Centerra Gold Beneish M-Score Historical Data
The historical data trend for Centerra Gold'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.
Centerra Gold Beneish M-Score Chart
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Centerra Gold Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-3.74 |
-3.39 |
-1.77 |
-3.34 |
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Centerra Gold Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.21 |
-3.34 |
-3.63 |
-3.25 |
-3.16 |
Competitive Comparison of Centerra Gold's Beneish M-Score
For the Gold subindustry, Centerra Gold'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.
Centerra Gold's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Centerra Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Centerra Gold's Beneish M-Score falls into.
Centerra Gold 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 Centerra Gold 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 * 0.5263 | + | 0.528 * 0.4738 | + | 0.404 * 1.4247 | + | 0.892 * 1.3011 | + | 0.115 * 0.8094 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7036 | + | 4.679 * -0.08612 | - | 0.327 * 1.0846 |
| = | -3.16 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was C$99 Mil.
Revenue was 438.792 + 386.906 + 414.038 + 456.086 = C$1,696 Mil.
Gross Profit was 145.441 + 126.514 + 133.6 + 185.228 = C$591 Mil.
Total Current Assets was C$1,284 Mil.
Total Assets was C$3,162 Mil.
Property, Plant and Equipment(Net PPE) was C$1,739 Mil.
Depreciation, Depletion and Amortization(DDA) was C$190 Mil.
Selling, General, & Admin. Expense(SGA) was C$72 Mil.
Total Current Liabilities was C$357 Mil.
Long-Term Debt & Capital Lease Obligation was C$21 Mil.
Net Income was 39.002 + 51.627 + 89.92 + -38.595 = C$142 Mil.
Non Operating Income was -4.65 + -5.049 + 5.236 + -54.874 = C$-59 Mil.
Cash Flow from Operations was 140.389 + 3.507 + 134.587 + 195.12 = C$474 Mil.
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Total Receivables was C$145 Mil.
Revenue was 465.322 + 245.151 + 309.96 + 282.981 = C$1,303 Mil.
Gross Profit was 155.004 + 10.173 + 5.101 + 44.883 = C$215 Mil.
Total Current Assets was C$1,200 Mil.
Total Assets was C$2,970 Mil.
Property, Plant and Equipment(Net PPE) was C$1,679 Mil.
Depreciation, Depletion and Amortization(DDA) was C$146 Mil.
Selling, General, & Admin. Expense(SGA) was C$79 Mil.
Total Current Liabilities was C$327 Mil.
Long-Term Debt & Capital Lease Obligation was C$0 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) |
| = | (99.233 / 1695.822) | / | (144.931 / 1303.414) |
| = | 0.058516 | / | 0.111193 |
| | = | 0.5263 |
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) |
| = | (215.161 / 1303.414) | / | (590.783 / 1695.822) |
| = | 0.165075 | / | 0.348376 |
| | = | 0.4738 |
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 - (1283.832 + 1738.93) / 3162.006) | / | (1 - (1199.561 + 1679.055) / 2970.432) |
| = | 0.044037 | / | 0.03091 |
| | = | 1.4247 |
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 |
| = | 1695.822 | / | 1303.414 |
| | = | 1.3011 |
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)) |
| = | (145.56 / (145.56 + 1679.055)) | / | (190.136 / (190.136 + 1738.93)) |
| = | 0.079776 | / | 0.098564 |
| | = | 0.8094 |
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) |
| = | (71.913 / 1695.822) | / | (78.551 / 1303.414) |
| = | 0.042406 | / | 0.060266 |
| | = | 0.7036 |
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) |
| = | ((20.952 + 356.501) / 3162.006) | / | ((0 + 326.92) / 2970.432) |
| = | 0.119371 | / | 0.110058 |
| | = | 1.0846 |
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 |
| = | (141.954 - -59.337 | - | 473.603) | / | 3162.006 |
| | = | -0.08612 |
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.
Centerra Gold has a M-score of -3.16 suggests that the company is unlikely to be a manipulator.
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