Kumba Iron Ore Beneish M-Score Historical Data
The historical data trend for Kumba Iron Ore'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.
Kumba Iron Ore Beneish M-Score Chart
|
Kumba Iron Ore Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.12 |
-3.42 |
-3.50 |
-1.87 |
-3.67 |
|
Kumba Iron Ore Semi-Annual Data
|
|
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.50 |
- |
-1.87 |
- |
-3.67 |
Competitive Comparison of Kumba Iron Ore's Beneish M-Score
For the Steel subindustry, Kumba Iron Ore'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.
Kumba Iron Ore's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Kumba Iron Ore's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kumba Iron Ore's Beneish M-Score falls into.
Kumba Iron Ore 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 Kumba Iron Ore 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 * 0.6684 | + | 0.528 * 1.0612 | + | 0.404 * 0.9632 | + | 0.892 * 0.7947 | + | 0.115 * 1.0014 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4999 | + | 4.679 * -0.147449 | - | 0.327 * 0.8132 |
| = | -3.67 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was R5,229 Mil.
Revenue was R68,529 Mil.
Gross Profit was R58,050 Mil.
Total Current Assets was R32,859 Mil.
Total Assets was R98,746 Mil.
Property, Plant and Equipment(Net PPE) was R56,149 Mil.
Depreciation, Depletion and Amortization(DDA) was R5,713 Mil.
Selling, General, & Admin. Expense(SGA) was R16,619 Mil.
Total Current Liabilities was R12,080 Mil.
Long-Term Debt & Capital Lease Obligation was R70 Mil.
Net Income was R14,699 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R29,259 Mil.
|
Total Receivables was R9,845 Mil.
Revenue was R86,234 Mil.
Gross Profit was R77,517 Mil.
Total Current Assets was R39,501 Mil.
Total Assets was R98,724 Mil.
Property, Plant and Equipment(Net PPE) was R49,115 Mil.
Depreciation, Depletion and Amortization(DDA) was R5,005 Mil.
Selling, General, & Admin. Expense(SGA) was R13,943 Mil.
Total Current Liabilities was R14,759 Mil.
Long-Term Debt & Capital Lease Obligation was R179 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) |
| = | (5229 / 68529) | / | (9845 / 86234) |
| = | 0.076303 | / | 0.114166 |
| | = | 0.6684 |
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) |
| = | (77517 / 86234) | / | (58050 / 68529) |
| = | 0.898915 | / | 0.847087 |
| | = | 1.0612 |
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 - (32859 + 56149) / 98746) | / | (1 - (39501 + 49115) / 98724) |
| = | 0.098617 | / | 0.102386 |
| | = | 0.9632 |
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 |
| = | 68529 | / | 86234 |
| | = | 0.7947 |
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)) |
| = | (5005 / (5005 + 49115)) | / | (5713 / (5713 + 56149)) |
| = | 0.09248 | / | 0.092351 |
| | = | 1.0014 |
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) |
| = | (16619 / 68529) | / | (13943 / 86234) |
| = | 0.24251 | / | 0.161688 |
| | = | 1.4999 |
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) |
| = | ((70 + 12080) / 98746) | / | ((179 + 14759) / 98724) |
| = | 0.123043 | / | 0.151311 |
| | = | 0.8132 |
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 |
| = | (14699 - 0 | - | 29259) | / | 98746 |
| | = | -0.147449 |
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.
Kumba Iron Ore has a M-score of -3.67 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
JSE:KIO has been successfully added to your