True North Copper (ASX:TNC) Beneish M-Score : 10.91 (As of Apr. 04, 2025)

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What is True North Copper 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.

Warning Sign:

Beneish M-Score 10.91 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ASX:TNC' s Beneish M-Score Range Over the Past 10 Years
Min: 10.91 Med: 10.91 Max: 10.91
Current: 10.91

During the past 5 years, the highest Beneish M-Score of True North Copper was 10.91. The lowest was 10.91. And the median was 10.91.

True North Copper Beneish M-Score Historical Data

The historical data trend for True North Copper'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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True North Copper Beneish M-Score Chart

True North Copper Annual Data

Trend

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

10.91

True North Copper Semi-Annual Data
	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial					-	-	-	10.91	-

Competitive Comparison of True North Copper's Beneish M-Score

For the Copper subindustry, True North Copper'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.

True North Copper's Beneish M-Score Distribution in the Metals & Mining Industry

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

* The bar in red indicates where True North Copper's Beneish M-Score falls into.

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True North Copper 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 True North Copper 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 * 0.2538

0.528 * 3.7663

0.404 * 32.4396

0.892 * 1.5949

0.115 * 0.6175

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.345

4.679 * -0.011585

0.327 * 1.8672

10.91

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was A$0.75 Mil.
Revenue was A$2.39 Mil.
Gross Profit was A$0.50 Mil.
Total Current Assets was A$17.26 Mil.
Total Assets was A$111.69 Mil.
Property, Plant and Equipment(Net PPE) was A$78.89 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.27 Mil.
Selling, General, & Admin. Expense(SGA) was A$13.88 Mil.
Total Current Liabilities was A$26.68 Mil.
Long-Term Debt & Capital Lease Obligation was A$20.27 Mil.
Net Income was A$-25.06 Mil.
Gross Profit was A$0.13 Mil.
Cash Flow from Operations was A$-23.90 Mil.

Total Receivables was A$1.86 Mil.
Revenue was A$1.50 Mil.
Gross Profit was A$1.18 Mil.
Total Current Assets was A$6.74 Mil.
Total Assets was A$75.30 Mil.
Property, Plant and Equipment(Net PPE) was A$68.24 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.14 Mil.
Selling, General, & Admin. Expense(SGA) was A$3.71 Mil.
Total Current Liabilities was A$16.62 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.33 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)
	=	(0.751 / 2.386)	/	(1.855 / 1.496)
	=	0.314753	/	1.239973
	=	0.2538

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)
	=	(1.176 / 1.496)	/	(0.498 / 2.386)
	=	0.786096	/	0.208718
	=	3.7663

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 - (17.263 + 78.887) / 111.694)	/	(1 - (6.742 + 68.235) / 75.3)
	=	0.139166	/	0.00429
	=	32.4396

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
	=	2.386	/	1.496
	=	1.5949

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))
	=	(0.143 / (0.143 + 68.235))	/	(0.268 / (0.268 + 78.887))
	=	0.002091	/	0.003386
	=	0.6175

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)
	=	(13.876 / 2.386)	/	(3.71 / 1.496)
	=	5.815591	/	2.479947
	=	2.345

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)
	=	((20.268 + 26.678) / 111.694)	/	((0.328 + 16.622) / 75.3)
	=	0.420309	/	0.2251
	=	1.8672

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
	=	(-25.059 - 0.13	-	-23.895)	/	111.694
	=	-0.011585

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.

True North Copper has a M-score of 10.91 signals that the company is likely to be a manipulator.

True North Copper Beneish M-Score Related Terms

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True North Copper Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » True North Copper Ltd (ASX:TNC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

46-48 Sheridan Street, PO Box 3006, Level 9, Citi Central Tower, Cairns, QLD, AUS, 4870

Website

https://www.truenorthcopper.com.au

True North Copper Ltd is a mining and exploration company. The company mainly explores copper and cobalt projects in Cloncurry and Mt Oxide. It has only one reportable segment: exploration, development, and operations for minerals.