Lundin Gold Beneish M-Score Historical Data
The historical data trend for Lundin Gold'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.
Lundin Gold Beneish M-Score Chart
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Lundin Gold Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-2.36 |
-3.65 |
-3.59 |
-3.43 |
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Lundin Gold Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.59 |
-3.40 |
-3.76 |
-3.73 |
-3.43 |
Competitive Comparison of Lundin Gold's Beneish M-Score
For the Gold subindustry, Lundin Gold'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.
Lundin Gold's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Lundin Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lundin Gold's Beneish M-Score falls into.
Lundin Gold 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 Lundin Gold 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 * 1.3901 | + | 0.528 * 0.8179 | + | 0.404 * 0.4214 | + | 0.892 * 1.3219 | + | 0.115 * 0.9484 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.242 | + | 4.679 * -0.322769 | - | 0.327 * 0.5132 |
| = | -3.56 |
* 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 $214 Mil.
Revenue was 341.791 + 323.087 + 301.431 + 226.741 = $1,193 Mil.
Gross Profit was 215.208 + 203.184 + 171.757 + 113.237 = $703 Mil.
Total Current Assets was $674 Mil.
Total Assets was $1,527 Mil.
Property, Plant and Equipment(Net PPE) was $829 Mil.
Depreciation, Depletion and Amortization(DDA) was $137 Mil.
Selling, General, & Admin. Expense(SGA) was $35 Mil.
Total Current Liabilities was $216 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 129.147 + 135.715 + 119.291 + 41.897 = $426 Mil.
Non Operating Income was 11.624 + -1.345 + 263.171 + -16.767 = $257 Mil.
Cash Flow from Operations was 192.021 + 218.286 + 144.169 + 107.914 = $662 Mil.
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Total Receivables was $116 Mil.
Revenue was 190.688 + 211.172 + 243.93 + 256.728 = $903 Mil.
Gross Profit was 78.051 + 99.62 + 124.801 + 132.708 = $435 Mil.
Total Current Assets was $534 Mil.
Total Assets was $1,468 Mil.
Property, Plant and Equipment(Net PPE) was $879 Mil.
Depreciation, Depletion and Amortization(DDA) was $137 Mil.
Selling, General, & Admin. Expense(SGA) was $21 Mil.
Total Current Liabilities was $187 Mil.
Long-Term Debt & Capital Lease Obligation was $217 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) |
| = | (213.976 / 1193.05) | / | (116.445 / 902.518) |
| = | 0.179352 | / | 0.129022 |
| | = | 1.3901 |
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) |
| = | (435.18 / 902.518) | / | (703.386 / 1193.05) |
| = | 0.482184 | / | 0.58957 |
| | = | 0.8179 |
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 - (674.459 + 828.735) / 1527.481) | / | (1 - (533.887 + 878.924) / 1468.209) |
| = | 0.0159 | / | 0.037732 |
| | = | 0.4214 |
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 |
| = | 1193.05 | / | 902.518 |
| | = | 1.3219 |
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)) |
| = | (136.633 / (136.633 + 878.924)) | / | (137.003 / (137.003 + 828.735)) |
| = | 0.13454 | / | 0.141864 |
| | = | 0.9484 |
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) |
| = | (34.531 / 1193.05) | / | (21.032 / 902.518) |
| = | 0.028943 | / | 0.023304 |
| | = | 1.242 |
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) |
| = | ((0 + 215.515) / 1527.481) | / | ((216.615 + 187.028) / 1468.209) |
| = | 0.141092 | / | 0.274922 |
| | = | 0.5132 |
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 |
| = | (426.05 - 256.683 | - | 662.39) | / | 1527.481 |
| | = | -0.322769 |
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.
Lundin Gold has a M-score of -3.56 suggests that the company is unlikely to be a manipulator.
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