Impala Platinum Holdings Beneish M-Score Historical Data
The historical data trend for Impala Platinum Holdings'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.
Impala Platinum Holdings Beneish M-Score Chart
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Impala Platinum Holdings Annual Data
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Jun14 |
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Jun20 |
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Jun22 |
Jun23 |
| Beneish M-Score |
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-3.37 |
-2.53 |
-1.45 |
-2.08 |
-1.75 |
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Impala Platinum Holdings Semi-Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.08 |
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-1.75 |
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Competitive Comparison of Impala Platinum Holdings's Beneish M-Score
For the Other Precious Metals & Mining subindustry, Impala Platinum Holdings'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.
Impala Platinum Holdings's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Impala Platinum Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Impala Platinum Holdings's Beneish M-Score falls into.
Impala Platinum Holdings 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 Impala Platinum Holdings 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 * 2.2627 | + | 0.528 * 1.6649 | + | 0.404 * 0.8937 | + | 0.892 * 0.76 | + | 0.115 * 0.8442 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5773 | + | 4.679 * -0.110186 | - | 0.327 * 1.0467 |
| = | -1.87 |
* 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 $563 Mil.
Revenue was $5,687 Mil.
Gross Profit was $1,192 Mil.
Total Current Assets was $3,615 Mil.
Total Assets was $9,036 Mil.
Property, Plant and Equipment(Net PPE) was $3,797 Mil.
Depreciation, Depletion and Amortization(DDA) was $413 Mil.
Selling, General, & Admin. Expense(SGA) was $2 Mil.
Total Current Liabilities was $943 Mil.
Long-Term Debt & Capital Lease Obligation was $120 Mil.
Net Income was $262 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,257 Mil.
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Total Receivables was $327 Mil.
Revenue was $7,483 Mil.
Gross Profit was $2,611 Mil.
Total Current Assets was $3,805 Mil.
Total Assets was $9,870 Mil.
Property, Plant and Equipment(Net PPE) was $4,079 Mil.
Depreciation, Depletion and Amortization(DDA) was $368 Mil.
Selling, General, & Admin. Expense(SGA) was $2 Mil.
Total Current Liabilities was $1,049 Mil.
Long-Term Debt & Capital Lease Obligation was $61 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) |
| = | (562.716 / 5686.59) | / | (327.233 / 7482.548) |
| = | 0.098955 | / | 0.043733 |
| | = | 2.2627 |
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) |
| = | (2610.595 / 7482.548) | / | (1191.69 / 5686.59) |
| = | 0.348891 | / | 0.209561 |
| | = | 1.6649 |
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 - (3614.976 + 3797.106) / 9036.426) | / | (1 - (3805.393 + 4079.383) / 9869.929) |
| = | 0.179755 | / | 0.201131 |
| | = | 0.8937 |
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 |
| = | 5686.59 | / | 7482.548 |
| | = | 0.76 |
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)) |
| = | (368.082 / (368.082 + 4079.383)) | / | (412.701 / (412.701 + 3797.106)) |
| = | 0.082762 | / | 0.098033 |
| | = | 0.8442 |
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) |
| = | (1.974 / 5686.59) | / | (1.644 / 7482.548) |
| = | 0.000347 | / | 0.00022 |
| | = | 1.5773 |
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) |
| = | ((120.3 + 942.768) / 9036.426) | / | ((60.514 + 1048.854) / 9869.929) |
| = | 0.117643 | / | 0.112399 |
| | = | 1.0467 |
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 |
| = | (261.673 - 0 | - | 1257.362) | / | 9036.426 |
| | = | -0.110186 |
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.
Impala Platinum Holdings has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.
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