African Pioneer (LSE:AFP) Beneish M-Score : 0.00 (As of Jun. 03, 2024)

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What is African Pioneer 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.

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

During the past 6 years, the highest Beneish M-Score of African Pioneer was 0.00. The lowest was 0.00. And the median was 0.00.

African Pioneer Beneish M-Score Historical Data

The historical data trend for African Pioneer'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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African Pioneer Beneish M-Score Chart

African Pioneer Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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African Pioneer Semi-Annual Data
	Dec18	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial					-	-	-	-	-

Competitive Comparison of African Pioneer's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, African Pioneer'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.

African Pioneer's Beneish M-Score Distribution in the Metals & Mining Industry

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

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

African Pioneer 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 African Pioneer 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was £0.00 Mil.
Revenue was £0.00 Mil.
Gross Profit was £0.00 Mil.
Total Current Assets was £0.38 Mil.
Total Assets was £5.61 Mil.
Property, Plant and Equipment(Net PPE) was £5.22 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £0.52 Mil.
Total Current Liabilities was £0.39 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 Mil.
Net Income was £-0.69 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-0.62 Mil.

Total Receivables was £0.00 Mil.
Revenue was £0.00 Mil.
Gross Profit was £0.00 Mil.
Total Current Assets was £0.48 Mil.
Total Assets was £5.59 Mil.
Property, Plant and Equipment(Net PPE) was £5.11 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £0.47 Mil.
Total Current Liabilities was £0.35 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 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)
	=	(0.001 / 0)	/	(0.001 / 0)
	=		/
	=

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)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

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 - (0.384 + 5.222) / 5.606)	/	(1 - (0.478 + 5.113) / 5.591)
	=	-0	/	0
	=

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
	=	0	/	0
	=

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))
	=	(0 / (0 + 5.113))	/	(0 / (0 + 5.222))
	=	0	/	0
	=

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)
	=	(0.522 / 0)	/	(0.469 / 0)
	=		/
	=

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)
	=	((0 + 0.392) / 5.606)	/	((0 + 0.352) / 5.591)
	=	0.069925	/	0.062958
	=

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
	=	(-0.689 - 0	-	-0.616)	/	5.606
	=	-0.013022

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.

African Pioneer Beneish M-Score Related Terms

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African Pioneer (LSE:AFP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » African Pioneer PLC (LSE:AFP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

9TI:Germany

Address

19-21 Circular Road, Douglas, IMN, IM1 1AF

Website

https://www.africanpioneerplc.com

African Pioneer PLC is engaged in exploring opportunities within the natural resources sector in Sub-Saharan Africa, with a focus on base and precious metals including but not limited to copper, nickel, and zinc. The company' tends to enhance the value of its mineral resource Projects located in Namibia, Zambia, and Botswana through exploration and technical studies conducted by the company or through a joint venture or other arrangements to establish the Projects.

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