Eloro Resources (STU:P2QM) Beneish M-Score : 0.00 (As of Jun. 24, 2024)

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What is Eloro Resources 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.

The historical rank and industry rank for Eloro Resources's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Eloro Resources was 0.00. The lowest was 0.00. And the median was 0.00.

Eloro Resources Beneish M-Score Historical Data

The historical data trend for Eloro Resources'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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Eloro Resources Beneish M-Score Chart

Eloro Resources Annual Data

Trend

Mar14

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Mar20

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Mar23

Beneish M-Score

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Eloro Resources Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Eloro Resources's Beneish M-Score

For the Gold subindustry, Eloro Resources'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.

Eloro Resources's Beneish M-Score Distribution in the Metals & Mining Industry

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

* The bar in red indicates where Eloro Resources's Beneish M-Score falls into.

Eloro Resources 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 Eloro Resources 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €0.44 Mil.
Revenue was 0 + 0 + 0 + 0 = €0.00 Mil.
Gross Profit was -0.008 + -0.008 + -0.008 + -0.008 = €-0.03 Mil.
Total Current Assets was €2.11 Mil.
Total Assets was €42.99 Mil.
Property, Plant and Equipment(Net PPE) was €40.44 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.03 Mil.
Selling, General, & Admin. Expense(SGA) was €7.43 Mil.
Total Current Liabilities was €1.34 Mil.
Long-Term Debt & Capital Lease Obligation was €0.08 Mil.
Net Income was -1.121 + -4.592 + -0.723 + -1.445 = €-7.88 Mil.
Non Operating Income was -0.021 + -0.082 + 0.035 + 0.048 = €-0.02 Mil.
Cash Flow from Operations was -0.677 + -0.346 + -0.466 + -1.117 = €-2.61 Mil.

Total Receivables was €0.21 Mil.
Revenue was 0 + 0 + 0 + 0 = €0.00 Mil.
Gross Profit was -0.008 + -0.008 + -0.008 + -0.008 = €-0.03 Mil.
Total Current Assets was €2.55 Mil.
Total Assets was €33.63 Mil.
Property, Plant and Equipment(Net PPE) was €30.64 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.03 Mil.
Selling, General, & Admin. Expense(SGA) was €7.89 Mil.
Total Current Liabilities was €0.91 Mil.
Long-Term Debt & Capital Lease Obligation was €0.10 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)
	=	(0.435 / 0)	/	(0.214 / 0)
	=		/
	=

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)
	=	(-0.032 / 0)	/	(-0.032 / 0)
	=		/
	=

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 - (2.112 + 40.438) / 42.985)	/	(1 - (2.549 + 30.638) / 33.629)
	=	0.01012	/	0.013143
	=

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
	=	0	/	0
	=

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))
	=	(0.032 / (0.032 + 30.638))	/	(0.032 / (0.032 + 40.438))
	=	0.001043	/	0.000791
	=

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)
	=	(7.427 / 0)	/	(7.893 / 0)
	=		/
	=

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)
	=	((0.076 + 1.34) / 42.985)	/	((0.101 + 0.905) / 33.629)
	=	0.032942	/	0.029915
	=

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
	=	(-7.881 - -0.02	-	-2.606)	/	42.985
	=	-0.122252

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.

Eloro Resources Beneish M-Score Related Terms

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Eloro Resources (STU:P2QM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Eloro Resources Ltd (STU:P2QM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

ELRRF:USA P2QM:Germany ELO:Canada

Address

20 Adelaide Street East, Suite 200, Toronto, ON, CAN, M5C 2T6

Website

https://elororesources.com

Eloro Resources Ltd is an exploration and mine development company with a portfolio of gold-silver property in Peru, a polymetallic property in Bolivia, and base metal properties in Quebec. The company has an option to acquire a 99% interest in the Iska Iska Property, located in southern Bolivia, and owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru. It has one reportable segment being mineral exploration.

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