Almonty Industries (TSX:AII) Beneish M-Score : -1.64 (As of Apr. 29, 2024)

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What is Almonty Industries 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.

Warning Sign:

Beneish M-Score -1.64 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSX:AII' s Beneish M-Score Range Over the Past 10 Years
Min: -21.81 Med: -2.88 Max: -1.64
Current: -1.64

During the past 12 years, the highest Beneish M-Score of Almonty Industries was -1.64. The lowest was -21.81. And the median was -2.88.

Almonty Industries Beneish M-Score Historical Data

The historical data trend for Almonty Industries'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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Almonty Industries Beneish M-Score Chart

Almonty Industries Annual Data

Trend

Sep13

Sep14

Sep15

Sep16

Sep17

Sep18

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.88

-7.87

-1.91

-2.34

-1.64

Almonty Industries Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.34	-2.66	-0.76	-1.00	-1.64

Competitive Comparison of Almonty Industries's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, Almonty Industries'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.

Almonty Industries's Beneish M-Score Distribution in the Metals & Mining Industry

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

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

Almonty Industries 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 Almonty Industries 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 * 1.3708

0.528 * 2.135

0.404 * 0.8219

0.892 * 0.9078

0.115 * 1.4356

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7697

4.679 * 0.00303

0.327 * 1.1684

-1.64

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was C$3.34 Mil.
Revenue was 5.421 + 4.459 + 5.533 + 7.097 = C$22.51 Mil.
Gross Profit was 0.14 + 0.32 + -0.241 + 0.864 = C$1.08 Mil.
Total Current Assets was C$36.24 Mil.
Total Assets was C$235.33 Mil.
Property, Plant and Equipment(Net PPE) was C$165.68 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1.08 Mil.
Selling, General, & Admin. Expense(SGA) was C$6.96 Mil.
Total Current Liabilities was C$66.70 Mil.
Long-Term Debt & Capital Lease Obligation was C$95.90 Mil.
Net Income was -3.156 + -1.87 + -1.395 + -2.416 = C$-8.84 Mil.
Non Operating Income was 0.353 + 0.029 + 1.446 + 0.32 = C$2.15 Mil.
Cash Flow from Operations was -7.563 + -2.572 + -0.837 + -0.726 = C$-11.70 Mil.

Total Receivables was C$2.68 Mil.
Revenue was 6.731 + 4.77 + 7.037 + 6.258 = C$24.80 Mil.
Gross Profit was 0.57 + 0.241 + 0.87 + 0.866 = C$2.55 Mil.
Total Current Assets was C$20.82 Mil.
Total Assets was C$192.85 Mil.
Property, Plant and Equipment(Net PPE) was C$138.71 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1.30 Mil.
Selling, General, & Admin. Expense(SGA) was C$9.96 Mil.
Total Current Liabilities was C$54.91 Mil.
Long-Term Debt & Capital Lease Obligation was C$59.13 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)
	=	(3.34 / 22.51)	/	(2.684 / 24.796)
	=	0.148378	/	0.108243
	=	1.3708

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)
	=	(2.547 / 24.796)	/	(1.083 / 22.51)
	=	0.102718	/	0.048112
	=	2.135

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 - (36.24 + 165.681) / 235.334)	/	(1 - (20.82 + 138.711) / 192.845)
	=	0.141981	/	0.17275
	=	0.8219

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
	=	22.51	/	24.796
	=	0.9078

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))
	=	(1.298 / (1.298 + 138.711))	/	(1.077 / (1.077 + 165.681))
	=	0.009271	/	0.006458
	=	1.4356

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)
	=	(6.957 / 22.51)	/	(9.956 / 24.796)
	=	0.309063	/	0.401516
	=	0.7697

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)
	=	((95.9 + 66.698) / 235.334)	/	((59.134 + 54.906) / 192.845)
	=	0.690924	/	0.591356
	=	1.1684

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
	=	(-8.837 - 2.148	-	-11.698)	/	235.334
	=	0.00303

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.

Almonty Industries has a M-score of -1.64 signals that the company is likely to be a manipulator.

Almonty Industries Beneish M-Score Related Terms

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Almonty Industries (TSX:AII) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Almonty Industries Inc (TSX:AII) » Definitions » Beneish M-Score

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Traded in Other Exchanges

ALMTF:USA 1MR:Germany AII:Australia

Address

100 King Street West, Suite 5700, Toronto, ON, CAN, M5X 1C7

Website

https://www.almonty.com

Almonty Industries Inc is engaged in the mining, processing and shipping of tungsten concentrate from its Los Santos tungsten mine located near Salamanca, Spain - the Los Santos Mine, the processing and shipping of tungsten concentrate from its Panasqueira tin and tungsten mine in Covilha, Castelo Branco, Portugal - the Panasqueira Mine, the evaluation of its Valtreixal tin and tungsten mine project located in Western Spain in the province of Zamora - the Valtreixal Mine, as well as the evaluation and evaluation of its Sangdong tungsten mine project located in Gangwon Province, Republic of Korea - the Sangdong Mine.

Almonty Industries (TSX:AII) Headlines

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