Molycorp Beneish M-Score Historical Data
The historical data trend for Molycorp'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.
Molycorp Beneish M-Score Chart
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Molycorp Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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- |
4.17 |
6.28 |
-3.43 |
-3.86 |
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Molycorp Quarterly Data
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Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
| Beneish M-Score |
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-3.33 |
-3.21 |
-3.86 |
-3.59 |
-3.33 |
Competitive Comparison of Molycorp's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Molycorp'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.
Molycorp's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Molycorp's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Molycorp's Beneish M-Score falls into.
Molycorp 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 Molycorp 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 * 1.1331 | + | 0.528 * 0.6195 | + | 0.404 * 0.6686 | + | 0.892 * 0.9619 | + | 0.115 * 0.7773 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9896 | + | 4.679 * -0.188835 | - | 0.327 * 0.0735 |
| = | -3.33 |
* 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 (Jun15) TTM: | Last Year (Jun14) TTM: |
Total Receivables was CHF45.9 Mil.
Revenue was 106.112 + 104.274 + 113.372 + 116.129 = CHF439.9 Mil.
Gross Profit was -35.14 + -24.23 + -43.734 + -14.128 = CHF-117.2 Mil.
Total Current Assets was CHF312.4 Mil.
Total Assets was CHF2,225.5 Mil.
Property, Plant and Equipment(Net PPE) was CHF1,561.8 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF126.0 Mil.
Selling, General, & Admin. Expense(SGA) was CHF79.9 Mil.
Total Current Liabilities was CHF70.8 Mil.
Long-Term Debt & Capital Lease Obligation was CHF16.3 Mil.
Net Income was -311.852 + -100.267 + -321.648 + -98.553 = CHF-832.3 Mil.
Non Operating Income was -196.911 + 2.08 + 12.991 + -13.691 = CHF-195.5 Mil.
Cash Flow from Operations was -44.81 + -71.413 + -73.926 + -26.384 = CHF-216.5 Mil.
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Total Receivables was CHF42.1 Mil.
Revenue was 104.725 + 104.362 + 110.599 + 137.603 = CHF457.3 Mil.
Gross Profit was -14.844 + -20.334 + -23.91 + -16.411 = CHF-75.5 Mil.
Total Current Assets was CHF375.6 Mil.
Total Assets was CHF2,536.2 Mil.
Property, Plant and Equipment(Net PPE) was CHF1,561.8 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF96.2 Mil.
Selling, General, & Admin. Expense(SGA) was CHF83.9 Mil.
Total Current Liabilities was CHF115.3 Mil.
Long-Term Debt & Capital Lease Obligation was CHF1,235.0 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) |
| = | (45.919 / 439.887) | / | (42.13 / 457.289) |
| = | 0.104388 | / | 0.09213 |
| | = | 1.1331 |
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) |
| = | (-75.499 / 457.289) | / | (-117.232 / 439.887) |
| = | -0.165101 | / | -0.266505 |
| | = | 0.6195 |
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 - (312.405 + 1561.788) / 2225.523) | / | (1 - (375.602 + 1561.822) / 2536.23) |
| = | 0.157864 | / | 0.236101 |
| | = | 0.6686 |
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 |
| = | 439.887 | / | 457.289 |
| | = | 0.9619 |
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)) |
| = | (96.185 / (96.185 + 1561.822)) | / | (125.966 / (125.966 + 1561.788)) |
| = | 0.058012 | / | 0.074635 |
| | = | 0.7773 |
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) |
| = | (79.874 / 439.887) | / | (83.908 / 457.289) |
| = | 0.181578 | / | 0.18349 |
| | = | 0.9896 |
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) |
| = | ((16.34 + 70.76) / 2225.523) | / | ((1235.012 + 115.292) / 2536.23) |
| = | 0.039137 | / | 0.532406 |
| | = | 0.0735 |
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 |
| = | (-832.32 - -195.531 | - | -216.533) | / | 2225.523 |
| | = | -0.188835 |
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.
Molycorp has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.
Molycorp (XSWX:MCP) Business Description
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Molycorp Inc, formerly known as Rare Earth Acquisitions LLC, was formed on March 4, 2010 as a new Delaware corporation. The Company manufactures custom engineered rare earth and rare metal products. Its business is organized into four reportable segments: Resources; Chemicals and Oxides; Magnetic Materials and Alloys; and Rare Metals. The Resources segment includes its operations at the Molycorp Mountain Pass Rare Earth Facility, where it conducts rare earth minerals extraction to produce: rare earth concentrates; REO, including lanthanum, cerium, neodymium, praseodymium, and yttrium; heavy rare earth concentrates, which include samarium, europium, gadolinium, terbium, dysprosium, and others; and SorbXTM, a line of proprietary rare earth-based water treatment products. The Chemicals and Oxides segment includes: production of REO at its operations at Molycorp Silmet; separated heavy rare earth oxides and other custom engineered materials from its facilities in Jiangyin, Jiangsu Province, China; and production of REO, salts of rare earth elements, or REEs, zirconium-based engineered materials and mixed rare earth/zirconium oxides from its facilities in Zibo, Shandong Province, China. The Magnetic Materials and Alloys segment includes: the production of Neo Powders through its wholly-owned manufacturing facilities in Tianjin, China, and Korat, Thailand, under the Molycorp Magnequench brand. This operating segment also includes manufacturing of neodymium and samarium magnet alloys, other specialty alloy products and rare earth metals at its MMA facility, located in Tolleson, Arizona. The Rare Metals segment produces, reclaims, refines and markets high value niche metals and their compounds that include gallium, indium, rhenium, tantalum, and niobium. Applications from products made in this segment include wireless technologies, LED, flat panel display, turbine, solar, catalyst, steel additive, electronics applications, and others. The Company's operations are subject to numerous and detailed international, national, federal, state and local laws, regulations and permits affecting the mining and mineral processing industry, including those pertaining to employee health and safety, environmental permitting and licensing, air quality standards, greenhouse gas, or GHG, emissions, water usage and disposal, pollution, waste management, plant and wildlife protection, handling and disposal of radioactive substances, remediation of soil and groundwater contamination, land use, reclamation and restoration of properties, the discharge of materials into the environment and groundwater quality and availability.
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