Anglogold Ashanti Beneish M-Score Historical Data
The historical data trend for Anglogold Ashanti'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.
Anglogold Ashanti Beneish M-Score Chart
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Anglogold Ashanti Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.78 |
-2.37 |
-3.20 |
-1.94 |
-2.45 |
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Anglogold Ashanti Quarterly Data
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Jun19 |
Dec19 |
Mar20 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Dec21 |
Mar22 |
Jun22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.54 |
-2.89 |
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-2.45 |
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Competitive Comparison of Anglogold Ashanti's Beneish M-Score
For the Gold subindustry, Anglogold Ashanti'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.
Anglogold Ashanti's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Anglogold Ashanti's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Anglogold Ashanti's Beneish M-Score falls into.
Anglogold Ashanti 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 Anglogold Ashanti 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was R11,743 Mil.
Revenue was 35851.447 + 31881.85 + 26233.847 + 25450.587 = R119,418 Mil.
Gross Profit was 15323.16 + 14155.541 + 9518.787 + 8606.39 = R47,604 Mil.
Total Current Assets was R58,791 Mil.
Total Assets was R244,568 Mil.
Property, Plant and Equipment(Net PPE) was R160,227 Mil.
Depreciation, Depletion and Amortization(DDA) was R0 Mil.
Selling, General, & Admin. Expense(SGA) was R2,875 Mil.
Total Current Liabilities was R25,076 Mil.
Long-Term Debt & Capital Lease Obligation was R37,532 Mil.
Net Income was 8090.775 + 8562.554 + 3923.64 + 4662.562 = R25,240 Mil.
Non Operating Income was -164.372 + 1038.437 + 0 + 847.739 = R1,722 Mil.
Cash Flow from Operations was 13241.11 + 12570.558 + 10662.449 + 7740.222 = R44,214 Mil.
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Total Receivables was R0 Mil.
Revenue was 22070.774 + 23402.797 + 21620.898 + 21706.478 = R88,801 Mil.
Gross Profit was 5692.036 + 5701.637 + 5424.19 + 4742.434 = R21,560 Mil.
Total Current Assets was R0 Mil.
Total Assets was R0 Mil.
Property, Plant and Equipment(Net PPE) was R0 Mil.
Depreciation, Depletion and Amortization(DDA) was R0 Mil.
Selling, General, & Admin. Expense(SGA) was R2,065 Mil.
Total Current Liabilities was R0 Mil.
Long-Term Debt & Capital Lease Obligation was R0 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) |
| = | (11743.495 / 119417.731) | / | (0 / 88800.947) |
| = | 0.09834 | / | 0 |
| | = | |
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) |
| = | (21560.297 / 88800.947) | / | (47603.878 / 119417.731) |
| = | 0.242794 | / | 0.398633 |
| | = | |
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 - (58790.528 + 160226.563) / 244567.867) | / | (1 - (0 + 0) / 0) |
| = | 0.104473 | / | |
| | = | |
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 |
| = | 119417.731 | / | 88800.947 |
| | = | |
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 / (0 + 0)) | / | (0 / (0 + 160226.563)) |
| = | | / | 0 |
| | = | |
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) |
| = | (2874.615 / 119417.731) | / | (2065.286 / 88800.947) |
| = | 0.024072 | / | 0.023257 |
| | = | |
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) |
| = | ((37531.698 + 25075.923) / 244567.867) | / | ((0 + 0) / 0) |
| = | 0.255993 | / | |
| | = | |
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 |
| = | (25239.531 - 1721.804 | - | 44214.339) | / | 244567.867 |
| | = | -0.084625 |
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.
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