operations was 431.873 + 120.379 + 102.543 + 114.832 = $769.6 Mil.
|Accounts Receivable was $4.6 Mil.
Revenue was 167.416 + 166.405 + 166.89 + 205.761 = $706.5 Mil.
Gross Profit was 90.285 + 90.642 + 91.031 + 151.01 = $423.0 Mil.
Total Current Assets was $101.3 Mil.
Total Assets was $4,389.8 Mil.
Property, Plant and Equipment(Net PPE) was $4,242.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $144.4 Mil.
Selling, General & Admin. Expense(SGA) was $28.0 Mil.
Total Current Liabilities was $21.1 Mil.
Long-Term Debt was $998.1 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)|
|=||(4.132 / 620.176)||/||(4.619 / 706.472)|
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)|
|=||(81.609 / 706.472)||/||(60.933 / 620.176)|
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 - (338.493 + 4270.971) / 4647.763)||/||(1 - (101.287 + 4242.086) / 4389.844)|
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))|
|=||(144.395 / (144.395 + 4242.086))||/||(280.005 / (280.005 + 4270.971))|
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)|
|=||(37.534 / 620.176)||/||(27.97 / 706.472)|
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)|
|=||((998.518 + 16.171) / 4647.763)||/||((998.136 + 21.134) / 4389.844)|
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|
|=||(199.828 - -70.104||-||769.627)||/||4647.763|
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 -3.18 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