Whitemud Resources (TSXV:WMK) Beneish M-Score : 0.00 (As of Dec. 14, 2024)

View and export this data going back to 2005. Start your Free Trial

What is Whitemud Resources 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.

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

During the past 13 years, the highest Beneish M-Score of Whitemud Resources was 22.65. The lowest was -8.13. And the median was -2.85.

Whitemud Resources Beneish M-Score Historical Data

The historical data trend for Whitemud Resources'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.

Whitemud Resources Beneish M-Score Chart

Whitemud Resources Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.89

-4.88

Whitemud Resources 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															-	-	22.65	19.45	-

Competitive Comparison of Whitemud Resources's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, Whitemud Resources'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.

Whitemud Resources's Beneish M-Score Distribution in the Metals & Mining Industry

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

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

Whitemud Resources 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 Whitemud Resources 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 (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was C$0.12 Mil.
Revenue was 0.055 + 0.002 + 0.026 + 0.01 = C$0.09 Mil.
Gross Profit was 0.027 + -0.002 + 0.006 + -0.027 = C$0.00 Mil.
Total Current Assets was C$1.21 Mil.
Total Assets was C$9.48 Mil.
Property, Plant and Equipment(Net PPE) was C$8.27 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.02 Mil.
Selling, General, & Admin. Expense(SGA) was C$0.96 Mil.
Total Current Liabilities was C$1.80 Mil.
Long-Term Debt & Capital Lease Obligation was C$9.17 Mil.
Net Income was -1.046 + -0.615 + -0.327 + -0.382 = C$-2.37 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = C$0.00 Mil.
Cash Flow from Operations was -0.758 + -0.354 + -0.362 + -0.224 = C$-1.70 Mil.

Total Receivables was C$0.01 Mil.
Revenue was 0.002 + 0.011 + 0.015 + 0.008 = C$0.04 Mil.
Gross Profit was 0.001 + 0.006 + 0.003 + -0.208 = C$-0.20 Mil.
Total Current Assets was C$1.50 Mil.
Total Assets was C$2.06 Mil.
Property, Plant and Equipment(Net PPE) was C$0.55 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.02 Mil.
Selling, General, & Admin. Expense(SGA) was C$0.90 Mil.
Total Current Liabilities was C$1.36 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)
	=	(0.119 / 0.093)	/	(0.011 / 0.036)
	=	1.27957	/	0.305556
	=

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)
	=	(-0.198 / 0.036)	/	(0.004 / 0.093)
	=	-5.5	/	0.043011
	=

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 - (1.207 + 8.27) / 9.477)	/	(1 - (1.501 + 0.554) / 2.055)
	=	0	/	0
	=

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
	=	0.093	/	0.036
	=

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))
	=	(0.019 / (0.019 + 0.554))	/	(0.018 / (0.018 + 8.27))
	=	0.033159	/	0.002172
	=

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)
	=	(0.961 / 0.093)	/	(0.902 / 0.036)
	=	10.333333	/	25.055556
	=

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)
	=	((9.167 + 1.796) / 9.477)	/	((0 + 1.356) / 2.055)
	=	1.156801	/	0.659854
	=

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
	=	(-2.37 - 0	-	-1.698)	/	9.477
	=	-0.070909

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.

Whitemud Resources Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Whitemud Resources's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Whitemud Resources Business Description

Industry

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

Comparable Companies

Traded in Other Exchanges

N/A

Address

205 - 5th Avenue SW, Suite 3900, Bow Valley Square 2, Calgary, AB, CAN, T2P 2V7

Website

https://www.whitemudresources.com

Whitemud Resources Inc operates in two segments, namely Metakaolin, which includes mining, processing, and marketing kaolin and metakaolin; and Commodities, which manages and marketing commodities. The majority of its revenue comes from the commodities segment.

Executives