Lundin Mining Beneish M-Score Historical Data
The historical data trend for Lundin 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.
Lundin Mining Beneish M-Score Chart
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Lundin Mining Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.74 |
-2.60 |
-2.61 |
-2.57 |
-2.70 |
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Lundin Mining Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.41 |
-2.23 |
-2.43 |
-2.70 |
Competitive Comparison of Lundin Mining's Beneish M-Score
For the Copper subindustry, Lundin 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.
Lundin Mining's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Lundin Mining's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lundin Mining's Beneish M-Score falls into.
Lundin 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 Lundin 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 * 1.1759 | + | 0.528 * 1.285 | + | 0.404 * 1.0477 | + | 0.892 * 1.15 | + | 0.115 * 1.0474 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0722 | + | 4.679 * -0.08066 | - | 0.327 * 1.9119 |
| = | -2.70 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was C$1,093 Mil.
Revenue was 1422.105 + 1342.539 + 781.922 + 1028.064 = C$4,575 Mil.
Gross Profit was 253.447 + 266.964 + 70.187 + 291.904 = C$883 Mil.
Total Current Assets was C$2,403 Mil.
Total Assets was C$14,571 Mil.
Property, Plant and Equipment(Net PPE) was C$10,302 Mil.
Depreciation, Depletion and Amortization(DDA) was C$880 Mil.
Selling, General, & Admin. Expense(SGA) was C$87 Mil.
Total Current Liabilities was C$1,623 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,708 Mil.
Net Income was 52.05 + -4.011 + 78.532 + 200.62 = C$327 Mil.
Non Operating Income was 42.773 + -31.637 + 60.134 + 60.747 = C$132 Mil.
Cash Flow from Operations was 410.638 + 411.088 + 258.87 + 289.909 = C$1,371 Mil.
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Total Receivables was C$808 Mil.
Revenue was 1102.328 + 865.031 + 755.719 + 1254.706 = C$3,978 Mil.
Gross Profit was 210.903 + 110.077 + 58.884 + 606.18 = C$986 Mil.
Total Current Assets was C$1,656 Mil.
Total Assets was C$11,103 Mil.
Property, Plant and Equipment(Net PPE) was C$8,089 Mil.
Depreciation, Depletion and Amortization(DDA) was C$727 Mil.
Selling, General, & Admin. Expense(SGA) was C$71 Mil.
Total Current Liabilities was C$1,291 Mil.
Long-Term Debt & Capital Lease Obligation was C$37 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) |
| = | (1092.749 / 4574.63) | / | (808.053 / 3977.784) |
| = | 0.238872 | / | 0.203141 |
| | = | 1.1759 |
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) |
| = | (986.044 / 3977.784) | / | (882.502 / 4574.63) |
| = | 0.247888 | / | 0.192912 |
| | = | 1.285 |
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 - (2403.004 + 10301.641) / 14571.385) | / | (1 - (1655.698 + 8089.467) / 11102.754) |
| = | 0.12811 | / | 0.122275 |
| | = | 1.0477 |
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 |
| = | 4574.63 | / | 3977.784 |
| | = | 1.15 |
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)) |
| = | (727.078 / (727.078 + 8089.467)) | / | (880.446 / (880.446 + 10301.641)) |
| = | 0.082467 | / | 0.078737 |
| | = | 1.0474 |
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) |
| = | (87.419 / 4574.63) | / | (70.896 / 3977.784) |
| = | 0.01911 | / | 0.017823 |
| | = | 1.0722 |
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) |
| = | ((1708.074 + 1623.38) / 14571.385) | / | ((36.923 + 1290.776) / 11102.754) |
| = | 0.22863 | / | 0.119583 |
| | = | 1.9119 |
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 |
| = | (327.191 - 132.017 | - | 1370.505) | / | 14571.385 |
| | = | -0.08066 |
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.
Lundin Mining has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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