Canam Group Beneish M-Score Historical Data
The historical data trend for Canam Group's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Canam Group Beneish M-Score Chart
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Canam Group Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-3.48 |
-2.60 |
-2.01 |
-2.35 |
-2.12 |
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Canam Group Quarterly Data
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Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
| Beneish M-Score |
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-2.17 |
-2.12 |
-2.29 |
-2.12 |
-1.91 |
Competitive Comparison of Canam Group's Beneish M-Score
For the Steel subindustry, Canam Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Canam Group's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Canam Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Canam Group's Beneish M-Score falls into.
Canam Group Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Canam Group 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 * 1.0437 | + | 0.528 * 1.9211 | + | 0.404 * 1.1299 | + | 0.892 * 1.0683 | + | 0.115 * 0.9082 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9531 | + | 4.679 * -7.1E-5 | - | 0.327 * 1.2331 |
| = | -1.92 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar17) TTM: | Last Year (Mar16) TTM: |
Total Receivables was $240 Mil.
Revenue was 346.195 + 364.751 + 370.248 + 336.792 = $1,418 Mil.
Gross Profit was 31.914 + 28.813 + 44.34 + -2.7 = $102 Mil.
Total Current Assets was $555 Mil.
Total Assets was $946 Mil.
Property, Plant and Equipment(Net PPE) was $275 Mil.
Depreciation, Depletion and Amortization(DDA) was $27 Mil.
Selling, General, & Admin. Expense(SGA) was $96 Mil.
Total Current Liabilities was $290 Mil.
Long-Term Debt & Capital Lease Obligation was $222 Mil.
Net Income was -1.23 + -1.51 + 6.697 + -22.012 = $-18 Mil.
Non Operating Income was -0.471 + 1.161 + 0.462 + -0.758 = $0 Mil.
Cash Flow from Operations was -9.098 + -3.727 + 2.694 + -8.251 = $-18 Mil.
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Total Receivables was $215 Mil.
Revenue was 340.795 + 360.094 + 325.751 + 300.7 = $1,327 Mil.
Gross Profit was 41.149 + 49.899 + 47.769 + 45.273 = $184 Mil.
Total Current Assets was $503 Mil.
Total Assets was $854 Mil.
Property, Plant and Equipment(Net PPE) was $258 Mil.
Depreciation, Depletion and Amortization(DDA) was $23 Mil.
Selling, General, & Admin. Expense(SGA) was $95 Mil.
Total Current Liabilities was $249 Mil.
Long-Term Debt & Capital Lease Obligation was $126 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (239.915 / 1417.986) | / | (215.166 / 1327.34) |
| = | 0.169194 | / | 0.162103 |
| | = | 1.0437 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (184.09 / 1327.34) | / | (102.367 / 1417.986) |
| = | 0.138691 | / | 0.072192 |
| | = | 1.9211 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (555.243 + 274.786) / 946.039) | / | (1 - (503.074 + 257.852) / 853.56) |
| = | 0.122627 | / | 0.108527 |
| | = | 1.1299 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1417.986 | / | 1327.34 |
| | = | 1.0683 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (22.525 / (22.525 + 257.852)) | / | (26.667 / (26.667 + 274.786)) |
| = | 0.080338 | / | 0.088462 |
| | = | 0.9082 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (96.248 / 1417.986) | / | (94.528 / 1327.34) |
| = | 0.067877 | / | 0.071216 |
| | = | 0.9531 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((222.19 + 289.595) / 946.039) | / | ((125.597 + 248.878) / 853.56) |
| = | 0.540977 | / | 0.438721 |
| | = | 1.2331 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (-18.055 - 0.394 | - | -18.382) | / | 946.039 |
| | = | -7.1E-5 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Canam Group has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.
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