Global Ferronickel Holdings (PHS:FNI) Beneish M-Score : -3.30 (As of May. 26, 2024)

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What is Global Ferronickel Holdings 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.

Good Sign:

Beneish M-Score -3.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:FNI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39 Med: -2.46 Max: 1284.61
Current: -3.3

During the past 13 years, the highest Beneish M-Score of Global Ferronickel Holdings was 1284.61. The lowest was -3.39. And the median was -2.46.

Global Ferronickel Holdings Beneish M-Score Historical Data

The historical data trend for Global Ferronickel Holdings'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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Global Ferronickel Holdings Beneish M-Score Chart

Global Ferronickel Holdings Annual Data

Trend

Jun14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.09

-2.88

-3.08

27.93

-3.25

Global Ferronickel Holdings Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															3.62	-2.12	-2.03	-3.25	-3.30

Competitive Comparison of Global Ferronickel Holdings's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, Global Ferronickel Holdings'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.

Global Ferronickel Holdings's Beneish M-Score Distribution in the Metals & Mining Industry

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

* The bar in red indicates where Global Ferronickel Holdings's Beneish M-Score falls into.

Global Ferronickel Holdings 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 Global Ferronickel Holdings 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 * 0.0753

0.528 * 1.1859

0.404 * 1.238

0.892 * 1.0873

0.115 * 1.0467

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8256

4.679 * -0.081667

0.327 * 0.6873

-3.30

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₱149 Mil.
Revenue was 589.875 + 2285.273 + 3245.501 + 1823.293 = ₱7,944 Mil.
Gross Profit was 280.072 + 1477.721 + 1746.926 + 810.804 = ₱4,316 Mil.
Total Current Assets was ₱2,698 Mil.
Total Assets was ₱16,359 Mil.
Property, Plant and Equipment(Net PPE) was ₱6,584 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱530 Mil.
Selling, General, & Admin. Expense(SGA) was ₱1,115 Mil.
Total Current Liabilities was ₱1,782 Mil.
Long-Term Debt & Capital Lease Obligation was ₱1,738 Mil.
Net Income was 10.63 + -8.332 + 1202.977 + 195.65 = ₱1,401 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was -314.681 + 640.602 + 2877.588 + -466.576 = ₱2,737 Mil.

Total Receivables was ₱1,819 Mil.
Revenue was 1128.701 + 1840.14 + 2470.229 + 1867.26 = ₱7,306 Mil.
Gross Profit was 854.956 + 1505.648 + 1229.086 + 1117.347 = ₱4,707 Mil.
Total Current Assets was ₱4,971 Mil.
Total Assets was ₱17,355 Mil.
Property, Plant and Equipment(Net PPE) was ₱6,320 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱534 Mil.
Selling, General, & Admin. Expense(SGA) was ₱1,242 Mil.
Total Current Liabilities was ₱2,817 Mil.
Long-Term Debt & Capital Lease Obligation was ₱2,617 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)
	=	(148.834 / 7943.942)	/	(1818.606 / 7306.33)
	=	0.018736	/	0.248908
	=	0.0753

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)
	=	(4707.037 / 7306.33)	/	(4315.523 / 7943.942)
	=	0.644241	/	0.543247
	=	1.1859

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 - (2697.815 + 6583.654) / 16359.306)	/	(1 - (4970.718 + 6319.529) / 17355.362)
	=	0.432649	/	0.349466
	=	1.238

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
	=	7943.942	/	7306.33
	=	1.0873

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))
	=	(534.124 / (534.124 + 6319.529))	/	(529.629 / (529.629 + 6583.654))
	=	0.077933	/	0.074456
	=	1.0467

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)
	=	(1115.239 / 7943.942)	/	(1242.421 / 7306.33)
	=	0.140389	/	0.170047
	=	0.8256

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)
	=	((1737.63 + 1782.495) / 16359.306)	/	((2616.851 + 2817.032) / 17355.362)
	=	0.215176	/	0.313095
	=	0.6873

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
	=	(1400.925 - 0	-	2736.933)	/	16359.306
	=	-0.081667

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.

Global Ferronickel Holdings has a M-score of -3.30 suggests that the company is unlikely to be a manipulator.

Global Ferronickel Holdings Beneish M-Score Related Terms

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Global Ferronickel Holdings (PHS:FNI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Global Ferronickel Holdings Inc (PHS:FNI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Asean Avenue corner Fuentes Street, Penthouse, Platinum Tower, Metro Manila, Paranaque, PHL, 1701

Website

https://www.gfni.com.ph

Global Ferronickel Holdings Inc is a nickel producer in the Philippines and a supplier of nickel ore. The company has an extensive portfolio of exploration sites and exploration programs. Its operating segment includes Mining; Manufacturing and Services. The company generates maximum revenue from the Mining segment. Mining segment, which is engaged in the mining and exploration of nickel saprolite and limonite ore. Geographically, it operates in the Philippines and Hong Kong.