Eurasian Natural Resources Beneish M-Score Historical Data
The historical data trend for Eurasian Natural Resources'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.
Eurasian Natural Resources Beneish M-Score Chart
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Eurasian Natural Resources Annual Data
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Trend |
Dec04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
| Beneish M-Score |
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-1.80 |
-2.56 |
-2.52 |
-1.91 |
-4.60 |
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Eurasian Natural Resources Semi-Annual Data
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Dec04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
| Beneish M-Score |
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-1.80 |
-2.56 |
-2.52 |
-1.91 |
-4.60 |
Competitive Comparison of Eurasian Natural Resources's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Eurasian Natural Resources'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.
Eurasian Natural Resources's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Eurasian Natural Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eurasian Natural Resources's Beneish M-Score falls into.
Eurasian Natural Resources 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 Eurasian Natural Resources 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 | + | 0.528 * 1.0228 | + | 0.404 * 0.8188 | + | 0.892 * 1.0025 | + | 0.115 * 0.9121 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9348 | + | 4.679 * -0.229755 | - | 0.327 * 1.3034 |
| = | -3.71 |
* 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 (Dec13) TTM: | Last Year (Dec12) TTM: |
Total Receivables was £0 Mil.
Revenue was £3,922 Mil.
Gross Profit was £1,576 Mil.
Total Current Assets was £1,787 Mil.
Total Assets was £9,951 Mil.
Property, Plant and Equipment(Net PPE) was £4,835 Mil.
Depreciation, Depletion and Amortization(DDA) was £417 Mil.
Selling, General, & Admin. Expense(SGA) was £733 Mil.
Total Current Liabilities was £1,313 Mil.
Long-Term Debt & Capital Lease Obligation was £3,213 Mil.
Net Income was £-1,606 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £680 Mil.
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Total Receivables was £0 Mil.
Revenue was £3,912 Mil.
Gross Profit was £1,608 Mil.
Total Current Assets was £1,939 Mil.
Total Assets was £12,549 Mil.
Property, Plant and Equipment(Net PPE) was £5,484 Mil.
Depreciation, Depletion and Amortization(DDA) was £428 Mil.
Selling, General, & Admin. Expense(SGA) was £782 Mil.
Total Current Liabilities was £941 Mil.
Long-Term Debt & Capital Lease Obligation was £3,438 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) |
| = | (0 / 3921.69) | / | (0 / 3912.08) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1607.543 / 3912.08) | / | (1575.63 / 3921.69) |
| = | 0.410918 | / | 0.401773 |
| | = | 1.0228 |
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 - (1787.3 + 4835.47) / 9950.93) | / | (1 - (1939.327 + 5483.721) / 12548.987) |
| = | 0.334457 | / | 0.408474 |
| | = | 0.8188 |
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 |
| = | 3921.69 | / | 3912.08 |
| | = | 1.0025 |
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)) |
| = | (427.729 / (427.729 + 5483.721)) | / | (416.63 / (416.63 + 4835.47)) |
| = | 0.072356 | / | 0.079326 |
| | = | 0.9121 |
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) |
| = | (732.61 / 3921.69) | / | (781.797 / 3912.08) |
| = | 0.18681 | / | 0.199842 |
| | = | 0.9348 |
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) |
| = | ((3213.48 + 1312.72) / 9950.93) | / | ((3437.926 + 941.499) / 12548.987) |
| = | 0.454852 | / | 0.348986 |
| | = | 1.3034 |
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 |
| = | (-1606.13 - 0 | - | 680.15) | / | 9950.93 |
| | = | -0.229755 |
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.
Eurasian Natural Resources has a M-score of -3.71 suggests that the company is unlikely to be a manipulator.
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