MLG Oz (ASX:MLG) Beneish M-Score : -3.04 (As of May. 17, 2024)

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What is MLG Oz Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for MLG Oz's Beneish M-Score or its related term are showing as below:

ASX:MLG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -3.04 Max: -3.04
Current: -3.04

During the past 3 years, the highest Beneish M-Score of MLG Oz was -3.04. The lowest was -3.04. And the median was -3.04.

MLG Oz Beneish M-Score Historical Data

The historical data trend for MLG Oz'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.

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MLG Oz Beneish M-Score Chart

MLG Oz Annual Data

Trend

Jun21

Jun22

Jun23

Beneish M-Score

-3.04

MLG Oz Semi-Annual Data
	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial			-	-	-	-3.04	-

Competitive Comparison of MLG Oz's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, MLG Oz'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.

MLG Oz's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, MLG Oz's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where MLG Oz's Beneish M-Score falls into.

MLG Oz 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 MLG Oz for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7818

0.528 * 0.9969

0.404 * 1

0.892 * 1.3081

0.115 * 0.8905

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0618

4.679 * -0.134391

0.327 * 0.9319

-3.04

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was A$42.2 Mil.
Revenue was A$375.2 Mil.
Gross Profit was A$375.1 Mil.
Total Current Assets was A$62.1 Mil.
Total Assets was A$246.2 Mil.
Property, Plant and Equipment(Net PPE) was A$184.1 Mil.
Depreciation, Depletion and Amortization(DDA) was A$23.4 Mil.
Selling, General, & Admin. Expense(SGA) was A$158.4 Mil.
Total Current Liabilities was A$79.1 Mil.
Long-Term Debt & Capital Lease Obligation was A$30.2 Mil.
Net Income was A$0.8 Mil.
Gross Profit was A$1.2 Mil.
Cash Flow from Operations was A$32.7 Mil.

Total Receivables was A$41.2 Mil.
Revenue was A$286.8 Mil.
Gross Profit was A$285.8 Mil.
Total Current Assets was A$63.6 Mil.
Total Assets was A$254.6 Mil.
Property, Plant and Equipment(Net PPE) was A$191.0 Mil.
Depreciation, Depletion and Amortization(DDA) was A$21.3 Mil.
Selling, General, & Admin. Expense(SGA) was A$114.0 Mil.
Total Current Liabilities was A$80.2 Mil.
Long-Term Debt & Capital Lease Obligation was A$41.2 Mil.

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)
	=	(42.164 / 375.21)	/	(41.232 / 286.841)
	=	0.112374	/	0.143745
	=	0.7818

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)
	=	(285.821 / 286.841)	/	(375.05 / 375.21)
	=	0.996444	/	0.999574
	=	0.9969

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 - (62.075 + 184.078) / 246.154)	/	(1 - (63.644 + 190.998) / 254.643)
	=	4.0E-6	/	4.0E-6
	=	1

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
	=	375.21	/	286.841
	=	1.3081

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))
	=	(21.3 / (21.3 + 190.998))	/	(23.373 / (23.373 + 184.078))
	=	0.100331	/	0.112668
	=	0.8905

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)
	=	(158.364 / 375.21)	/	(114.016 / 286.841)
	=	0.422068	/	0.397489
	=	1.0618

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)
	=	((30.216 + 79.125) / 246.154)	/	((41.174 + 80.207) / 254.643)
	=	0.444198	/	0.476671
	=	0.9319

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
	=	(0.81 - 1.185	-	32.706)	/	246.154
	=	-0.134391

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.

MLG Oz has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.

MLG Oz Beneish M-Score Related Terms

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MLG Oz (ASX:MLG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » MLG Oz Ltd (ASX:MLG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

10 Yindi Way, Broadwood, Kalgoorlie, WA, AUS, 6430

Website

https://www.mlgoz.com.au

MLG Oz Ltd operates within the Australian mining industry. It offers comprehensive supply chain solutions such as crushing and screening, quarry products and bulk transport services.