Lucara Diamond Beneish M-Score Historical Data
The historical data trend for Lucara Diamond'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.
Lucara Diamond Beneish M-Score Chart
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Lucara Diamond Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.16 |
-0.93 |
-2.78 |
-3.31 |
-2.92 |
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Lucara Diamond Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.53 |
-2.61 |
-2.34 |
-2.92 |
-2.42 |
Competitive Comparison of Lucara Diamond's Beneish M-Score
For the Other Precious Metals & Mining subindustry, Lucara Diamond'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.
Lucara Diamond's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Lucara Diamond's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lucara Diamond's Beneish M-Score falls into.
Lucara Diamond 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 Lucara Diamond 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 * 1.535 | + | 0.528 * 1.0189 | + | 0.404 * 1.0302 | + | 0.892 * 0.9373 | + | 0.115 * 1.4632 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2052 | + | 4.679 * -0.067334 | - | 0.327 * 1.2395 |
| = | -2.40 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was BWP328 Mil.
Revenue was 558.219 + 495.902 + 772.772 + 558.097 = BWP2,385 Mil.
Gross Profit was 161.682 + 78.14 + 311.448 + 233.118 = BWP784 Mil.
Total Current Assets was BWP1,059 Mil.
Total Assets was BWP8,034 Mil.
Property, Plant and Equipment(Net PPE) was BWP5,714 Mil.
Depreciation, Depletion and Amortization(DDA) was BWP256 Mil.
Selling, General, & Admin. Expense(SGA) was BWP299 Mil.
Total Current Liabilities was BWP1,064 Mil.
Long-Term Debt & Capital Lease Obligation was BWP1,900 Mil.
Net Income was -107.752 + -497.843 + 143.09 + 67.799 = BWP-395 Mil.
Non Operating Income was -177.804 + -179.88 + -4.438 + -17.818 = BWP-380 Mil.
Cash Flow from Operations was -56.441 + 241.206 + 215.965 + 125.461 = BWP526 Mil.
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Total Receivables was BWP228 Mil.
Revenue was 580.285 + 576.281 + 677.533 + 710.401 = BWP2,545 Mil.
Gross Profit was 196.491 + 173.353 + 149.142 + 333.637 = BWP853 Mil.
Total Current Assets was BWP1,301 Mil.
Total Assets was BWP7,195 Mil.
Property, Plant and Equipment(Net PPE) was BWP4,798 Mil.
Depreciation, Depletion and Amortization(DDA) was BWP321 Mil.
Selling, General, & Admin. Expense(SGA) was BWP264 Mil.
Total Current Liabilities was BWP974 Mil.
Long-Term Debt & Capital Lease Obligation was BWP1,167 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) |
| = | (327.774 / 2384.99) | / | (227.812 / 2544.5) |
| = | 0.137432 | / | 0.089531 |
| | = | 1.535 |
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) |
| = | (852.623 / 2544.5) | / | (784.388 / 2384.99) |
| = | 0.335085 | / | 0.328885 |
| | = | 1.0189 |
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 - (1059.441 + 5714.462) / 8033.905) | / | (1 - (1301.217 + 4798.207) / 7194.786) |
| = | 0.156836 | / | 0.152244 |
| | = | 1.0302 |
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 |
| = | 2384.99 | / | 2544.5 |
| | = | 0.9373 |
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)) |
| = | (321.315 / (321.315 + 4798.207)) | / | (256.093 / (256.093 + 5714.462)) |
| = | 0.062763 | / | 0.042893 |
| | = | 1.4632 |
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) |
| = | (298.774 / 2384.99) | / | (264.494 / 2544.5) |
| = | 0.125273 | / | 0.103947 |
| | = | 1.2052 |
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) |
| = | ((1899.904 + 1064.041) / 8033.905) | / | ((1167.002 + 974.488) / 7194.786) |
| = | 0.36893 | / | 0.297645 |
| | = | 1.2395 |
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 |
| = | (-394.706 - -379.94 | - | 526.191) | / | 8033.905 |
| | = | -0.067334 |
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.
Lucara Diamond has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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