Pope Resources LP (Pope Resources LP) Beneish M-Score : 0.00 (As of Apr. 26, 2024)

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What is Pope Resources LP 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.

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

During the past 13 years, the highest Beneish M-Score of Pope Resources LP was 0.00. The lowest was 0.00. And the median was 0.00.

Pope Resources LP Beneish M-Score Historical Data

The historical data trend for Pope Resources LP'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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Pope Resources LP Beneish M-Score Chart

Pope Resources LP Annual Data

Trend

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Beneish M-Score

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-2.19

-2.31

-2.41

-3.05

-2.76

Pope Resources LP Quarterly Data
	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20
Beneish M-Score	Get a 7-Day Free Trial															-2.20	-2.37	-3.05	-2.76	-3.10

Competitive Comparison of Pope Resources LP's Beneish M-Score

For the Lumber & Wood Production subindustry, Pope Resources LP'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.

Pope Resources LP's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Pope Resources LP's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pope Resources LP's Beneish M-Score falls into.

Pope Resources LP 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 Pope Resources LP 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 * 0.6667

0.528 * 1.5435

0.404 * 1.0007

0.892 * 1.0544

0.115 * 0.9646

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.3028

4.679 * -0.07307

0.327 * 1.116

-3.06

This Year (Mar20) TTM:

Last Year (Mar19) TTM:

Total Receivables was $7.0 Mil.
Revenue was 24.385 + 28.938 + 27.948 + 27.975 = $109.2 Mil.
Gross Profit was 5.87 + 8.39 + 6.755 + 7.14 = $28.2 Mil.
Total Current Assets was $21.5 Mil.
Total Assets was $489.9 Mil.
Property, Plant and Equipment(Net PPE) was $5.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $34.3 Mil.
Selling, General, & Admin. Expense(SGA) was $17.9 Mil.
Total Current Liabilities was $36.3 Mil.
Long-Term Debt & Capital Lease Obligation was $136.7 Mil.
Net Income was -3.941 + -2.654 + -0.579 + 2.167 = $-5.0 Mil.
Non Operating Income was 0 + 0.1 + 0 + 0 = $0.1 Mil.
Cash Flow from Operations was 1.444 + 6.879 + 12.317 + 10.047 = $30.7 Mil.

Total Receivables was $9.9 Mil.
Revenue was 25.042 + 22.647 + 28.008 + 27.912 = $103.6 Mil.
Gross Profit was 8.434 + 8.204 + 11.239 + 13.337 = $41.2 Mil.
Total Current Assets was $23.2 Mil.
Total Assets was $523.8 Mil.
Property, Plant and Equipment(Net PPE) was $5.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.6 Mil.
Selling, General, & Admin. Expense(SGA) was $7.4 Mil.
Total Current Liabilities was $9.4 Mil.
Long-Term Debt & Capital Lease Obligation was $156.3 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)
	=	(6.979 / 109.246)	/	(9.928 / 103.609)
	=	0.063883	/	0.095822
	=	0.6667

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)
	=	(41.214 / 103.609)	/	(28.155 / 109.246)
	=	0.397784	/	0.257721
	=	1.5435

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 - (21.469 + 5.336) / 489.862)	/	(1 - (23.175 + 5.855) / 523.75)
	=	0.945281	/	0.944573
	=	1.0007

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
	=	109.246	/	103.609
	=	1.0544

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))
	=	(29.568 / (29.568 + 5.855))	/	(34.304 / (34.304 + 5.336))
	=	0.834712	/	0.865388
	=	0.9646

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)
	=	(17.871 / 109.246)	/	(7.36 / 103.609)
	=	0.163585	/	0.071036
	=	2.3028

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)
	=	((136.736 + 36.305) / 489.862)	/	((156.331 + 9.445) / 523.75)
	=	0.353244	/	0.316517
	=	1.116

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
	=	(-5.007 - 0.1	-	30.687)	/	489.862
	=	-0.07307

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.

Pope Resources LP has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.

Pope Resources LP Beneish M-Score Related Terms

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Pope Resources LP (Pope Resources LP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Forest Products » Pope Resources LP (NAS:POPE) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

19950 Seventh Avenue NE, Suite 200, Poulsbo, WA, USA, 98370

Website

http://www.poperesources.com

Pope Resources LP is a United States based company engaged in four business segments: Partnership Timber, Funds Timber, Timberland Investment Management, and Real Estate. Its Partnership Timber and Funds Timber operations, which are the maximum revenue generating segments include growing, managing, harvesting, and marketing timber from land that it owns or co-owns with its timber fund investors. Timberland Investment Management segment engages in organizing and managing private equity timber funds. Its Real Estate division focuses on a portfolio of land in the west Puget Sound region of Washington, and it also owns and manages the historic town of Port Gamble, Washington.

Executives

Sandy D Mcdade	director	WEYERHAEUSER CO, PO BOX 9777, FEDERAL WAY WA 98063-9777
Maria M Pope	director	C/O PORTLAND GENERAL ELECTRIC CO., 121 SW SALMON ST, PORTLAND OR 97204
James H Dahl	10 percent owner	1200 RIVERPLACE BLVD SUITE 902, 1200 RIVERPLACE BLVD SUITE 902, JACKSONVILLE FL 32207
David L Nunes	director, officer: President & CEO	1 RAYONIER WAY, WILDLIGHT FL 32097