Nickel 28 Capital (TSXV:NKL) Beneish M-Score : 0.00 (As of Jun. 02, 2024)

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What is Nickel 28 Capital 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 Nickel 28 Capital's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Nickel 28 Capital was 0.00. The lowest was 0.00. And the median was 0.00.

Nickel 28 Capital Beneish M-Score Historical Data

The historical data trend for Nickel 28 Capital'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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Nickel 28 Capital Beneish M-Score Chart

Nickel 28 Capital Annual Data

Trend

Dec19

Dec20

Jan22

Jan23

Beneish M-Score

Nickel 28 Capital Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23
Beneish M-Score	Get a 7-Day Free Trial											-	-	-	-	-

Competitive Comparison of Nickel 28 Capital's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, Nickel 28 Capital'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.

Nickel 28 Capital's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Nickel 28 Capital's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nickel 28 Capital's Beneish M-Score falls into.

Nickel 28 Capital 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 Nickel 28 Capital 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$0.68 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$14.23 Mil.
Total Assets was C$208.88 Mil.
Property, Plant and Equipment(Net PPE) was C$0.12 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was C$17.60 Mil.
Total Current Liabilities was C$15.44 Mil.
Long-Term Debt & Capital Lease Obligation was C$52.05 Mil.
Net Income was 1.537 + 0.83 + 0.673 + -2.258 = C$0.78 Mil.
Non Operating Income was 4.98 + 6.775 + 6.091 + 11.238 = C$29.08 Mil.
Cash Flow from Operations was -1.947 + -5.785 + -2.051 + -5.455 = C$-15.24 Mil.

Total Receivables was C$3.42 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$8.32 Mil.
Total Assets was C$230.09 Mil.
Property, Plant and Equipment(Net PPE) was C$0.25 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was C$4.96 Mil.
Total Current Liabilities was C$18.54 Mil.
Long-Term Debt & Capital Lease Obligation was C$82.32 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)
	=	(0.679 / 0)	/	(3.415 / 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 / 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 - (14.226 + 0.119) / 208.876)	/	(1 - (8.316 + 0.246) / 230.089)
	=	0.931323	/	0.962788
	=

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 / (0 + 0.246))	/	(0 / (0 + 0.119))
	=	0	/	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)
	=	(17.6 / 0)	/	(4.96 / 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)
	=	((52.045 + 15.444) / 208.876)	/	((82.324 + 18.538) / 230.089)
	=	0.323106	/	0.438361
	=

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
	=	(0.782 - 29.084	-	-15.238)	/	208.876
	=	-0.062544

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.

Nickel 28 Capital Beneish M-Score Related Terms

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Nickel 28 Capital (TSXV:NKL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Nickel 28 Capital Corp (TSXV:NKL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CONXF:USA 3JC:Germany

Address

155 University Avenue, Suite 1240, Toronto, ON, CAN, M5H 3B7

Website

https://www.nickel28.com

Nickel 28 Capital Corp is a nickel-cobalt producer in Canada. Nickel-cobalt production comes from its joint-venture interest in the Ramu Nickel-Cobalt Operation located in Papua New Guinea provides it with significant attributable nickel and cobalt production thereby offering shareholders direct exposure to two metals that are critical to the adoption of electric vehicles. In addition, the company manages a portfolio of around 13 nickel and cobalt royalties on development and exploration projects in Canada, Australia, and Papua New Guinea.

Executives

Edward A. Collery	Director, Director or Senior Officer of 10% Security Holder
Pelham Investment Partners	10% Security Holder

Nickel 28 Capital (TSXV:NKL) Headlines

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