Semafo Beneish M-Score Historical Data
The historical data trend for Semafo'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.
Semafo Beneish M-Score Chart
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Semafo Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-3.68 |
-3.61 |
3.61 |
-3.49 |
-2.26 |
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Semafo Quarterly Data
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Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
| Beneish M-Score |
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-0.26 |
-3.45 |
-3.03 |
-2.26 |
-3.24 |
Competitive Comparison of Semafo's Beneish M-Score
For the Gold subindustry, Semafo'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.
Semafo's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Semafo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Semafo's Beneish M-Score falls into.
Semafo 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 Semafo 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 * 0.7454 | + | 0.528 * 0.7274 | + | 0.404 * 0.3975 | + | 0.892 * 1.3065 | + | 0.115 * 0.5974 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.815 | + | 4.679 * -0.140317 | - | 0.327 * 0.5431 |
| = | -3.35 |
* 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 (Mar20) TTM: | Last Year (Mar19) TTM: |
Total Receivables was kr406 Mil.
Revenue was 1212.852 + 961.379 + 973.782 + 1270.006 = kr4,418 Mil.
Gross Profit was 388.964 + 228.075 + 302.025 + 380.047 = kr1,299 Mil.
Total Current Assets was kr2,391 Mil.
Total Assets was kr10,676 Mil.
Property, Plant and Equipment(Net PPE) was kr8,152 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2,182 Mil.
Selling, General, & Admin. Expense(SGA) was kr179 Mil.
Total Current Liabilities was kr987 Mil.
Long-Term Debt & Capital Lease Obligation was kr141 Mil.
Net Income was 138.461 + 74.639 + 86.436 + 147.76 = kr447 Mil.
Non Operating Income was -21.321 + -87.184 + -6.631 + 2.691 = kr-112 Mil.
Cash Flow from Operations was 599.078 + 525.356 + 273.821 + 659.47 = kr2,058 Mil.
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Total Receivables was kr417 Mil.
Revenue was 1287.475 + 1035.703 + 543.271 + 515.008 = kr3,381 Mil.
Gross Profit was 441.497 + 230.544 + 75.405 + -24.159 = kr723 Mil.
Total Current Assets was kr2,172 Mil.
Total Assets was kr9,884 Mil.
Property, Plant and Equipment(Net PPE) was kr7,402 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,069 Mil.
Selling, General, & Admin. Expense(SGA) was kr168 Mil.
Total Current Liabilities was kr1,303 Mil.
Long-Term Debt & Capital Lease Obligation was kr619 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) |
| = | (405.846 / 4418.019) | / | (416.74 / 3381.457) |
| = | 0.091862 | / | 0.123243 |
| | = | 0.7454 |
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) |
| = | (723.287 / 3381.457) | / | (1299.111 / 4418.019) |
| = | 0.213898 | / | 0.294048 |
| | = | 0.7274 |
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 - (2390.867 + 8151.706) / 10675.749) | / | (1 - (2171.574 + 7402.456) / 9884.262) |
| = | 0.012475 | / | 0.031386 |
| | = | 0.3975 |
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 |
| = | 4418.019 | / | 3381.457 |
| | = | 1.3065 |
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)) |
| = | (1068.75 / (1068.75 + 7402.456)) | / | (2182.318 / (2182.318 + 8151.706)) |
| = | 0.126163 | / | 0.211178 |
| | = | 0.5974 |
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) |
| = | (179.2 / 4418.019) | / | (168.295 / 3381.457) |
| = | 0.040561 | / | 0.04977 |
| | = | 0.815 |
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) |
| = | ((140.529 + 986.673) / 10675.749) | / | ((619.116 + 1302.605) / 9884.262) |
| = | 0.105585 | / | 0.194422 |
| | = | 0.5431 |
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 |
| = | (447.296 - -112.445 | - | 2057.725) | / | 10675.749 |
| | = | -0.140317 |
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.
Semafo has a M-score of -3.35 suggests that the company is unlikely to be a manipulator.
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