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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 -2.87 suggests that the company is not a 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 -2.64.
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 * 0.9595||+||0.528 * 1.3146||+||0.404 * 0.6922||+||0.892 * 0.8635||+||0.115 * 0.8533|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9233||+||4.679 * -0.0529||-||0.327 * 1.0602|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $1,191 Mil.|
Revenue was 2171.8464351 + 2436.29343629 + 2069.23076923 + 2286.55544652 = $8,964 Mil.
Gross Profit was 499.085923218 + 576.254826255 + 559.615384615 + 687.929342493 = $2,323 Mil.
Total Current Assets was $5,274 Mil.
Total Assets was $33,074 Mil.
Property, Plant and Equipment(Net PPE) was $25,421 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,177 Mil.
Selling, General & Admin. Expense(SGA) was $132 Mil.
Total Current Liabilities was $1,977 Mil.
Long-Term Debt was $7,005 Mil.
Net Income was 212.065813528 + 257.722007722 + 137.5 + 313.052011776 = $920 Mil.
Non Operating Income was -41.1334552102 + 1.9305019305 + -25 + -13.7389597645 = $-78 Mil.
Cash Flow from Operations was 702.925045704 + 633.204633205 + 663.461538462 + 748.773307164 = $2,748 Mil.
|Accounts Receivable was $1,438 Mil.
Revenue was 2752.01612903 + 2537.99392097 + 2525.64102564 + 2564.95468278 = $10,381 Mil.
Gross Profit was 831.653225806 + 837.89260385 + 867.850098619 + 998.992950655 = $3,536 Mil.
Total Current Assets was $6,528 Mil.
Total Assets was $35,338 Mil.
Property, Plant and Equipment(Net PPE) was $25,138 Mil.
Depreciation, Depletion and Amortization(DDA) was $986 Mil.
Selling, General & Admin. Expense(SGA) was $165 Mil.
Total Current Liabilities was $1,835 Mil.
Long-Term Debt was $7,218 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)|
|=||(1191.04204753 / 8963.92608714)||/||(1437.5 / 10380.6057584)|
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)|
|=||(576.254826255 / 10380.6057584)||/||(499.085923218 / 8963.92608714)|
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 - (5274.22303473 + 25421.3893967) / 33074.0402194)||/||(1 - (6528.22580645 + 25138.1048387) / 35337.7016129)|
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))|
|=||(986.366930473 / (986.366930473 + 25138.1048387))||/||(1176.96348841 / (1176.96348841 + 25421.3893967))|
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)|
|=||(131.915340962 / 8963.92608714)||/||(165.449134699 / 10380.6057584)|
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)|
|=||((7005.48446069 + 1977.14808044) / 33074.0402194)||/||((7217.74193548 + 1834.67741935) / 35337.7016129)|
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|
|=||(920.339833027 - -77.9419130442||-||2748.36452453)||/||33074.0402194|
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 -2.87 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