Atlas Consolidated Mining & Development (PHS:AT) Beneish M-Score : -2.66 (As of Mar. 26, 2025)

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What is Atlas Consolidated Mining & Development Beneish M-Score?

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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Atlas Consolidated Mining & Development's Beneish M-Score or its related term are showing as below:

PHS:AT' s Beneish M-Score Range Over the Past 10 Years
Min: -165.87 Med: -2.54 Max: 2.67
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Atlas Consolidated Mining & Development was 2.67. The lowest was -165.87. And the median was -2.54.

Atlas Consolidated Mining & Development Beneish M-Score Historical Data

The historical data trend for Atlas Consolidated Mining & Development'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.

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Atlas Consolidated Mining & Development Beneish M-Score Chart

Atlas Consolidated Mining & Development Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.90

-3.49

-3.68

0.36

0.22

Atlas Consolidated Mining & Development Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-3.62	0.22	-2.57	-0.99	-2.66

Competitive Comparison of Atlas Consolidated Mining & Development's Beneish M-Score

For the Copper subindustry, Atlas Consolidated Mining & Development'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.

Atlas Consolidated Mining & Development's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Atlas Consolidated Mining & Development's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Atlas Consolidated Mining & Development's Beneish M-Score falls into.

Atlas Consolidated Mining & Development 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 Atlas Consolidated Mining & Development for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.071

0.528 * 0.8564

0.404 * 0.99

0.892 * 1.1423

0.115 * 0.7534

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9392

4.679 * -0.059641

0.327 * 0.9743

-2.66

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₱196 Mil.
Revenue was 3147.332 + 6865.316 + 5359.93 + 5086.153 = ₱20,459 Mil.
Gross Profit was -1205.043 + 2330.09 + 1242.547 + 838.586 = ₱3,206 Mil.
Total Current Assets was ₱5,099 Mil.
Total Assets was ₱69,839 Mil.
Property, Plant and Equipment(Net PPE) was ₱33,977 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱5,185 Mil.
Selling, General, & Admin. Expense(SGA) was ₱477 Mil.
Total Current Liabilities was ₱6,374 Mil.
Long-Term Debt & Capital Lease Obligation was ₱14,118 Mil.
Net Income was -939.317 + 1507.949 + 563.088 + 237.331 = ₱1,369 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 1323.09 + 1482.203 + 1430.394 + 1298.643 = ₱5,534 Mil.

Total Receivables was ₱160 Mil.
Revenue was 4163.006 + 4928.185 + 4687.669 + 4130.54 = ₱17,909 Mil.
Gross Profit was 545.025 + 1139.543 + 857.767 + -138.846 = ₱2,403 Mil.
Total Current Assets was ₱2,991 Mil.
Total Assets was ₱68,020 Mil.
Property, Plant and Equipment(Net PPE) was ₱34,765 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱3,852 Mil.
Selling, General, & Admin. Expense(SGA) was ₱444 Mil.
Total Current Liabilities was ₱5,344 Mil.
Long-Term Debt & Capital Lease Obligation was ₱15,140 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)
	=	(196.253 / 20458.731)	/	(160.418 / 17909.4)
	=	0.009593	/	0.008957
	=	1.071

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)
	=	(2403.489 / 17909.4)	/	(3206.18 / 20458.731)
	=	0.134203	/	0.156715
	=	0.8564

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 - (5099.315 + 33977.295) / 69838.68)	/	(1 - (2990.54 + 34764.986) / 68020.135)
	=	0.440473	/	0.444936
	=	0.99

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
	=	20458.731	/	17909.4
	=	1.1423

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))
	=	(3852.467 / (3852.467 + 34764.986))	/	(5185.475 / (5185.475 + 33977.295))
	=	0.09976	/	0.132408
	=	0.7534

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)
	=	(476.617 / 20458.731)	/	(444.259 / 17909.4)
	=	0.023297	/	0.024806
	=	0.9392

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)
	=	((14117.689 + 6373.895) / 69838.68)	/	((15140.094 + 5343.707) / 68020.135)
	=	0.293413	/	0.301143
	=	0.9743

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
	=	(1369.051 - 0	-	5534.33)	/	69838.68
	=	-0.059641

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.

Atlas Consolidated Mining & Development has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

Atlas Consolidated Mining & Development Beneish M-Score Related Terms

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Atlas Consolidated Mining & Development Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Atlas Consolidated Mining & Development Corp (PHS:AT) » Definitions » Beneish M-Score

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Address

Palm Coast Avenue Corner Pacific Drive, 5th Floor, Five E-Com Center, Mall of Asia Complex, Metro Manila, Pasay, RIZ, PHL, 1300

Website

https://www.atlasmining.com.ph

Atlas Consolidated Mining & Development Corp is engaged in metallic mineral mining and exploration and produces copper concentrate, magnetite iron ore concentrate, and others. The company operates in two segments Mining and Non-Mining. Its mining segment is engaged in exploration and mining operations and the non-mining segment is engaged in services, bulk water supply or acts as holding company. It is also engaged in the development and commercial production of other marketable by-products such as pyrite, magnetite, and molybdenum.