Coeur Mining (BUE:CDE) Beneish M-Score : -3.03 (As of May. 13, 2024)

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What is Coeur Mining 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 -3.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUE:CDE' s Beneish M-Score Range Over the Past 10 Years
Min: -6.91 Med: -3 Max: 9.44
Current: -3.03

During the past 13 years, the highest Beneish M-Score of Coeur Mining was 9.44. The lowest was -6.91. And the median was -3.00.

Coeur Mining Beneish M-Score Historical Data

The historical data trend for Coeur Mining'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.

Coeur Mining Beneish M-Score Chart

Coeur Mining Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-5.44

-3.05

-2.19

-1.89

-2.99

Coeur Mining 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															-1.63	-1.82	-2.65	-2.99	-3.03

Competitive Comparison of Coeur Mining's Beneish M-Score

For the Gold subindustry, Coeur Mining'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.

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

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

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

Coeur Mining 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 Coeur Mining 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 * 1.4437

0.528 * 0.4195

0.404 * 0.9101

0.892 * 3.1481

0.115 * 1.6629

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0409

4.679 * -0.023318

0.327 * 1.0988

-0.57

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ARS30,746 Mil.
Revenue was 179503.053 + 94614.49 + 68094.323 + 42536.4 = ARS384,748 Mil.
Gross Profit was 33502.856 + 12690.955 + 8327.41 + 4320.72 = ARS58,842 Mil.
Total Current Assets was ARS239,784 Mil.
Total Assets was ARS1,786,155 Mil.
Property, Plant and Equipment(Net PPE) was ARS1,430,504 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS48,212 Mil.
Selling, General, & Admin. Expense(SGA) was ARS21,503 Mil.
Total Current Liabilities was ARS241,105 Mil.
Long-Term Debt & Capital Lease Obligation was ARS473,746 Mil.
Net Income was -24531.073 + -9207.305 + -7387.095 + -7778.88 = ARS-48,904 Mil.
Non Operating Income was -9217.793 + -8520.683 + -3309.477 + -5022.72 = ARS-26,071 Mil.
Cash Flow from Operations was -13371.318 + 23564.997 + -833.931 + 9455.28 = ARS18,815 Mil.

Total Receivables was ARS6,765 Mil.
Revenue was 37000.721 + 35225.946 + 25426.877 + 24562.121 = ARS122,216 Mil.
Gross Profit was 2278.542 + 3794.758 + -1297.515 + 3065.888 = ARS7,842 Mil.
Total Current Assets was ARS56,923 Mil.
Total Assets was ARS373,252 Mil.
Property, Plant and Equipment(Net PPE) was ARS289,723 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS16,609 Mil.
Selling, General, & Admin. Expense(SGA) was ARS6,562 Mil.
Total Current Liabilities was ARS44,676 Mil.
Long-Term Debt & Capital Lease Obligation was ARS91,277 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)
	=	(30746.196 / 384748.266)	/	(6765.1 / 122215.665)
	=	0.079913	/	0.055354
	=	1.4437

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)
	=	(7841.673 / 122215.665)	/	(58841.941 / 384748.266)
	=	0.064163	/	0.152936
	=	0.4195

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 - (239783.929 + 1430503.522) / 1786154.793)	/	(1 - (56922.849 + 289723.281) / 373251.966)
	=	0.06487	/	0.071281
	=	0.9101

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
	=	384748.266	/	122215.665
	=	3.1481

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))
	=	(16608.634 / (16608.634 + 289723.281))	/	(48212.014 / (48212.014 + 1430503.522))
	=	0.054218	/	0.032604
	=	1.6629

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)
	=	(21503.235 / 384748.266)	/	(6561.883 / 122215.665)
	=	0.055889	/	0.053691
	=	1.0409

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)
	=	((473746.183 + 241104.969) / 1786154.793)	/	((91277.387 + 44676.131) / 373251.966)
	=	0.400218	/	0.364241
	=	1.0988

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
	=	(-48904.353 - -26070.673	-	18815.028)	/	1786154.793
	=	-0.023318

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.

Coeur Mining has a M-score of -0.57 signals that the company is likely to be a manipulator.

Coeur Mining Beneish M-Score Related Terms

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Coeur Mining (BUE:CDE) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Coeur Mining Inc (BUE:CDE) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CDE:USA 1CDE:Italy CDM1:Germany CDE:Austria

Address

104 South Michigan Avenue, Suite 900, Chicago, IL, USA, 60603

Website

https://www.coeur.com

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. It is involved in the discovery and mining of gold and silver and generates the vast majority of revenue from the sale of these precious metals. The operating mines of the company are palmarejo, Rochester, Wharf, and Kensington. Its projects are located in the United States, Canada and Mexico, and North America.