Tungsten West (LSE:TUN) Beneish M-Score : -3.69 (As of Dec. 13, 2024)

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What is Tungsten West 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 -3.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:TUN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.69 Med: -0.57 Max: 18.71
Current: -3.69

During the past 5 years, the highest Beneish M-Score of Tungsten West was 18.71. The lowest was -3.69. And the median was -0.57.

Tungsten West Beneish M-Score Historical Data

The historical data trend for Tungsten West'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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Tungsten West Beneish M-Score Chart

Tungsten West Annual Data

Trend

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

18.71

-0.57

-3.69

Tungsten West Semi-Annual Data
	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial				18.71	-	-0.57	-	-3.69

Competitive Comparison of Tungsten West's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, Tungsten West'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.

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

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

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

Tungsten West 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 Tungsten West 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 * 0.1375

0.528 * 1.1375

0.404 * 1.7277

0.892 * 1.1534

0.115 * 0.9864

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7651

4.679 * -0.03333

0.327 * 3.4546

-3.69

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was £0.14 Mil.
Revenue was £0.72 Mil.
Gross Profit was £-1.38 Mil.
Total Current Assets was £4.42 Mil.
Total Assets was £43.08 Mil.
Property, Plant and Equipment(Net PPE) was £25.01 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.52 Mil.
Selling, General, & Admin. Expense(SGA) was £8.97 Mil.
Total Current Liabilities was £13.45 Mil.
Long-Term Debt & Capital Lease Obligation was £1.80 Mil.
Net Income was £-9.70 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-8.26 Mil.

Total Receivables was £0.89 Mil.
Revenue was £0.63 Mil.
Gross Profit was £-1.36 Mil.
Total Current Assets was £9.72 Mil.
Total Assets was £42.42 Mil.
Property, Plant and Equipment(Net PPE) was £24.92 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.51 Mil.
Selling, General, & Admin. Expense(SGA) was £10.16 Mil.
Total Current Liabilities was £2.45 Mil.
Long-Term Debt & Capital Lease Obligation was £1.90 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)
	=	(0.141 / 0.722)	/	(0.889 / 0.626)
	=	0.195291	/	1.420128
	=	0.1375

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)
	=	(-1.359 / 0.626)	/	(-1.378 / 0.722)
	=	-2.170927	/	-1.908587
	=	1.1375

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 - (4.421 + 25.006) / 43.084)	/	(1 - (9.716 + 24.922) / 42.421)
	=	0.316985	/	0.18347
	=	1.7277

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
	=	0.722	/	0.626
	=	1.1534

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))
	=	(0.514 / (0.514 + 24.922))	/	(0.523 / (0.523 + 25.006))
	=	0.020208	/	0.020487
	=	0.9864

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)
	=	(8.966 / 0.722)	/	(10.16 / 0.626)
	=	12.418283	/	16.230032
	=	0.7651

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)
	=	((1.804 + 13.448) / 43.084)	/	((1.902 + 2.445) / 42.421)
	=	0.354006	/	0.102473
	=	3.4546

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
	=	(-9.7 - 0	-	-8.264)	/	43.084
	=	-0.03333

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.

Tungsten West has a M-score of -3.69 suggests that the company is unlikely to be a manipulator.

Tungsten West Beneish M-Score Related Terms

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Tungsten West Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Tungsten West PLC (LSE:TUN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

540:Germany

Address

Hemerdon Mine, Drakelands, Plympton, Plymouth, Devon, GBR, PL7 5BS

Website

https://www.tungstenwest.com

Tungsten West PLC owns and operates historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon, England. It has a compliant Mineral Resource of approximately 325Mt at 0.12 per cent. WO3. The company's main country of operation is the United Kingdom.

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