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Endeavour Mining (TSX:EDV) Beneish M-Score : -4.08 (As of Dec. 15, 2024)


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What is Endeavour Mining 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.

Good Sign:

Beneish M-Score -4.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:EDV' s Beneish M-Score Range Over the Past 10 Years
Min: -4.61   Med: -3.12   Max: 2.78
Current: -4.08

During the past 13 years, the highest Beneish M-Score of Endeavour Mining was 2.78. The lowest was -4.61. And the median was -3.12.


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.

* Premium members only.

Endeavour Mining Beneish M-Score Chart

Endeavour Mining Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -4.36 -2.16 -2.33 -3.55 2.78

Endeavour Mining Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 -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.
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.




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.


Endeavour Mining Beneish M-Score Related Terms

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Endeavour Mining Business Description

Traded in Other Exchanges
Address
5 Young Street, London, GBR, W8 5EH
Endeavour Mining PLC is a gold producer in West Africa. The Group operates in four principal countries, Burkina Faso (Hounde, and Mana mines), Cote d'Ivoire (Ity mine, Lafigue project), Senegal (Sabodala-Massawa mine) and Mali (Kalana Project).
Executives
La Mancha Capital Management Gp 10% Security Holder
La Mancha Investments S.à R.l. 10% Security Holder
Yousriya Loza-sawiris 10% Security Holder
Pascal Bernasconi Senior Officer
Morgan Denis Carroll Senior Officer
Srinivasan Venkatakrishnan Director
La Mancha Global Holdings Ltd. 10% Security Holder
La Mancha Holding S.a.r.l. 10% Security Holder

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