Yancoal Australia Beneish M-Score Historical Data
The historical data trend for Yancoal Australia'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.
Yancoal Australia Beneish M-Score Chart
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Yancoal Australia Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.04 |
-3.24 |
-1.94 |
-3.66 |
-2.64 |
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Yancoal Australia Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-1.94 |
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-3.66 |
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-2.64 |
Competitive Comparison of Yancoal Australia's Beneish M-Score
For the Thermal Coal subindustry, Yancoal Australia'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.
Yancoal Australia's Beneish M-Score Distribution in the Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Yancoal Australia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yancoal Australia's Beneish M-Score falls into.
Yancoal Australia 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 Yancoal Australia 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 * 1.2516 | + | 0.528 * 1.0701 | + | 0.404 * -0.7298 | + | 0.892 * 0.7129 | + | 0.115 * 0.7435 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5728 | + | 4.679 * 0.098454 | - | 0.327 * 0.4143 |
| = | -2.64 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $443 Mil.
Revenue was $5,059 Mil.
Gross Profit was $4,226 Mil.
Total Current Assets was $1,695 Mil.
Total Assets was $7,533 Mil.
Property, Plant and Equipment(Net PPE) was $5,261 Mil.
Depreciation, Depletion and Amortization(DDA) was $590 Mil.
Selling, General, & Admin. Expense(SGA) was $1,016 Mil.
Total Current Liabilities was $701 Mil.
Long-Term Debt & Capital Lease Obligation was $68 Mil.
Net Income was $1,218 Mil.
Gross Profit was $-368 Mil.
Cash Flow from Operations was $844 Mil.
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Total Receivables was $497 Mil.
Revenue was $7,096 Mil.
Gross Profit was $6,343 Mil.
Total Current Assets was $2,571 Mil.
Total Assets was $8,638 Mil.
Property, Plant and Equipment(Net PPE) was $6,972 Mil.
Depreciation, Depletion and Amortization(DDA) was $565 Mil.
Selling, General, & Admin. Expense(SGA) was $906 Mil.
Total Current Liabilities was $1,709 Mil.
Long-Term Debt & Capital Lease Obligation was $422 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) |
| = | (443.106 / 5058.902) | / | (496.626 / 7096.491) |
| = | 0.087589 | / | 0.069982 |
| | = | 1.2516 |
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) |
| = | (6342.78 / 7096.491) | / | (4225.569 / 5058.902) |
| = | 0.893791 | / | 0.835274 |
| | = | 1.0701 |
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 - (1695.448 + 5261.044) / 7532.798) | / | (1 - (2570.85 + 6972.335) / 8637.652) |
| = | 0.076506 | / | -0.104836 |
| | = | -0.7298 |
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 |
| = | 5058.902 | / | 7096.491 |
| | = | 0.7129 |
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)) |
| = | (564.777 / (564.777 + 6972.335)) | / | (589.692 / (589.692 + 5261.044)) |
| = | 0.074933 | / | 0.100789 |
| | = | 0.7435 |
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) |
| = | (1016.064 / 5058.902) | / | (906.208 / 7096.491) |
| = | 0.200847 | / | 0.127698 |
| | = | 1.5728 |
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) |
| = | ((68.273 + 701.473) / 7532.798) | / | ((421.727 + 1708.502) / 8637.652) |
| = | 0.102186 | / | 0.246621 |
| | = | 0.4143 |
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 |
| = | (1217.537 - -368.139 | - | 844.043) | / | 7532.798 |
| | = | 0.098454 |
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.
Yancoal Australia has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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