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B2Gold (B2Gold) Beneish M-Score : -3.36 (As of Jul. 23, 2024)


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What is B2Gold 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.

Good Sign:

Beneish M-Score -3.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for B2Gold's Beneish M-Score or its related term are showing as below:

BTG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47   Med: -2.85   Max: -0.43
Current: -3.36

During the past 13 years, the highest Beneish M-Score of B2Gold was -0.43. The lowest was -3.47. And the median was -2.85.


B2Gold Beneish M-Score Historical Data

The historical data trend for B2Gold'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.

B2Gold Beneish M-Score Chart

B2Gold Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.62 -3.36 -0.43 -3.16 -2.63

B2Gold Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.10 -3.20 -2.62 -2.63 -3.36

Competitive Comparison of B2Gold's Beneish M-Score

For the Gold subindustry, B2Gold'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.


B2Gold's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, B2Gold's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where B2Gold's Beneish M-Score falls into.



B2Gold 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 B2Gold 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 * 0.7488+0.528 * 0.9436+0.404 * 1.0462+0.892 * 1.0443+0.115 * 1.5532
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.96+4.679 * -0.169154-0.327 * 0.8514
=-3.36

* 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 $38 Mil.
Revenue was 461.444 + 511.974 + 477.888 + 470.854 = $1,922 Mil.
Gross Profit was 184.226 + 205.543 + 170.506 + 190.319 = $751 Mil.
Total Current Assets was $997 Mil.
Total Assets was $5,296 Mil.
Property, Plant and Equipment(Net PPE) was $3,683 Mil.
Depreciation, Depletion and Amortization(DDA) was $396 Mil.
Selling, General, & Admin. Expense(SGA) was $81 Mil.
Total Current Liabilities was $334 Mil.
Long-Term Debt & Capital Lease Obligation was $29 Mil.
Net Income was 39.751 + -113.224 + -43.07 + 80.418 = $-36 Mil.
Non Operating Income was -20.698 + -226.84 + -111.095 + -2.965 = $-362 Mil.
Cash Flow from Operations was 710.727 + 205.443 + 110.204 + 194.983 = $1,221 Mil.
Total Receivables was $48 Mil.
Revenue was 473.556 + 592.468 + 392.554 + 381.985 = $1,841 Mil.
Gross Profit was 213.633 + 260.668 + 85.999 + 117.907 = $678 Mil.
Total Current Assets was $1,072 Mil.
Total Assets was $3,768 Mil.
Property, Plant and Equipment(Net PPE) was $2,276 Mil.
Depreciation, Depletion and Amortization(DDA) was $404 Mil.
Selling, General, & Admin. Expense(SGA) was $81 Mil.
Total Current Liabilities was $268 Mil.
Long-Term Debt & Capital Lease Obligation was $35 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)
=(37.855 / 1922.16) / (48.41 / 1840.563)
=0.019694 / 0.026302
=0.7488

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)
=(678.207 / 1840.563) / (750.594 / 1922.16)
=0.368478 / 0.390495
=0.9436

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 - (996.645 + 3682.923) / 5296.272) / (1 - (1072.346 + 2275.858) / 3767.544)
=0.116441 / 0.111303
=1.0462

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
=1922.16 / 1840.563
=1.0443

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))
=(403.747 / (403.747 + 2275.858)) / (395.659 / (395.659 + 3682.923))
=0.150674 / 0.097009
=1.5532

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)
=(81.338 / 1922.16) / (81.129 / 1840.563)
=0.042316 / 0.044078
=0.96

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)
=((28.804 + 333.64) / 5296.272) / ((34.551 + 268.286) / 3767.544)
=0.068434 / 0.08038
=0.8514

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
=(-36.125 - -361.598 - 1221.357) / 5296.272
=-0.169154

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.

B2Gold has a M-score of -3.36 suggests that the company is unlikely to be a manipulator.


B2Gold (B2Gold) Business Description

Address
666 Burrard Street, Park Place, Suite 3400, Vancouver, BC, CAN, V6C 2X8
B2Gold Corp is an international, low-cost, senior gold mining company. It has three operating open-pit gold mines in Mali, Namibia, and the Philippines and numerous exploration projects across four continents. Other significant assets include the Gramalote and Kiaka gold projects. The company focuses on acquiring and developing interests in mineral properties with a primary focus on gold deposits as gold production forms all its revenue. There is no dependence on a particular purchaser because the gold is sold into a global market. The company's reportable operating segments include its mining operations and development projects, namely Fekola; Masbate; Otjikoto; other mineral properties; and corporate and other. It generates maximum revenue from the Fekola mine segment in Mali.