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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 -3.65. And the median was -2.65.
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 * 1.1185||+||0.528 * 1.3622||+||0.404 * 1.087||+||0.892 * 0.7997||+||0.115 * 1.0294|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.8691||+||4.679 * -0.1244||-||0.327 * 1.082|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $795 Mil.|
Revenue was 1349.46486738 + 1283.83487071 + 1556.91679428 + 1583.74792703 = $5,774 Mil.
Gross Profit was 164.417558554 + 117.193406926 + 204.915044119 + 255.540479421 = $742 Mil.
Total Current Assets was $3,108 Mil.
Total Assets was $26,300 Mil.
Property, Plant and Equipment(Net PPE) was $20,831 Mil.
Depreciation, Depletion and Amortization(DDA) was $977 Mil.
Selling, General & Admin. Expense(SGA) was $140 Mil.
Total Current Liabilities was $1,179 Mil.
Long-Term Debt was $6,933 Mil.
Net Income was 11.6333178222 + 71.0721306517 + -334.718879895 + -1617.66922961 = $-1,870 Mil.
Non Operating Income was -27.9199627734 + 43.8530167851 + -33.5448114927 + -48.9974370571 = $-67 Mil.
Cash Flow from Operations was 262.912982783 + 282.020263118 + 500.984467294 + 422.131765415 = $1,468 Mil.
|Accounts Receivable was $889 Mil.
Revenue was 1616.65992721 + 1604.05769536 + 1956.29552549 + 2043.41113432 = $7,220 Mil.
Gross Profit was 251.51637687 + 275.796481217 + 360.735345127 + 375.987648715 = $1,264 Mil.
Total Current Assets was $3,545 Mil.
Total Assets was $30,124 Mil.
Property, Plant and Equipment(Net PPE) was $24,090 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,165 Mil.
Selling, General & Admin. Expense(SGA) was $94 Mil.
Total Current Liabilities was $1,590 Mil.
Long-Term Debt was $6,998 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)|
|=||(794.94338452 / 5773.9644594)||/||(888.799029519 / 7220.42428238)|
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)|
|=||(1264.03585193 / 7220.42428238)||/||(742.06648902 / 5773.9644594)|
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 - (3107.64696758 + 20830.6188925) / 26299.829378)||/||(1 - (3545.49130611 + 24089.7695107) / 30123.7363526)|
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))|
|=||(1164.93149333 / (1164.93149333 + 24089.7695107))||/||(977.255683751 / (977.255683751 + 20830.6188925))|
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)|
|=||(140.058322444 / 5773.9644594)||/||(93.7047261233 / 7220.42428238)|
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)|
|=||((6933.45742206 + 1178.84287265) / 26299.829378)||/||((6997.97816417 + 1589.9716943) / 30123.7363526)|
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|
|=||(-1869.68266103 - -66.6091945381||-||1468.04947861)||/||26299.829378|
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 -3.08 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