Miramar Resources (ASX:M2R) Beneish M-Score : 0.00 (As of Apr. 03, 2025)

View and export this data going back to 2020. Start your Free Trial

What is Miramar Resources 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 Miramar Resources's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Miramar Resources was 0.00. The lowest was 0.00. And the median was 0.00.

Miramar Resources Beneish M-Score Historical Data

The historical data trend for Miramar 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.

* Premium members only.

Miramar Resources Beneish M-Score Chart

Miramar Resources Annual Data

Trend

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

Miramar Resources Semi-Annual Data
	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial				-	-	-	-	-

Competitive Comparison of Miramar Resources's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, Miramar 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.

Miramar Resources's Beneish M-Score Distribution in the Metals & Mining Industry

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

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

Save Embed

;

Save Embed

;

Miramar 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 Miramar Resources 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 (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was A$0.06 Mil.
Revenue was A$0.00 Mil.
Gross Profit was A$0.00 Mil.
Total Current Assets was A$0.47 Mil.
Total Assets was A$9.36 Mil.
Property, Plant and Equipment(Net PPE) was A$8.83 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.03 Mil.
Selling, General, & Admin. Expense(SGA) was A$0.57 Mil.
Total Current Liabilities was A$0.40 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.00 Mil.
Net Income was A$-1.91 Mil.
Gross Profit was A$-0.01 Mil.
Cash Flow from Operations was A$-0.80 Mil.

Total Receivables was A$0.32 Mil.
Revenue was A$0.00 Mil.
Gross Profit was A$0.00 Mil.
Total Current Assets was A$0.76 Mil.
Total Assets was A$9.10 Mil.
Property, Plant and Equipment(Net PPE) was A$8.28 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.04 Mil.
Selling, General, & Admin. Expense(SGA) was A$0.72 Mil.
Total Current Liabilities was A$0.30 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.01 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)
	=	(0.057 / 0)	/	(0.323 / 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 - (0.472 + 8.832) / 9.36)	/	(1 - (0.758 + 8.283) / 9.098)
	=	0.005983	/	0.006265
	=

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))
	=	(0.044 / (0.044 + 8.283))	/	(0.028 / (0.028 + 8.832))
	=	0.005284	/	0.00316
	=

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)
	=	(0.57 / 0)	/	(0.72 / 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 + 0.395) / 9.36)	/	((0.012 + 0.296) / 9.098)
	=	0.042201	/	0.033854
	=

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
	=	(-1.906 - -0.012	-	-0.798)	/	9.36
	=	-0.117094

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.

Miramar Resources Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Miramar Resources's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Miramar Resources Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Miramar Resources Ltd (ASX:M2R) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Unit 1, 22 Hardy Street, Perth, WA, AUS, 6151

Website

https://www.miramarresources.com.au

Miramar Resources Ltd is a mineral exploration company. The company's projects are divided into two projects areas namely, the Eastern Goldfields and Gascoyne regions of Western Australia. Its project comprises of Gidji JV Project, Glandore Project, Randall's project, Whaleshark project, Bangemall Ni-Cu-PGE project and Chain project.

Miramar Resources Headlines

No Headlines