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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 -0.62. The lowest was -3.66. And the median was -2.63.
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 * 1.0453||+||0.528 * 1.2578||+||0.404 * 1.0822||+||0.892 * 0.8099||+||0.115 * 0.9856|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1733||+||4.679 * -0.1269||-||0.327 * 1.0828|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $727 Mil.|
Revenue was 1283.83487071 + 1556.91679428 + 1583.74792703 + 1616.65992721 = $6,041 Mil.
Gross Profit was 117.193406926 + 204.915044119 + 255.540479421 + 251.51637687 = $829 Mil.
Total Current Assets was $3,117 Mil.
Total Assets was $25,567 Mil.
Property, Plant and Equipment(Net PPE) was $20,172 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,021 Mil.
Selling, General & Admin. Expense(SGA) was $109 Mil.
Total Current Liabilities was $1,364 Mil.
Long-Term Debt was $6,533 Mil.
Net Income was 71.0721306517 + -334.718879895 + -1617.66922961 + 50.9502628387 = $-1,830 Mil.
Non Operating Income was 43.8530167851 + -33.5448114927 + -48.9974370571 + -21.0270926001 = $-60 Mil.
Cash Flow from Operations was 282.020263118 + 500.984467294 + 422.131765415 + 268.499797816 = $1,474 Mil.
|Accounts Receivable was $859 Mil.
Revenue was 1604.05769536 + 1956.29552549 + 2043.41113432 + 1855.03231764 = $7,459 Mil.
Gross Profit was 275.796481217 + 360.735345127 + 375.987648715 + 275.161588181 = $1,288 Mil.
Total Current Assets was $3,615 Mil.
Total Assets was $29,772 Mil.
Property, Plant and Equipment(Net PPE) was $23,706 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,182 Mil.
Selling, General & Admin. Expense(SGA) was $115 Mil.
Total Current Liabilities was $1,562 Mil.
Long-Term Debt was $6,930 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)|
|=||(727.355209436 / 6041.15951924)||/||(859.090188619 / 7458.79667281)|
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)|
|=||(1287.68106324 / 7458.79667281)||/||(829.165307336 / 6041.15951924)|
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 - (3117.34462423 + 20172.3877212) / 25567.0648722)||/||(1 - (3615.46996354 + 23705.8170867) / 29771.7546362)|
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))|
|=||(1181.83949214 / (1181.83949214 + 23705.8170867))||/||(1021.16404952 / (1021.16404952 + 20172.3877212))|
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)|
|=||(108.990542867 / 6041.15951924)||/||(114.693734281 / 7458.79667281)|
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)|
|=||((6532.58732799 + 1363.98003932) / 25567.0648722)||/||((6929.7828499 + 1562.05420827) / 29771.7546362)|
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|
|=||(-1830.36571601 - -59.7163243648||-||1473.63629364)||/||25567.0648722|
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 -3.09 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