Atlas Consolidated Mining & Development (PHS:AT) Beneish M-Score : 0.22 (As of May. 21, 2024)

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What is Atlas Consolidated Mining & Development 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 0.22 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Atlas Consolidated Mining & Development's Beneish M-Score or its related term are showing as below:

PHS:AT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.68 Med: -2.49 Max: 0.36
Current: 0.22

During the past 13 years, the highest Beneish M-Score of Atlas Consolidated Mining & Development was 0.36. The lowest was -3.68. And the median was -2.49.

Atlas Consolidated Mining & Development Beneish M-Score Historical Data

The historical data trend for Atlas Consolidated Mining & Development'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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Atlas Consolidated Mining & Development Beneish M-Score Chart

Atlas Consolidated Mining & Development Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.90

-3.49

-3.68

0.36

0.22

Atlas Consolidated Mining & Development Quarterly Data
	Mar19	Jun19	Sep19	Dec19	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															0.36	2.67	-2.16	-3.62	0.22

Competitive Comparison of Atlas Consolidated Mining & Development's Beneish M-Score

For the Copper subindustry, Atlas Consolidated Mining & Development'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.

Atlas Consolidated Mining & Development's Beneish M-Score Distribution in the Metals & Mining Industry

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

* The bar in red indicates where Atlas Consolidated Mining & Development's Beneish M-Score falls into.

Atlas Consolidated Mining & Development 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 Atlas Consolidated Mining & Development 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 * 4.3155

0.528 * 0.422

0.404 * 1.0162

0.892 * 1.1214

0.115 * 1.1391

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8781

4.679 * -0.046142

0.327 * 0.9469

0.22

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₱428 Mil.
Revenue was 5086.153 + 4163.006 + 4928.185 + 4687.669 = ₱18,865 Mil.
Gross Profit was 838.586 + 545.025 + 1139.543 + 857.767 = ₱3,381 Mil.
Total Current Assets was ₱3,883 Mil.
Total Assets was ₱68,229 Mil.
Property, Plant and Equipment(Net PPE) was ₱34,263 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱4,611 Mil.
Selling, General, & Admin. Expense(SGA) was ₱282 Mil.
Total Current Liabilities was ₱6,333 Mil.
Long-Term Debt & Capital Lease Obligation was ₱13,940 Mil.
Net Income was 237.331 + 77.677 + 538.361 + 264.187 = ₱1,118 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 1295.398 + 825.47 + 942.867 + 1202.043 = ₱4,266 Mil.

Total Receivables was ₱89 Mil.
Revenue was 4130.54 + 3375.543 + 4062.946 + 5253.465 = ₱16,822 Mil.
Gross Profit was -138.846 + -529.583 + 423.287 + 1517.545 = ₱1,272 Mil.
Total Current Assets was ₱3,223 Mil.
Total Assets was ₱67,449 Mil.
Property, Plant and Equipment(Net PPE) was ₱34,963 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱5,462 Mil.
Selling, General, & Admin. Expense(SGA) was ₱286 Mil.
Total Current Liabilities was ₱5,468 Mil.
Long-Term Debt & Capital Lease Obligation was ₱15,698 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)
	=	(428.311 / 18865.013)	/	(88.508 / 16822.494)
	=	0.022704	/	0.005261
	=	4.3155

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)
	=	(1272.403 / 16822.494)	/	(3380.921 / 18865.013)
	=	0.075637	/	0.179216
	=	0.422

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 - (3883.345 + 34263.361) / 68228.758)	/	(1 - (3223.087 + 34962.845) / 67448.802)
	=	0.4409	/	0.433853
	=	1.0162

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
	=	18865.013	/	16822.494
	=	1.1214

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))
	=	(5461.527 / (5461.527 + 34962.845))	/	(4610.726 / (4610.726 + 34263.361))
	=	0.135105	/	0.118607
	=	1.1391

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)
	=	(281.739 / 18865.013)	/	(286.109 / 16822.494)
	=	0.014934	/	0.017008
	=	0.8781

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)
	=	((13940.163 + 6332.992) / 68228.758)	/	((15698.407 + 5467.614) / 67448.802)
	=	0.297135	/	0.313809
	=	0.9469

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
	=	(1117.556 - 0	-	4265.778)	/	68228.758
	=	-0.046142

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.

Atlas Consolidated Mining & Development has a M-score of 0.22 signals that the company is likely to be a manipulator.

Atlas Consolidated Mining & Development Beneish M-Score Related Terms

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Atlas Consolidated Mining & Development (PHS:AT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Atlas Consolidated Mining & Development Corp (PHS:AT) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Palm Coast Avenue Corner Pacific Drive, 5th Floor, Five E-Com Center, Mall of Asia Complex, Metro Manila, Pasay, RIZ, PHL, 1300

Website

https://www.atlasmining.com.ph

Atlas Consolidated Mining & Development Corp is engaged in metallic mineral mining and exploration and produces copper concentrate, magnetite iron ore concentrate, and others. The company operates in two segments Mining and Non-Mining. Its mining segment is engaged in exploration and mining operations and the non-mining segment is engaged in services, bulk water supply or acts as holding company. The company generates a majority of its revenue from the Mining Segment. It is also engaged in the development and commercial production of other marketable by-products such as pyrite, magnetite, and molybdenum.