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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 Teck Resources Ltd was -0.67. The lowest was -3.20. And the median was -2.59.
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 Teck Resources Ltd 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 * 0.907||+||0.528 * 1.4589||+||0.404 * 1.1313||+||0.892 * 0.8555||+||0.115 * 0.9446|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0042||+||4.679 * -0.0512||-||0.327 * 1.0417|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $898 Mil.|
Revenue was 1956.29552549 + 2043.41113432 + 1855.03231764 + 1875.78757876 = $7,731 Mil.
Gross Profit was 360.735345127 + 374.171283262 + 272.391505078 + 364.536453645 = $1,372 Mil.
Total Current Assets was $4,264 Mil.
Total Assets was $31,945 Mil.
Property, Plant and Equipment(Net PPE) was $25,082 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,209 Mil.
Selling, General & Admin. Expense(SGA) was $107 Mil.
Total Current Liabilities was $2,089 Mil.
Long-Term Debt was $6,948 Mil.
Net Income was 111.86264308 + 76.2873490146 + 73.8688827331 + 62.1062106211 = $324 Mil.
Non Operating Income was -26.8817204301 + -34.5109436019 + -8.31024930748 + -12.601260126 = $-82 Mil.
Cash Flow from Operations was 644.294138051 + 503.133230406 + 402.585410896 + 490.549054905 = $2,041 Mil.
|Accounts Receivable was $1,158 Mil.
Revenue was 2233.08270677 + 2441.00580271 + 2087.29388943 + 2275.390625 = $9,037 Mil.
Gross Profit was 513.157894737 + 577.369439072 + 564.500484966 + 684.5703125 = $2,340 Mil.
Total Current Assets was $5,423 Mil.
Total Assets was $34,007 Mil.
Property, Plant and Equipment(Net PPE) was $26,138 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,187 Mil.
Selling, General & Admin. Expense(SGA) was $124 Mil.
Total Current Liabilities was $2,033 Mil.
Long-Term Debt was $7,203 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)|
|=||(898.369753729 / 7730.52655621)||/||(1157.89473684 / 9036.7730239)|
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)|
|=||(374.171283262 / 9036.7730239)||/||(360.735345127 / 7730.52655621)|
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 - (4263.78772112 + 25082.3794658) / 31945.022546)||/||(1 - (5422.93233083 + 26138.1578947) / 34006.5789474)|
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))|
|=||(1187.06570935 / (1187.06570935 + 26138.1578947))||/||(1209.09014873 / (1209.09014873 + 25082.3794658))|
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)|
|=||(106.801123074 / 7730.52655621)||/||(124.329694559 / 9036.7730239)|
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)|
|=||((6948.49115505 + 2088.9698231) / 31945.022546)||/||((7203.0075188 + 2032.89473684) / 34006.5789474)|
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|
|=||(324.125085449 - -82.3041734655||-||2040.56183426)||/||31945.022546|
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.
Teck Resources Ltd has a M-score of -2.66 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
Teck Resources Ltd Annual Data
Teck Resources Ltd Quarterly Data