Cornish Metals (TSXV:CUSN) Beneish M-Score

: 0.00 (As of Today)

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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.

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

During the past 13 years, the highest Beneish M-Score of Cornish Metals was 0.00. The lowest was 0.00. And the median was 0.00.

Cornish Metals Beneish M-Score Historical Data

The historical data trend for Cornish Metals'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.

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Cornish Metals Annual Data

Trend

Jan13

Jan14

Jan15

Jan16

Jan17

Jan18

Jan19

Jan20

Jan21

Jan22

Beneish M-Score

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Cornish Metals Quarterly Data
	Jan19	Apr19	Jul19	Oct19	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison

For the Other Industrial Metals & Mining subindustry, Cornish Metals'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.

Cornish Metals Beneish M-Score Distribution

For the Metals & Mining industry and Basic Materials sector, Cornish Metals's Beneish M-Score distribution charts can be found below:

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

Cornish Metals 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 Cornish Metals for today is based on a combination of the following eight different indices:

-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 *

This Year (Oct23) TTM:

Last Year (Oct22) TTM:

Total Receivables was C$1.01 Mil.
Revenue was 0 + 0 + 0 + 0 = C$0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = C$0.00 Mil.
Total Current Assets was C$35.54 Mil.
Total Assets was C$102.80 Mil.
Property, Plant and Equipment(Net PPE) was C$67.18 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was C$3.99 Mil.
Total Current Liabilities was C$2.57 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.00 Mil.
Net Income was -0.684 + -0.681 + -0.207 + 2.339 = C$0.77 Mil.
Non Operating Income was -0.099 + 0.018 + 0.329 + 2.906 = C$3.15 Mil.
Cash Flow from Operations was -0.448 + -0.282 + -1.031 + -0.559 = C$-2.32 Mil.

Total Receivables was C$0.67 Mil.
Revenue was 0 + 0 + 0 + 0 = C$0.00 Mil.
Gross Profit was 0 + 0 + 0 + -0.001 = C$-0.00 Mil.
Total Current Assets was C$61.13 Mil.
Total Assets was C$96.79 Mil.
Property, Plant and Equipment(Net PPE) was C$35.61 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was C$2.96 Mil.
Total Current Liabilities was C$1.41 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.00 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)
	=	(1.005 / 0)	/	(0.673 / 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)
	=	(-0.001 / 0)	/	(0 / 0)
	=		/
	=

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 - (35.535 + 67.176) / 102.796)	/	(1 - (61.128 + 35.611) / 96.79)
	=	0.000827	/	0.000527
	=

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
	=	0	/	0
	=

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))
	=	(0.001 / (0.001 + 35.611))	/	(0 / (0 + 67.176))
	=	2.8E-5	/	0
	=

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)
	=	(3.988 / 0)	/	(2.958 / 0)
	=		/
	=

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)
	=	((0 + 2.573) / 102.796)	/	((0 + 1.406) / 96.79)
	=	0.02503	/	0.014526
	=

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
	=	(0.767 - 3.154	-	-2.32)	/	102.796
	=	-0.000652

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.

Cornish Metals Beneish M-Score Related Terms

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Cornish Metals (TSXV:CUSN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Cornish Metals Inc (TSXV:CUSN) » Definitions » Beneish M-Score

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Traded in Other Exchanges

SBWFF:USA CUSN:UK ZYR1:Germany

Address

789 West Pender Street, Suite 960, Vancouver, BC, CAN, V6C 1H2

Website

https://www.cornishmetals.com

Cornish Metals Inc is building a portfolio of strategic metals assets in North America and the United Kingdom, and its flagship project is the past-producing South Crofty underground tin mine in Cornwall, UK. South Crofty is arguably the important historical tin mine in the UK and hosts the highest grade tin resources world wide. The project has the potential to be a high-grade tin producer in Europe.

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