Nevsun Resources Beneish M-Score Historical Data
The historical data trend for Nevsun 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.
Nevsun Resources Beneish M-Score Chart
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Nevsun Resources Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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27.58 |
-1.47 |
-2.26 |
-3.83 |
1.87 |
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Nevsun Resources Quarterly Data
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Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
| Beneish M-Score |
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-1.60 |
1.87 |
-2.09 |
10,000,000.00 |
10,000,000.00 |
Competitive Comparison of Nevsun Resources's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Nevsun 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.
Nevsun Resources's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Nevsun Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nevsun Resources's Beneish M-Score falls into.
Nevsun 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 Nevsun 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Sep18) TTM: | Last Year (Sep17) TTM: |
Total Receivables was $21.4 Mil.
Revenue was 71.608 + 76.41 + 106.746 + 80.623 = $335.4 Mil.
Gross Profit was -2.65 + -2.606 + 23.384 + -3.031 = $15.1 Mil.
Total Current Assets was $218.2 Mil.
Total Assets was $1,066.7 Mil.
Property, Plant and Equipment(Net PPE) was $832.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $79.2 Mil.
Selling, General, & Admin. Expense(SGA) was $29.6 Mil.
Total Current Liabilities was $82.7 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was -18.67 + -9.367 + -4.502 + -3.724 = $-36.3 Mil.
Non Operating Income was 0 + 4.992 + 0 + 18.021 = $23.0 Mil.
Cash Flow from Operations was -13.027 + 4.297 + 36.221 + -7.042 = $20.4 Mil.
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Total Receivables was $24.1 Mil.
Revenue was 71.036 + 66.091 + 71.647 + 36.187 = $245.0 Mil.
Gross Profit was 9.593 + 4.839 + 11.848 + -2.7 = $23.6 Mil.
Total Current Assets was $252.3 Mil.
Total Assets was $1,211.7 Mil.
Property, Plant and Equipment(Net PPE) was $959.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $47.8 Mil.
Selling, General, & Admin. Expense(SGA) was $21.6 Mil.
Total Current Liabilities was $73.2 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 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) |
| = | (21.368 / 335.387) | / | (24.149 / 244.961) |
| = | 0.063711 | / | 0.098583 |
| | = | |
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) |
| = | (23.58 / 244.961) | / | (15.097 / 335.387) |
| = | 0.09626 | / | 0.045014 |
| | = | |
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 - (218.2 + 832.663) / 1066.696) | / | (1 - (252.275 + 959.385) / 1211.66) |
| = | 0.014843 | / | 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 |
| = | 335.387 | / | 244.961 |
| | = | |
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)) |
| = | (47.83 / (47.83 + 959.385)) | / | (79.199 / (79.199 + 832.663)) |
| = | 0.047487 | / | 0.086854 |
| | = | |
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) |
| = | (29.623 / 335.387) | / | (21.599 / 244.961) |
| = | 0.088325 | / | 0.088173 |
| | = | |
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 + 82.735) / 1066.696) | / | ((0 + 73.166) / 1211.66) |
| = | 0.077562 | / | 0.060385 |
| | = | |
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 |
| = | (-36.263 - 23.013 | - | 20.449) | / | 1066.696 |
| | = | -0.07474 |
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.
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