Franco-Nevada Beneish M-Score Historical Data
The historical data trend for Franco-Nevada'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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Franco-Nevada Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.43
[6] => -2.37
[7] => -2.06
[8] => -2.84
[9] => -2.76
)
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|
|
|
|
-2.43 |
-2.37 |
-2.06 |
-2.84 |
-2.76 |
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Franco-Nevada Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
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|
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|
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|
|
|
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|
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-2.84 |
-2.87 |
-2.78 |
-2.73 |
-2.76 |
Competitive Comparison
For the Gold subindustry, Franco-Nevada'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.
Franco-Nevada Beneish M-Score Distribution
For the Metals & Mining industry and Basic Materials sector, Franco-Nevada's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Franco-Nevada's Beneish M-Score falls into.
Franco-Nevada 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 Franco-Nevada 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 * 0.8829 | + | 0.528 * 1.0304 | + | 0.404 * 1.2327 | + | 0.892 * 0.9265 | + | 0.115 * 0.8646 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9568 | + | 4.679 * -0.0511 | - | 0.327 * 0.8634 |
| = | -2.75 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $111 Mil.
Revenue was 303.3 + 309.5 + 329.9 + 276.3 = $1,219 Mil.
Gross Profit was 189.3 + 192.5 + 207.7 + 177.1 = $767 Mil.
Total Current Assets was $1,615 Mil.
Total Assets was $5,994 Mil.
Property, Plant and Equipment(Net PPE) was $4,034 Mil.
Depreciation, Depletion and Amortization(DDA) was $273 Mil.
Selling, General, & Admin. Expense(SGA) was $29 Mil.
Total Current Liabilities was $39 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was -982.5 + 175.1 + 184.5 + 156.5 = $-466 Mil.
Non Operating Income was -1159.4 + -1.6 + 3.1 + 6.6 = $-1,151 Mil.
Cash Flow from Operations was 283.5 + 236 + 261.9 + 209.8 = $991 Mil.
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Total Receivables was $136 Mil.
Revenue was 320.4 + 304.2 + 352.3 + 338.8 = $1,316 Mil.
Gross Profit was 201.1 + 193.7 + 237.2 + 220.6 = $853 Mil.
Total Current Assets was $1,383 Mil.
Total Assets was $6,627 Mil.
Property, Plant and Equipment(Net PPE) was $4,934 Mil.
Depreciation, Depletion and Amortization(DDA) was $286 Mil.
Selling, General, & Admin. Expense(SGA) was $33 Mil.
Total Current Liabilities was $50 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (111 / 1219) | / | (135.7 / 1315.7) |
| = | 0.091058 | / | 0.103139 |
| | = | 0.8829 |
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) |
| = | (852.6 / 1315.7) | / | (766.6 / 1219) |
| = | 0.64802 | / | 0.628876 |
| | = | 1.0304 |
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 - (1615.3 + 4033.7) / 5994.1) | / | (1 - (1383.1 + 4934.2) / 6626.8) |
| = | 0.057573 | / | 0.046704 |
| | = | 1.2327 |
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 |
| = | 1219 | / | 1315.7 |
| | = | 0.9265 |
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)) |
| = | (286.2 / (286.2 + 4934.2)) | / | (273.1 / (273.1 + 4033.7)) |
| = | 0.054823 | / | 0.063411 |
| | = | 0.8646 |
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) |
| = | (28.9 / 1219) | / | (32.6 / 1315.7) |
| = | 0.023708 | / | 0.024778 |
| | = | 0.9568 |
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 + 39.2) / 5994.1) | / | ((0 + 50.2) / 6626.8) |
| = | 0.00654 | / | 0.007575 |
| | = | 0.8634 |
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 |
| = | (-466.4 - -1151.3 | - | 991.2) | / | 5994.1 |
| | = | -0.0511 |
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.
Franco-Nevada has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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