Inmet Mining (FRA:MMC) Beneish M-Score : 0.00 (As of May. 24, 2024)

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What is Inmet 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.

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

During the past 13 years, the highest Beneish M-Score of Inmet Mining was 0.00. The lowest was 0.00. And the median was 0.00.

Inmet Mining Beneish M-Score Historical Data

The historical data trend for Inmet 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.

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Inmet Mining Beneish M-Score Chart

Inmet Mining Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Beneish M-Score

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-2.81

-1.74

-2.31

-2.48

-4.23

Inmet Mining Quarterly Data
	Mar08	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12
Beneish M-Score	Get a 7-Day Free Trial															-2.48	-2.82	-4.52	-3.73	-4.23

Competitive Comparison of Inmet Mining's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, Inmet 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.

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

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

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

Inmet 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 Inmet 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 * 1.1373

0.528 * 0.7588

0.404 * 1.4206

0.892 * 1.2211

0.115 * 1.1475

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3577

4.679 * -0.032316

0.327 * 6.9176

-4.24

This Year (Dec12) TTM:

Last Year (Dec11) TTM:

Total Receivables was €108.8 Mil.
Revenue was 198.019 + 253.897 + 200.362 + 223.578 = €875.9 Mil.
Gross Profit was 108.539 + 159.909 + 110.21 + 138.255 = €516.9 Mil.
Total Current Assets was €2,041.3 Mil.
Total Assets was €5,016.9 Mil.
Property, Plant and Equipment(Net PPE) was €2,005.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €98.1 Mil.
Selling, General, & Admin. Expense(SGA) was €41.7 Mil.
Total Current Liabilities was €244.3 Mil.
Long-Term Debt & Capital Lease Obligation was €1,493.7 Mil.
Net Income was 20.684 + 90.426 + 75.283 + 72.885 = €259.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 89.04 + 105.3 + 137.396 + 89.67 = €421.4 Mil.

Total Receivables was €78.3 Mil.
Revenue was 188.277 + 183.384 + 159.041 + 186.539 = €717.2 Mil.
Gross Profit was 72.305 + 81.443 + 82.002 + 85.467 = €321.2 Mil.
Total Current Assets was €1,087.6 Mil.
Total Assets was €2,836.5 Mil.
Property, Plant and Equipment(Net PPE) was €1,362.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €77.1 Mil.
Selling, General, & Admin. Expense(SGA) was €25.2 Mil.
Total Current Liabilities was €116.6 Mil.
Long-Term Debt & Capital Lease Obligation was €25.4 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)
	=	(108.772 / 875.856)	/	(78.317 / 717.241)
	=	0.124189	/	0.109192
	=	1.1373

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)
	=	(321.217 / 717.241)	/	(516.913 / 875.856)
	=	0.447851	/	0.59018
	=	0.7588

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 - (2041.318 + 2005.81) / 5016.907)	/	(1 - (1087.632 + 1362.932) / 2836.527)
	=	0.193302	/	0.136069
	=	1.4206

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
	=	875.856	/	717.241
	=	1.2211

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))
	=	(77.055 / (77.055 + 1362.932))	/	(98.109 / (98.109 + 2005.81))
	=	0.053511	/	0.046632
	=	1.1475

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)
	=	(41.728 / 875.856)	/	(25.168 / 717.241)
	=	0.047643	/	0.03509
	=	1.3577

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)
	=	((1493.697 + 244.287) / 5016.907)	/	((25.434 + 116.617) / 2836.527)
	=	0.346425	/	0.050079
	=	6.9176

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
	=	(259.278 - 0	-	421.406)	/	5016.907
	=	-0.032316

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.

Inmet Mining has a M-score of -4.24 suggests that the company is unlikely to be a manipulator.

Inmet Mining Beneish M-Score Related Terms

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Inmet Mining (FRA:MMC) Business Description

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Inmet Mining Corporation is a Canadian-based global mining company that produces base metals with a focus on copper. It operates and develops underground and open pit mines safely, responsibly and cost effectively. The Company has three operating properties and one development property around the world. Ã‡ayeli is an underground mine on the Black Sea coast of northeastern Turkey. It produces copper and zinc concentrates, which are sold to international and domestic smelters and traders. Las Cruces is an open pit mine in southern Spain. Las Cruces uses leaching and electrowinning technology to produce copper cathode which are sold to buyers in the Spanish and Mediterranean markets. PyhÃ¤salmi is an underground copper and zinc mine in central Finland. It produces copper, zinc and pyrite concentrates. Copper and zinc concentrates are sold under long-term contracts to smelters in Finland. Pyrite is sold under contract to customers in Europe and Asia as well as in the spot market. Cobre Panama is an open pit copper development project in Panama.