Market Cap : 130.98 M | Enterprise Value : 332.54 M | P/E (TTM) : | P/B : 0.71 |
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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.
Warning Sign:
Beneish M-Score 2.15 higher than -1.78, which implies that the company might have manipulated its financial results.
During the past 7 years, the highest Beneish M-Score of CONSOL Coal Resources LP was 2.15. The lowest was -3.35. And the median was -2.57.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where CONSOL Coal Resources LP's Beneish M-Score falls into.
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 CONSOL Coal Resources LP 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 * 1.4197 | + | 0.528 * 11.5664 | + | 0.404 * 0.2129 | + | 0.892 * 0.6434 | + | 0.115 * 0.9152 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.3084 | + | 4.679 * -0.1313 | - | 0.327 * 1.0569 | |||||||
= | 2.15 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Sep20) TTM: | Last Year (Sep19) TTM: |
Accounts Receivable was $24.9 Mil. Revenue was 49.243 + 26.278 + 64.65 + 77.354 = $217.5 Mil. Gross Profit was -0.201 + -10.789 + 3.647 + 11.165 = $3.8 Mil. Total Current Assets was $43.7 Mil. Total Assets was $469.7 Mil. Property, Plant and Equipment(Net PPE) was $423.3 Mil. Depreciation, Depletion and Amortization(DDA) was $47.9 Mil. Selling, General, & Admin. Expense(SGA) was $11.8 Mil. Total Current Liabilities was $74.5 Mil. Long-Term Debt & Capital Lease Obligation was $188.1 Mil. Net Income was -5.529 + -7.854 + 0.164 + 8.974 = $-4.2 Mil. Non Operating Income was 0.071 + 7.549 + 2.718 + -0.657 = $9.7 Mil. Cash Flow from Operations was 10.814 + 6.539 + 16.777 + 13.62 = $47.8 Mil. |
Accounts Receivable was $27.2 Mil. Revenue was 76.285 + 88.619 + 84.791 + 88.396 = $338.1 Mil. Gross Profit was 10.301 + 17.869 + 19.815 + 20.724 = $68.7 Mil. Total Current Assets was $56.3 Mil. Total Assets was $504.4 Mil. Property, Plant and Equipment(Net PPE) was $434.7 Mil. Depreciation, Depletion and Amortization(DDA) was $44.6 Mil. Selling, General, & Admin. Expense(SGA) was $14.0 Mil. Total Current Liabilities was $69.1 Mil. Long-Term Debt & Capital Lease Obligation was $197.7 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
= | (24.887 / 217.525) | / | (27.245 / 338.091) | |
= | 0.11440984 | / | 0.08058481 | |
= | 1.4197 |
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) | |
= | (68.709 / 338.091) | / | (3.822 / 217.525) | |
= | 0.20322635 | / | 0.01757039 | |
= | 11.5664 |
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 - (43.738 + 423.342) / 469.717) | / | (1 - (56.345 + 434.735) / 504.378) | |
= | 0.00561402 | / | 0.02636515 | |
= | 0.2129 |
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 | |
= | 217.525 | / | 338.091 | |
= | 0.6434 |
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)) |
= | (44.612 / (44.612 + 434.735)) | / | (47.921 / (47.921 + 423.342)) | |
= | 0.09306828 | / | 0.10168632 | |
= | 0.9152 |
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) |
= | (11.806 / 217.525) | / | (14.024 / 338.091) | |
= | 0.05427422 | / | 0.04147996 | |
= | 1.3084 |
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) |
= | ((188.061 + 74.538) / 469.717) | / | ((197.709 + 69.078) / 504.378) | |
= | 0.5590579 | / | 0.52894258 | |
= | 1.0569 |
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 | |
= | (-4.245 - 9.681 | - | 47.75) | / | 469.717 | |
= | -0.1313 |
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.
CONSOL Coal Resources LP has a M-score of 2.15 signals that the company is likely to be a manipulator.
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