Ero Copper Beneish M-Score Historical Data
The historical data trend for Ero Copper'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.
Ero Copper Beneish M-Score Chart
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Ero Copper Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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0.12 |
-2.69 |
-3.27 |
-1.78 |
-2.78 |
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Ero Copper 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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-2.12 |
-2.78 |
-2.77 |
-2.24 |
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Competitive Comparison of Ero Copper's Beneish M-Score
For the Copper subindustry, Ero Copper'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.
Ero Copper's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Ero Copper's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ero Copper's Beneish M-Score falls into.
Ero Copper 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 Ero Copper 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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$69.0 Mil.
Revenue was 169.104 + 160.472 + 143.201 + 156.181 = C$629.0 Mil.
Gross Profit was 72.754 + 59.332 + 42.201 + 56.151 = C$230.4 Mil.
Total Current Assets was C$171.8 Mil.
Total Assets was C$2,048.9 Mil.
Property, Plant and Equipment(Net PPE) was C$1,832.6 Mil.
Depreciation, Depletion and Amortization(DDA) was C$124.8 Mil.
Selling, General, & Admin. Expense(SGA) was C$87.3 Mil.
Total Current Liabilities was C$254.3 Mil.
Long-Term Debt & Capital Lease Obligation was C$688.4 Mil.
Net Income was 55.345 + -72.975 + -9.666 + 49.034 = C$21.7 Mil.
Non Operating Income was 22.668 + -114.942 + -25.224 + 26.222 = C$-91.3 Mil.
Cash Flow from Operations was 71.354 + 20.167 + 23.325 + 66.271 = C$181.1 Mil.
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Total Receivables was C$0.0 Mil.
Revenue was 142.32 + 139.409 + 138.138 + 158.492 = C$578.4 Mil.
Gross Profit was 48.001 + 52.357 + 54.88 + 71.612 = C$226.9 Mil.
Total Current Assets was C$0.0 Mil.
Total Assets was C$0.0 Mil.
Property, Plant and Equipment(Net PPE) was C$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was C$100.5 Mil.
Selling, General, & Admin. Expense(SGA) was C$89.3 Mil.
Total Current Liabilities was C$0.0 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.0 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) |
| = | (69.047 / 628.958) | / | (0 / 578.359) |
| = | 0.10978 | / | 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) |
| = | (226.85 / 578.359) | / | (230.438 / 628.958) |
| = | 0.39223 | / | 0.366381 |
| | = | |
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 - (171.774 + 1832.617) / 2048.862) | / | (1 - (0 + 0) / 0) |
| = | 0.021705 | / | |
| | = | |
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 |
| = | 628.958 | / | 578.359 |
| | = | |
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)) |
| = | (100.521 / (100.521 + 0)) | / | (124.798 / (124.798 + 1832.617)) |
| = | 1 | / | 0.063757 |
| | = | |
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) |
| = | (87.282 / 628.958) | / | (89.259 / 578.359) |
| = | 0.138772 | / | 0.154331 |
| | = | |
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) |
| = | ((688.398 + 254.269) / 2048.862) | / | ((0 + 0) / 0) |
| = | 0.460093 | / | |
| | = | |
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 |
| = | (21.738 - -91.276 | - | 181.117) | / | 2048.862 |
| | = | -0.033239 |
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.
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