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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 169.08. The lowest was -56.60. And the median was -2.78.
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 * 0.381||+||0.528 * 1.225||+||0.404 * 1.0635||+||0.892 * 0.7833||+||0.115 * 0.9696|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.5198||+||4.679 * -0.0474||-||0.327 * 0.9101|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $1.2 Mil.|
Revenue was 165.852 + 148.57 + 165.379 + 167.416 = $647.2 Mil.
Gross Profit was 81.609 + 74.688 + 91.67 + 90.285 = $338.3 Mil.
Total Current Assets was $236.3 Mil.
Total Assets was $4,618.1 Mil.
Property, Plant and Equipment(Net PPE) was $4,309.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $159.3 Mil.
Selling, General & Admin. Expense(SGA) was $35.7 Mil.
Total Current Liabilities was $15.4 Mil.
Long-Term Debt was $998.3 Mil.
Net Income was 4.496 + 63.492 + 79.809 + 93.9 = $241.7 Mil.
Non Operating Income was 0.57 + -1.097 + -0.657 + -0.704 = $-1.9 Mil.
Cash Flow from Operations was 120.379 + 102.543 + 114.832 + 124.591 = $462.3 Mil.
|Accounts Receivable was $4.0 Mil.
Revenue was 166.405 + 166.89 + 205.761 + 287.241 = $826.3 Mil.
Gross Profit was 90.642 + 91.031 + 151.01 + 196.325 = $529.0 Mil.
Total Current Assets was $69.1 Mil.
Total Assets was $4,398.4 Mil.
Property, Plant and Equipment(Net PPE) was $4,264.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $152.6 Mil.
Selling, General & Admin. Expense(SGA) was $30.0 Mil.
Total Current Liabilities was $20.9 Mil.
Long-Term Debt was $1,040.0 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)|
|=||(1.183 / 647.217)||/||(3.964 / 826.297)|
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)|
|=||(74.688 / 826.297)||/||(81.609 / 647.217)|
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 - (236.322 + 4309.739) / 4618.131)||/||(1 - (69.064 + 4264.839) / 4398.445)|
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))|
|=||(152.647 / (152.647 + 4264.839))||/||(159.264 / (159.264 + 4309.739))|
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)|
|=||(35.716 / 647.217)||/||(30.003 / 826.297)|
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)|
|=||((998.252 + 15.447) / 4618.131)||/||((1039.951 + 20.87) / 4398.445)|
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|
|=||(241.697 - -1.888||-||462.345)||/||4618.131|
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 -3.38 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