Endeavour Mining Beneish M-Score Historical Data
The historical data trend for Endeavour Mining'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.
Endeavour Mining Beneish M-Score Chart
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Endeavour Mining Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-4.36 |
-2.16 |
-2.33 |
-3.55 |
2.78 |
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Endeavour Mining 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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-0.50 |
2.78 |
0.77 |
-3.33 |
-4.08 |
Competitive Comparison of Endeavour Mining's Beneish M-Score
For the Gold subindustry, Endeavour Mining'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.
Endeavour Mining's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Endeavour Mining's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Endeavour Mining's Beneish M-Score falls into.
Endeavour Mining 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 Endeavour Mining 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 * 0.3404 | + | 0.528 * 1.1196 | + | 0.404 * 1.2115 | + | 0.892 * 1.1359 | + | 0.115 * 1.0368 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.2338 | + | 4.679 * -0.185957 | - | 0.327 * 1.3222 |
| = | -4.00 |
* 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$86 Mil.
Revenue was 956.212 + 763.094 + 639.847 + 777.189 = C$3,136 Mil.
Gross Profit was 317.247 + 202.286 + 176.239 + 265.234 = C$961 Mil.
Total Current Assets was C$1,217 Mil.
Total Assets was C$7,811 Mil.
Property, Plant and Equipment(Net PPE) was C$5,843 Mil.
Depreciation, Depletion and Amortization(DDA) was C$826 Mil.
Selling, General, & Admin. Expense(SGA) was C$33 Mil.
Total Current Liabilities was C$1,298 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,447 Mil.
Net Income was -128.822 + -90.179 + -27.343 + -217.473 = C$-464 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = C$0 Mil.
Cash Flow from Operations was 345.152 + 345.366 + 74.583 + 223.645 = C$989 Mil.
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Total Receivables was C$222 Mil.
Revenue was 717.143 + 696.319 + 658.426 + 689.303 = C$2,761 Mil.
Gross Profit was 241.393 + 253.763 + 243.831 + 208.258 = C$947 Mil.
Total Current Assets was C$1,776 Mil.
Total Assets was C$8,078 Mil.
Property, Plant and Equipment(Net PPE) was C$5,661 Mil.
Depreciation, Depletion and Amortization(DDA) was C$834 Mil.
Selling, General, & Admin. Expense(SGA) was C$13 Mil.
Total Current Liabilities was C$682 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,465 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) |
| = | (86.017 / 3136.342) | / | (222.45 / 2761.191) |
| = | 0.027426 | / | 0.080563 |
| | = | 0.3404 |
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) |
| = | (947.245 / 2761.191) | / | (961.006 / 3136.342) |
| = | 0.343057 | / | 0.30641 |
| | = | 1.1196 |
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 - (1217.108 + 5842.525) / 7811.301) | / | (1 - (1775.673 + 5660.559) / 8077.872) |
| = | 0.096228 | / | 0.079432 |
| | = | 1.2115 |
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 |
| = | 3136.342 | / | 2761.191 |
| | = | 1.1359 |
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)) |
| = | (833.563 / (833.563 + 5660.559)) | / | (825.555 / (825.555 + 5842.525)) |
| = | 0.128357 | / | 0.123807 |
| | = | 1.0368 |
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) |
| = | (33.209 / 3136.342) | / | (13.088 / 2761.191) |
| = | 0.010588 | / | 0.00474 |
| | = | 2.2338 |
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) |
| = | ((1446.713 + 1297.842) / 7811.301) | / | ((1465.001 + 681.556) / 8077.872) |
| = | 0.351357 | / | 0.265733 |
| | = | 1.3222 |
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 |
| = | (-463.817 - 0 | - | 988.746) | / | 7811.301 |
| | = | -0.185957 |
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.
Endeavour Mining has a M-score of -4.00 suggests that the company is unlikely to be a manipulator.
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