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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 -0.42. 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 * 0.9877||+||0.528 * 1.4614||+||0.404 * 0.722||+||0.892 * 0.8375||+||0.115 * 0.9835|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9361||+||4.679 * -0.0498||-||0.327 * 1.0493|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $934 Mil.|
Revenue was 2043.41113432 + 1855.03231764 + 1875.78757876 + 2233.08270677 = $8,007 Mil.
Gross Profit was 374.171283262 + 272.391505078 + 364.536453645 + 513.157894737 = $1,524 Mil.
Total Current Assets was $4,340 Mil.
Total Assets was $33,101 Mil.
Property, Plant and Equipment(Net PPE) was $26,119 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,223 Mil.
Selling, General & Admin. Expense(SGA) was $105 Mil.
Total Current Liabilities was $1,450 Mil.
Long-Term Debt was $7,310 Mil.
Net Income was 76.2873490146 + 73.8688827331 + 62.1062106211 + 218.045112782 = $430 Mil.
Non Operating Income was -34.5109436019 + -8.31024930748 + -12.601260126 + 14.0977443609 = $-41 Mil.
Cash Flow from Operations was 503.133230406 + 402.585410896 + 490.549054905 + 722.744360902 = $2,119 Mil.
|Accounts Receivable was $1,129 Mil.
Revenue was 2441.00580271 + 2087.29388943 + 2275.390625 + 2757.57575758 = $9,561 Mil.
Gross Profit was 577.369439072 + 564.500484966 + 684.5703125 + 833.333333333 = $2,660 Mil.
Total Current Assets was $5,048 Mil.
Total Assets was $33,771 Mil.
Property, Plant and Equipment(Net PPE) was $24,990 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,150 Mil.
Selling, General & Admin. Expense(SGA) was $134 Mil.
Total Current Liabilities was $1,338 Mil.
Long-Term Debt was $7,179 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)|
|=||(933.611842703 / 8007.31373748)||/||(1128.62669246 / 9561.26607471)|
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)|
|=||(272.391505078 / 9561.26607471)||/||(374.171283262 / 8007.31373748)|
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 - (4340.2052493 + 26119.3352102) / 33100.5358278)||/||(1 - (5048.35589942 + 24990.3288201) / 33770.7930368)|
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))|
|=||(1149.57235475 / (1149.57235475 + 24990.3288201))||/||(1222.60175032 / (1222.60175032 + 26119.3352102))|
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)|
|=||(104.71897963 / 8007.31373748)||/||(133.578194597 / 9561.26607471)|
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)|
|=||((7309.96276451 + 1450.367814) / 33100.5358278)||/||((7178.91682785 + 1338.49129594) / 33770.7930368)|
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|
|=||(430.307555151 - -41.3247086744||-||2119.01205711)||/||33100.5358278|
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 -2.75 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