Mercury NZ Beneish M-Score Historical Data
The historical data trend for Mercury NZ'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.
Mercury NZ Beneish M-Score Chart
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Mercury NZ Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.30 |
-2.79 |
-2.41 |
-1.94 |
-2.80 |
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Mercury NZ Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
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Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-1.94 |
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-2.80 |
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Competitive Comparison of Mercury NZ's Beneish M-Score
For the Utilities - Renewable subindustry, Mercury NZ'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.
Mercury NZ's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Mercury NZ's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mercury NZ's Beneish M-Score falls into.
Mercury NZ 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 Mercury NZ 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 * 0.6843 | + | 0.528 * 0.8675 | + | 0.404 * 0.8447 | + | 0.892 * 1.2865 | + | 0.115 * 0.856 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2238 | + | 4.679 * -0.024525 | - | 0.327 * 0.9535 |
| = | -2.80 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was NZ$412 Mil.
Revenue was NZ$2,730 Mil.
Gross Profit was NZ$1,176 Mil.
Total Current Assets was NZ$839 Mil.
Total Assets was NZ$9,419 Mil.
Property, Plant and Equipment(Net PPE) was NZ$8,099 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$344 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$148 Mil.
Total Current Liabilities was NZ$952 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$1,523 Mil.
Net Income was NZ$103 Mil.
Gross Profit was NZ$-244 Mil.
Cash Flow from Operations was NZ$578 Mil.
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Total Receivables was NZ$468 Mil.
Revenue was NZ$2,122 Mil.
Gross Profit was NZ$793 Mil.
Total Current Assets was NZ$996 Mil.
Total Assets was NZ$9,660 Mil.
Property, Plant and Equipment(Net PPE) was NZ$8,080 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$292 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$94 Mil.
Total Current Liabilities was NZ$1,267 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$1,395 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) |
| = | (412 / 2730) | / | (468 / 2122) |
| = | 0.150916 | / | 0.220547 |
| | = | 0.6843 |
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) |
| = | (793 / 2122) | / | (1176 / 2730) |
| = | 0.373704 | / | 0.430769 |
| | = | 0.8675 |
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 - (839 + 8099) / 9419) | / | (1 - (996 + 8080) / 9660) |
| = | 0.051067 | / | 0.060455 |
| | = | 0.8447 |
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 |
| = | 2730 | / | 2122 |
| | = | 1.2865 |
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)) |
| = | (292 / (292 + 8080)) | / | (344 / (344 + 8099)) |
| = | 0.034878 | / | 0.040744 |
| | = | 0.856 |
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) |
| = | (148 / 2730) | / | (94 / 2122) |
| = | 0.054212 | / | 0.044298 |
| | = | 1.2238 |
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) |
| = | ((1523 + 952) / 9419) | / | ((1395 + 1267) / 9660) |
| = | 0.262767 | / | 0.275569 |
| | = | 0.9535 |
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 |
| = | (103 - -244 | - | 578) | / | 9419 |
| | = | -0.024525 |
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.
Mercury NZ has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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