KGHM Polska Miedz Beneish M-Score Historical Data
The historical data trend for KGHM Polska Miedz'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.
KGHM Polska Miedz Beneish M-Score Chart
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KGHM Polska Miedz Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.96 |
-2.76 |
-1.80 |
-2.09 |
1.71 |
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KGHM Polska Miedz Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.26 |
1.71 |
1.91 |
-1.87 |
-3.11 |
Competitive Comparison of KGHM Polska Miedz's Beneish M-Score
For the Copper subindustry, KGHM Polska Miedz'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.
KGHM Polska Miedz's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, KGHM Polska Miedz's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KGHM Polska Miedz's Beneish M-Score falls into.
KGHM Polska Miedz 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 KGHM Polska Miedz 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 * 1.0243 | + | 0.528 * 1.4435 | + | 0.404 * 0.9367 | + | 0.892 * 1.0047 | + | 0.115 * 1.0944 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.17 | + | 4.679 * -0.174817 | - | 0.327 * 1.0926 |
| = | -3.11 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was zł1,557 Mil.
Revenue was 8659 + 9165 + 8315 + 7819 = zł33,958 Mil.
Gross Profit was 1453 + 2080 + 1009 + -1934 = zł2,608 Mil.
Total Current Assets was zł12,253 Mil.
Total Assets was zł51,797 Mil.
Property, Plant and Equipment(Net PPE) was zł28,504 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2,033 Mil.
Selling, General, & Admin. Expense(SGA) was zł2,351 Mil.
Total Current Liabilities was zł11,045 Mil.
Long-Term Debt & Capital Lease Obligation was zł4,953 Mil.
Net Income was 240 + 649 + 424 + -4526 = zł-3,213 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 405 + 2942 + 86 + 2409 = zł5,842 Mil.
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Total Receivables was zł1,513 Mil.
Revenue was 7891 + 8172 + 9585 + 8151 = zł33,799 Mil.
Gross Profit was 666 + 745 + 1083 + 1253 = zł3,747 Mil.
Total Current Assets was zł13,284 Mil.
Total Assets was zł55,497 Mil.
Property, Plant and Equipment(Net PPE) was zł29,585 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2,325 Mil.
Selling, General, & Admin. Expense(SGA) was zł2,000 Mil.
Total Current Liabilities was zł10,325 Mil.
Long-Term Debt & Capital Lease Obligation was zł5,363 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) |
| = | (1557 / 33958) | / | (1513 / 33799) |
| = | 0.045851 | / | 0.044765 |
| | = | 1.0243 |
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) |
| = | (3747 / 33799) | / | (2608 / 33958) |
| = | 0.110861 | / | 0.076801 |
| | = | 1.4435 |
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 - (12253 + 28504) / 51797) | / | (1 - (13284 + 29585) / 55497) |
| = | 0.21314 | / | 0.227544 |
| | = | 0.9367 |
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 |
| = | 33958 | / | 33799 |
| | = | 1.0047 |
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)) |
| = | (2325 / (2325 + 29585)) | / | (2033 / (2033 + 28504)) |
| = | 0.072861 | / | 0.066575 |
| | = | 1.0944 |
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) |
| = | (2351 / 33958) | / | (2000 / 33799) |
| = | 0.069233 | / | 0.059173 |
| | = | 1.17 |
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) |
| = | ((4953 + 11045) / 51797) | / | ((5363 + 10325) / 55497) |
| = | 0.30886 | / | 0.282682 |
| | = | 1.0926 |
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 |
| = | (-3213 - 0 | - | 5842) | / | 51797 |
| | = | -0.174817 |
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.
KGHM Polska Miedz has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
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