New Hope Beneish M-Score Historical Data
The historical data trend for New Hope'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.
New Hope Beneish M-Score Chart
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New Hope Annual Data
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Jul24 |
| Beneish M-Score |
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-3.59 |
-1.96 |
0.04 |
-3.23 |
-2.82 |
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New Hope Semi-Annual Data
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Jul24 |
| Beneish M-Score |
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0.04 |
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-3.23 |
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-2.82 |
Competitive Comparison of New Hope's Beneish M-Score
For the Thermal Coal subindustry, New Hope'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.
New Hope's Beneish M-Score Distribution in the Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, New Hope's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where New Hope's Beneish M-Score falls into.
New Hope 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 New Hope 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 * 1.2219 | + | 0.528 * 1.3305 | + | 0.404 * 1.0361 | + | 0.892 * 0.6596 | + | 0.115 * 0.8691 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7911 | + | 4.679 * -0.027765 | - | 0.327 * 1.4461 |
| = | -2.82 |
* 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 (Jul24) TTM: | Last Year (Jul23) TTM: |
Total Receivables was €89 Mil.
Revenue was €1,086 Mil.
Gross Profit was €528 Mil.
Total Current Assets was €777 Mil.
Total Assets was €2,133 Mil.
Property, Plant and Equipment(Net PPE) was €1,121 Mil.
Depreciation, Depletion and Amortization(DDA) was €103 Mil.
Selling, General, & Admin. Expense(SGA) was €109 Mil.
Total Current Liabilities was €378 Mil.
Long-Term Debt & Capital Lease Obligation was €57 Mil.
Net Income was €293 Mil.
Gross Profit was €6 Mil.
Cash Flow from Operations was €346 Mil.
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Total Receivables was €111 Mil.
Revenue was €1,646 Mil.
Gross Profit was €1,066 Mil.
Total Current Assets was €676 Mil.
Total Assets was €1,977 Mil.
Property, Plant and Equipment(Net PPE) was €1,090 Mil.
Depreciation, Depletion and Amortization(DDA) was €86 Mil.
Selling, General, & Admin. Expense(SGA) was €93 Mil.
Total Current Liabilities was €233 Mil.
Long-Term Debt & Capital Lease Obligation was €46 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) |
| = | (89.292 / 1085.816) | / | (110.795 / 1646.255) |
| = | 0.082235 | / | 0.067301 |
| | = | 1.2219 |
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) |
| = | (1065.674 / 1646.255) | / | (528.269 / 1085.816) |
| = | 0.647332 | / | 0.486518 |
| | = | 1.3305 |
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 - (776.803 + 1121.109) / 2133.437) | / | (1 - (676.497 + 1089.889) / 1977.039) |
| = | 0.110397 | / | 0.10655 |
| | = | 1.0361 |
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 |
| = | 1085.816 | / | 1646.255 |
| | = | 0.6596 |
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)) |
| = | (86.3 / (86.3 + 1089.889)) | / | (103.378 / (103.378 + 1121.109)) |
| = | 0.073373 | / | 0.084426 |
| | = | 0.8691 |
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) |
| = | (109.358 / 1085.816) | / | (92.57 / 1646.255) |
| = | 0.100715 | / | 0.056231 |
| | = | 1.7911 |
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) |
| = | ((57.382 + 378.078) / 2133.437) | / | ((45.801 + 233.258) / 1977.039) |
| = | 0.204112 | / | 0.14115 |
| | = | 1.4461 |
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 |
| = | (292.687 - 6.27 | - | 345.651) | / | 2133.437 |
| | = | -0.027765 |
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.
New Hope has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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