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Whitehaven Coal (STU:WC2) Beneish M-Score : -0.86 (As of Mar. 03, 2025)


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What is Whitehaven Coal 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.

Warning Sign:

Beneish M-Score -0.86 higher than -1.78, which implies that the company might have manipulated its financial results.

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

STU:WC2' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92   Med: -2.48   Max: -0.33
Current: -0.86

During the past 13 years, the highest Beneish M-Score of Whitehaven Coal was -0.33. The lowest was -2.92. And the median was -2.48.


Whitehaven Coal Beneish M-Score Historical Data

The historical data trend for Whitehaven Coal'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.

* Premium members only.

Whitehaven Coal Beneish M-Score Chart

Whitehaven Coal Annual Data
Trend Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.91 -2.36 -0.33 -2.92 -0.86

Whitehaven Coal Semi-Annual Data
Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -2.92 - -0.86 -

Competitive Comparison of Whitehaven Coal's Beneish M-Score

For the Thermal Coal subindustry, Whitehaven Coal'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.


Whitehaven Coal's Beneish M-Score Distribution in the Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, Whitehaven Coal's Beneish M-Score distribution charts can be found below:

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



Whitehaven Coal 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 Whitehaven Coal 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 * 2.7242+0.528 * 1+0.404 * 1.7419+0.892 * 0.6279+0.115 * 1.829
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.0268+4.679 * 0.071973-0.327 * 1.593
=-0.86

* 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 (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was €344 Mil.
Revenue was €2,359 Mil.
Gross Profit was €2,359 Mil.
Total Current Assets was €946 Mil.
Total Assets was €7,928 Mil.
Property, Plant and Equipment(Net PPE) was €6,917 Mil.
Depreciation, Depletion and Amortization(DDA) was €197 Mil.
Selling, General, & Admin. Expense(SGA) was €349 Mil.
Total Current Liabilities was €1,325 Mil.
Long-Term Debt & Capital Lease Obligation was €1,076 Mil.
Net Income was €219 Mil.
Gross Profit was €-553 Mil.
Cash Flow from Operations was €202 Mil.
Total Receivables was €201 Mil.
Revenue was €3,757 Mil.
Gross Profit was €3,757 Mil.
Total Current Assets was €2,004 Mil.
Total Assets was €4,653 Mil.
Property, Plant and Equipment(Net PPE) was €2,627 Mil.
Depreciation, Depletion and Amortization(DDA) was €140 Mil.
Selling, General, & Admin. Expense(SGA) was €274 Mil.
Total Current Liabilities was €812 Mil.
Long-Term Debt & Capital Lease Obligation was €73 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)
=(344.211 / 2358.895) / (201.237 / 3756.882)
=0.14592 / 0.053565
=2.7242

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)
=(3756.882 / 3756.882) / (2358.895 / 2358.895)
=1 / 1
=1

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 - (945.655 + 6916.917) / 7927.96) / (1 - (2003.528 + 2627.171) / 4652.731)
=0.008248 / 0.004735
=1.7419

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
=2358.895 / 3756.882
=0.6279

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))
=(139.999 / (139.999 + 2627.171)) / (196.78 / (196.78 + 6916.917))
=0.050593 / 0.027662
=1.829

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)
=(348.529 / 2358.895) / (273.866 / 3756.882)
=0.147751 / 0.072897
=2.0268

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)
=((1075.814 + 1325.028) / 7927.96) / ((72.547 + 811.952) / 4652.731)
=0.302832 / 0.190103
=1.593

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
=(218.987 - -553.329 - 201.715) / 7927.96
=0.071973

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.

Whitehaven Coal has a M-score of -0.86 signals that the company is likely to be a manipulator.


Whitehaven Coal Beneish M-Score Related Terms

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Whitehaven Coal Business Description

Traded in Other Exchanges
Address
259 George Street, Level 28, Sydney, NSW, AUS, 2000
Whitehaven Coal is a large Australian independent thermal and metallurgical coal miner with mines in the Gunnedah Basin, New South Wales. It also bought Blackwater and Daunia, two coking coal mines in Queensland, from BHP and Mitsubishi in April 2024. In addition, it owns the large Vickery and Winchester South deposits in New South Wales and Queensland, respectively. Coal is railed to ports in Newcastle and Queensland for export to Asian customers. Along with expanded production at Maules Creek and Narrabri, we expect its share of salable coal production to approach 32 million metric tons from fiscal 2029, from about 13 million in fiscal 2023. Initial development of Vickery will see around 1 million metric tons of extra equity production, with potential expansion to 7 million metric tons.

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