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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.
Teck Resources Ltd has a M-score of -2.54 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Teck Resources Ltd was -0.49. The lowest was -3.77. And the median was -2.61.
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 * 1.1072||+||0.528 * 1.4738||+||0.404 * 0.7615||+||0.892 * 0.8683||+||0.115 * 0.9587|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8399||+||4.679 * -0.0465||-||0.327 * 0.9991|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $1,027 Mil.|
Revenue was 1870.57728119 + 1896.26933576 + 2171.8464351 + 2436.29343629 = $8,375 Mil.
Gross Profit was 274.674115456 + 368.516833485 + 499.085923218 + 576.254826255 = $1,719 Mil.
Total Current Assets was $4,597 Mil.
Total Assets was $33,764 Mil.
Property, Plant and Equipment(Net PPE) was $26,452 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,224 Mil.
Selling, General & Admin. Expense(SGA) was $109 Mil.
Total Current Liabilities was $1,682 Mil.
Long-Term Debt was $7,139 Mil.
Net Income was 74.4878957169 + 62.7843494086 + 212.065813528 + 257.722007722 = $607 Mil.
Non Operating Income was -8.37988826816 + -12.7388535032 + -41.1334552102 + 1.9305019305 = $-60 Mil.
Cash Flow from Operations was 405.959031657 + 495.905368517 + 702.925045704 + 633.204633205 = $2,238 Mil.
|Accounts Receivable was $1,068 Mil.
Revenue was 2069.23076923 + 2286.55544652 + 2752.01612903 + 2537.99392097 = $9,646 Mil.
Gross Profit was 559.615384615 + 687.929342493 + 831.653225806 + 837.89260385 = $2,917 Mil.
Total Current Assets was $5,479 Mil.
Total Assets was $33,626 Mil.
Property, Plant and Equipment(Net PPE) was $24,595 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,089 Mil.
Selling, General & Admin. Expense(SGA) was $149 Mil.
Total Current Liabilities was $1,514 Mil.
Long-Term Debt was $7,278 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)|
|=||(1027.0018622 / 8374.98648835)||/||(1068.26923077 / 9645.79626575)|
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)|
|=||(368.516833485 / 9645.79626575)||/||(274.674115456 / 8374.98648835)|
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 - (4596.83426443 + 26451.5828678) / 33764.4320298)||/||(1 - (5478.84615385 + 24595.1923077) / 33625.9615385)|
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))|
|=||(1088.87040627 / (1088.87040627 + 24595.1923077))||/||(1223.79665275 / (1223.79665275 + 26451.5828678))|
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)|
|=||(108.615135118 / 8374.98648835)||/||(148.944338389 / 9645.79626575)|
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)|
|=||((7138.73370577 + 1681.56424581) / 33764.4320298)||/||((7277.88461538 + 1514.42307692) / 33625.9615385)|
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|
|=||(607.060066376 - -60.3216950511||-||2237.99407908)||/||33764.4320298|
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 -2.54 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