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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.
Good Sign:
Beneish M-Score -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Southern Copper's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Southern Copper was -2.06. The lowest was -3.12. And the median was -2.57.
The historical data trend for Southern Copper'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.
Southern Copper Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.73 | -2.61 | -2.55 | -2.40 | -2.92 |
Southern Copper Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.44 | -2.67 | -2.81 | -2.92 | -2.59 |
For the Copper subindustry, Southern Copper'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.
For the Metals & Mining industry and Basic Materials sector, Southern Copper's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Southern Copper'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 Southern Copper 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 * 1.0923 | + | 0.528 * 1.026 | + | 0.404 * 1.1111 | + | 0.892 * 0.9627 | + | 0.115 * 0.9687 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0595 | + | 4.679 * -0.042396 | - | 0.327 * 1.0343 | |||||||
= | -2.59 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,395 Mil. Revenue was 2599.8 + 2295.6 + 2505.6 + 2300.7 = $9,702 Mil. Gross Profit was 1233.2 + 917.3 + 1117.4 + 943.8 = $4,212 Mil. Total Current Assets was $4,441 Mil. Total Assets was $16,789 Mil. Property, Plant and Equipment(Net PPE) was $10,540 Mil. Depreciation, Depletion and Amortization(DDA) was $839 Mil. Selling, General, & Admin. Expense(SGA) was $128 Mil. Total Current Liabilities was $1,340 Mil. Long-Term Debt & Capital Lease Obligation was $6,936 Mil. Net Income was 736 + 445 + 619.5 + 547.5 = $2,348 Mil. Non Operating Income was 19 + -21.3 + 8.9 + 5.6 = $12 Mil. Cash Flow from Operations was 659.7 + 541 + 1049.8 + 797.1 = $3,048 Mil. |
Total Receivables was $1,327 Mil. Revenue was 2793.9 + 2820.3 + 2156.9 + 2306.9 = $10,078 Mil. Gross Profit was 1396 + 1414.8 + 827 + 851.2 = $4,489 Mil. Total Current Assets was $5,198 Mil. Total Assets was $17,323 Mil. Property, Plant and Equipment(Net PPE) was $10,447 Mil. Depreciation, Depletion and Amortization(DDA) was $803 Mil. Selling, General, & Admin. Expense(SGA) was $125 Mil. Total Current Liabilities was $1,247 Mil. Long-Term Debt & Capital Lease Obligation was $7,009 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) |
= | (1395 / 9701.7) | / | (1326.7 / 10078) | |
= | 0.143789 | / | 0.131643 | |
= | 1.0923 |
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) | |
= | (4489 / 10078) | / | (4211.7 / 9701.7) | |
= | 0.445426 | / | 0.43412 | |
= | 1.026 |
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 - (4440.8 + 10540.3) / 16789.3) | / | (1 - (5197.7 + 10446.5) / 17323.3) | |
= | 0.1077 | / | 0.096927 | |
= | 1.1111 |
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 | |
= | 9701.7 | / | 10078 | |
= | 0.9627 |
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)) |
= | (803.4 / (803.4 + 10446.5)) | / | (838.9 / (838.9 + 10540.3)) | |
= | 0.071414 | / | 0.073722 | |
= | 0.9687 |
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) |
= | (127.6 / 9701.7) | / | (125.1 / 10078) | |
= | 0.013152 | / | 0.012413 | |
= | 1.0595 |
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) |
= | ((6935.6 + 1340) / 16789.3) | / | ((7008.5 + 1247.3) / 17323.3) | |
= | 0.492909 | / | 0.476572 | |
= | 1.0343 |
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 | |
= | (2348 - 12.2 | - | 3047.6) | / | 16789.3 | |
= | -0.042396 |
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.
Southern Copper has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Southern Copper's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Castillo Sanchez Mejorada Enrique | director | C/O SOUTHERN COPPER CORPORATION, 11811 NORTH TATUM BLVD., SUITE 2500, PHOENIX AZ 85028 |
Palomino Bonilla Luis Miguel | director | C/O SOUTHERN PERU COPPER CORP, 2575 E CAMELBACK RD, PHOENIX AZ 85016 |
Velasco German Larrea Mota | director, officer: Chairman of the Board and CEO | |
Contreras Lerdo De Tejada Leonardo | director | 1440 E. MISSOURI AVENUE, SUITE 160, PHOENIX AZ 85014 |
Andreve Vicente Ariztegui | director | 1440 E. MISSOURI AVENUE, SUITE 160, PHOENIX AZ 85014 |
Perez Alfredo Casar | director | C/O SOUTHERN COPPER CORPORATION, AV. CAMINOS DEL INCA 171, LIMA R5 33 |
Castro Raul Vaca | officer: General Auditor | 1440 E. MISSOURI AVENUE, SUITE 160, PHOENIX AZ 85014 |
Chapa Ramon Leal | officer: Senior Vice President | 1440 E. MISSOURI AVENUE, SUITE 160, PHOENIX AZ 85014 |
Quintanilla Daniel Muniz | director | C/O SOUTHERN COPPER CORPORATION, 11811 NORTH TATUM BLVD., SUITE 2500, PHOENIX AZ 85028 |
Mac Gregor Anciola Rafael | director | 1440 E. MISSOURI AVENUE, STE. C160, PHOENIX AZ 85014 |
Lopez Abad Rafael F. | officer: General Auditor | 1440 E. MISSOURI AVENUE, SUITE 160, PHOENIX AZ 85014 |
Lina Vingerhoets | officer: Comptroller | 1440 E. MISSOURI AVENUE, SUITE 160, PHOENIX AZ 85014 |
Julian Jorge Lazalde | officer: Secretary | 1440 E. MISSOURI AVENUE, SUITE 160, PHOENIX AZ 85014 |
Andres C Ferrero | officer: General Counsel | 1440 E MISSOURI AVENUE, SUITE 160, PHOENIX AZ 85014 |
Oscar Gonzalez Rocha | director, officer: President |
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